A strongly broker-led market
Belgium remains one of the most broker-led insurance markets in Europe. Brokers hold a strong position in both personal and commercial non-life lines and continue to play a meaningful role in life, employee benefits and wealth-related solutions. At the same time, the market remains highly fragmented, with many locally anchored firms and entrepreneur-led portfolios.
It is precisely this combination that makes Belgium attractive for consolidation. However, Q1 2026 also shows that buyers are becoming more selective. The key question is no longer just how much premium or commission a firm adds, but which region, expertise, or client segment it strengthens.
Most notable deals – Q1 2026
MarshBerry identified a total of nine merger and acquisition (M&A) transactions in the Belgian market in Q1.
- One of the most notable transactions was the integration of Kantoor Windey and Assutron into Vanbreda Risk & Benefits. This strengthens Vanbreda’s position in the Waasland region while preserving local management continuity. The strategic logic is clear: it combines strong regional client relationships with broader insurer access, specialist expertise, and centralised support.
- Hillewaere Groep was also active, with the addition of Carlier Verzekeringen and Groep Callens. The latter is particularly noteworthy, with Hillewaere referencing 16 employees and approximately €2.1 million in commission income. This highlights that Belgian consolidators are not only acquiring smaller portfolios but are also targeting more substantial regional building blocks.
- Callant also started the year with a clear acquisition move. The acquisition of Natel, Toulouse-d’Udekem and Findin became effective on 1 January 2026, expanding its footprint into regions including the Denderstreek, Ieper, Landen and Tienen. The transaction added not only geographic coverage, but also expertise in insurance-linked investments, high-net-worth clients and SME segments.
In addition, several smaller but illustrative transactions took place.
- Gysemans Groep acquired Zakenkantoor Van Opstal, combining insurance, banking, and real estate advisory into a broader local advice model.
- Sharp Insurance Brokers (part of Brokers in Excellence) strengthened their position through the acquisition of Verzekeringen Vantieghem, growing to approximately 40 employees.
- Matrix Verzekeringen and Kolum Verzekeringsteam merged as of 1 January to Matrix-Kolum Verzekeringen, a combined platform with 11 offices.
- The merger of Kantoor Van de Casteele and Kantoor Welvaert & Van Cauwenberghe into Welvaco was also announced in Q1, with operations commencing shortly after quarter-end.
From fragmentation to platform quality
Q1 confirms that Belgium continues to offer meaningful consolidation opportunities, but the market is becoming more professional. Buyers are targeting regional anchor points, succession solutions, commercial talent, and specialist portfolios that fit within scalable platform models.
For sellers, this means that a strong local position remains attractive, but only if it is transferable. Retention, portfolio quality, management continuity, and specialisation are becoming increasingly important in valuation outcomes.
The Belgian market is therefore not simply one of small firms being rolled up. It is a market where the most effective buyers are becoming increasingly deliberate in building stronger, more professional and more specialised distribution platforms.
Explore insurance M&A trends across Europe
Download the new MarshBerry report Insurance Distribution in Europe M&A Market Report 2026, and learn about the forces reshaping the market across 32 European countries.
