Navigators secures market access through Belgian acquisitions

Belgian flag

Navigators has purchased two Belgium-based businesses in a €35m deal which it hopes will allow continued access to the European market after Brexit.

The deal will see Navigators acquire 100% of the shares in Assurances Continentales - Continentale Verzekeringen (Asco) and Bracht, Deckers & Mackelbert (BDM). 

Asco and BDM are both based in Antwerp which will provide Navigators with a European hub to mitigate any fallout from the UK’s decision to exit the EU.

Asco is a specialty insurance company offering marine and property and casualty insurance. BDM is an insurance underwriting agency that underwrites risk coverage in niche markets on behalf of ASCO and a number of major international insurers.

As part of the transaction, Navigators will acquire all the shares of Canal Re, a Luxembourg reinsurance company that is a wholly-owned subsidiary of Asco.

Stanley Galanski, president and CEO of Navigators, said: “Europe is an important market to us today and vital to our international growth strategy — this transaction is an important step to enhancing our presence in and relevance to this dynamic market.

BDM has a strong reputation, a rich history and a well-established culture of underwriting expertise that mirrors our own. Together with Asco, they provide Navigators with a scalable platform to support our product lines and geographic expansion across continental Europe.”

Galanski added: “We intend to combine our existing European underwriting operations with those of BDM, with Antwerp serving as the hub for continental Europe after the closing of the transaction. We believe the combination provides a wonderful opportunity for the employees and significantly enhances the growth potential of both organisations.

Jos Gielen, CEO of Asco and BDM, said: “We are excited and look forward to becoming part of Navigators. As specialty underwriters, we share a common culture and a common vision for the future. Our combined operations will be well positioned for growth by enhancing our product and service capabilities in our chosen specialties.”

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