Fewer deals, but consolidation remains firmly on the agenda
MarshBerry identified five merger and acquisition (M&A) transactions in Belgian’s insurance distribution market during the second quarter, compared with nine in Q1. The lower deal count does not suggest that consolidation is running out of momentum. M&A is increasingly becoming an established part of the growth strategy of Belgian broking businesses.
Among the most notable transactions were two acquisitions by Concordia. The Belgian broker, part of international / UK based insurance broker Specialist Risk Group, acquired Brussels-based Protectas and Tielt-based Veca Life. Both businesses have strong positions in the medical sector. Protectas brings more than 40 years of experience and specialist expertise, while Veca Life focuses on Life & Benefits solutions for medical professionals. The acquisitions strengthen Concordia’s position in a clearly defined client segment rather than simply adding scale.
Vanbreda Dekerf also continued its expansion with the integration of Insuras in Asse. Existing client contacts will remain in place and the Asse office will continue to operate. The transaction expands Vanbreda Dekerf’s local footprint while preserving existing client relationships.
Gandassur joined Groep Blancquaert on 1 May. Succession was an important factor, with the owner retiring and the client portfolio transferring to a larger regional group. Baronie Verzekeringen also acquired the insurance portfolio of Ad Boeren Verzekeringen, effective 1 April.
The number of independent brokers continues to decline
Belgium’s insurance broking landscape is changing steadily. FSMA registers and annual reports show a long-term decline in the number of registered brokers. The official data distinguishes between brokers, agents and sub-agents, which means the categories are not directly comparable over time. The broader trend is nevertheless clear: the number of independent brokers operating in the market continues to fall.
Belgium remains a highly fragmented broking market. Smaller brokers are also facing growing pressure. Regulation, digitalisation, cybersecurity, data management and increasingly complex risks all require greater investment. For smaller firms, funding and managing these investments independently is becoming more challenging. Succession remains another important reason for owners to consider joining a larger group.
At the same time, the broker channel remains exceptionally strong. In 2024, brokers accounted for 52.1% of total Belgian life and non-life premium income. In non-life, their share reached 61.2%, making brokers the country’s largest insurance distribution channel.
This combination continues to attract buyers: a powerful broker-led market that still contains a large number of relatively small firms. The case for further consolidation therefore remains strong.
Belgium requires its own consolidation model
Belgium cannot simply be viewed through the same lens as the Netherlands or other more consolidated European insurance distribution markets.
Belgian brokers are often deeply rooted in their local markets. Many have built personal relationships with clients and local businesses over decades. The brokerage name, the owner and the local office can represent a significant part of the commercial value of the business.
The Q2 transactions illustrate this clearly. In the Insuras transaction, Vanbreda Dekerf emphasised that existing client contacts would remain in place and the Asse office would be retained. The communication around Gandassur similarly focused on personal service and continuity.
This is more than client communication. It points to a fundamental question about how consolidation should be managed in Belgium. A model in which local brands quickly disappear, offices are closed and client servicing is fully centralised may carry greater commercial risks here than in other markets.
Belgian consolidators therefore need to strike the right balance. Scale can create value in technology, compliance, data, insurer relationships, and specialist expertise. But local entrepreneurship and proximity to clients need to be preserved where they are fundamental to the strength of the underlying business.
The challenge is shifting from buying brokers to building businesses
As platforms become larger, the challenge for buyers changes. In the first phase of a buy-and-build strategy, the priority is relatively straightforward: identify and acquire high-quality broking businesses. As the platform expands, organisational complexity increases rapidly.
Several new groups and acquisition platforms have emerged in Belgium in recent years. The question is no longer simply who will acquire the next broker. It is increasingly about which groups can turn a collection of individual businesses into a stronger, more cohesive organisation.
That requires clear choices. Which processes should be centralised? Which systems should be harmonised? How should data be used across the group? Where should specialist capabilities be built? How can commercial collaboration be accelerated? And, particularly in Belgium, how much autonomy should remain at local level?
The winners in the next phase of consolidation will not necessarily be the groups completing the most acquisitions. They will be those that can translate M&A into stronger organic growth, higher productivity and a better proposition for both clients and employees.
AI makes the integration challenge more urgent
AI adds a new dimension to this challenge. In a market with a large number of relatively small broking businesses, its impact could be significant.
Part of the traditional rationale for consolidation is based on economies of scale. Larger groups can invest more in technology, central support, and process efficiency. Agentic AI could change part of that economic logic. Smaller brokers are gaining access to tools that automate administrative work, support employees and improve client processes. Technology could therefore reduce some of the traditional disadvantages of operating at a smaller scale.
For larger groups, however, the opportunity may be even greater. They have access to more data, greater volumes, and more financial capacity to embed AI across their operating models. This may become one of the factors that separates a collection of acquired brokerages from a genuinely integrated distribution platform.
The strategic question is therefore becoming broader. It is no longer only about the next acquisition. Consolidators also need to consider how their organisations should operate three to five years from now, when AI may perform a significant share of today’s administrative and support activities.
Groups making acquisitions today without incorporating this development into their integration strategies risk harmonising systems and processes around an operating model that could become outdated faster than expected.
Outlook: could larger platform transactions be next?
With 14 identified transactions in the first half of 2026, Belgium remains an active insurance distribution M&A market. The next development may increasingly come from the upper end of the market. Several platforms have now been backed by external capital for a number of years, meaning that strategic options could gradually move higher up the shareholder agenda.
The longest-standing investments include Five Arrows’ backing of Hillewaere Group, now part of Alpina Group, and Apheon’s investment in AlliA. Other investors entered more recently. Hg has backed Group Induver since 2024, while Baltisse is invested in Brokers in Excellence. SRG and Concordia are also at an earlier stage of their current growth journey.
This does not imply that transactions are imminent. It does, however, mean that the next phase of Belgian consolidation may not be shaped solely by further bolt-on acquisitions. Over time, recapitalisations, changes in ownership, and larger platform transactions could become a more visible part of the market.
Such transactions could reshape the Belgian broking landscape much faster than a series of smaller acquisitions. They would also provide a clearer test of which groups have successfully combined local market strength with scale, integration, and a future-ready operating model.
Explore insurance M&A trends across Europe
The Belgian market does not stand alone. Across Europe, we are seeing the same shift: buyers remain active but are becoming more selective. Valuations are diverging further, and growth requires more than scale alone.
Download the MarshBerry Europe M&A Market Report 2026 and learn about the forces reshaping the market across 32 European countries.
