Six transactions highlight different growth strategies
Q3 2026 produced six key transactions in Belgian insurance distribution. Alongside the expansion of established broking groups, the acquisition of Lardenoit Finance & Insurance stands out for combining new leadership with investor backing. This review draws on public announcements and communications to clients, as not all acquisitions are disclosed.
Established groups strengthen their local presence
Brokers in Excellence welcomed Linkiu, a Waterloo-based broker serving individuals, self-employed clients and professionals, with expertise in the medical sector and financial planning. The addition fits the Baltisse-backed group’s model of preserving local entrepreneurship and broker identity while sharing expertise and support across the network.
Viva Verzekeringen joined Group Fidura in early September, with its owner becoming a shareholder in the group. Clients retain their existing contacts while gaining access to broader expertise in business insurance, investments, pensions and lending.
Groep Blancquaert added VDH Verzekeringen on 1 July and FinDD on 1 September. VDH’s former owners are stepping back, with clients now served from Sint-Niklaas. FinDD’s team and Antwerp office remain in place under the Groep Blancquaert name. The two transactions show how one buyer can support both succession and the further development of an existing team.
In eastern Belgium, Consult+ joined HECK Assurances, a partner of Group Induver, on 1 August. Clients retain their familiar adviser, now supported by HECK’s wider team of insurance and banking specialists.
New leadership backed by external capital
Mathieu Loquet acquired Lardenoit Finance & Insurance with backing from WAD Capital. WAD Capital’s CEO-in-Residence programme backs an entrepreneur to acquire and lead an established business. At Lardenoit, the focus is on preserving the firm’s name and local roots while investing in people, specialist expertise and commercial development.
This provides another option for succession: bringing new leadership and capital into an independent broking business. For owners, the decision extends beyond the sale price to the family’s future involvement, governance and the firm’s growth prospects.
Local relationships need practical support
Personal service, familiar contacts and local roots feature prominently in the transaction announcements. This reflects the strength of broking in Belgium. According to Assuralia, the Belgian insurance industry association, brokers accounted for 52.1% of total insurance premium income in 2024 and 61.2% of non-life premiums.
Preserving those relationships can take different forms. Some offices remain open; in other cases, services are consolidated at another location. Owners may become shareholders, continue within a larger team or hand over the business. What matters is how the transition is managed and whether clients experience a tangible improvement in service.
For buyers, the challenge lies in day-to-day delivery. Local brokers need ready access to group specialists, while central support should reduce administration and free up time for clients. These improvements can support growth and better service. Without them, a larger network risks adding complexity.
AI changes the value of scale
AI has the potential to reshape how a broking business operates. It can help analyse client files, prepare advice and improve follow-up. Agentic AI can also coordinate and carry out several steps within a workflow, creating opportunities to serve more clients with the same team while freeing up time for advice and complex risks.
Larger groups can draw on larger pools of client data, specialist knowledge and investment capacity. Those advantages depend on how effectively the organisation brings these resources together. Different systems and fragmented data can make it harder to deploy AI across a group. Smaller brokers also have access to new tools, so size alone does not guarantee a lasting advantage.
For owners considering a partner, this adds a forward-looking test to the assessment of current scale and financial performance. How ready is the group to integrate AI into everyday operations? Can it turn innovation into better service, growth and profitability? That capability may increasingly determine which partnership creates the most long-term value.
Outlook
Q3 highlights a range of partners for succession and growth, from regional groups and investor-backed platforms to new leaders with capital behind them.
Belgium is part of a wider European shift: Buyers remain active but are becoming more selective, valuations are diverging and growth requires more than scale alone. As consolidation progresses, the quality of the partnership will carry greater weight. Groups need to demonstrate how they strengthen client relationships, share expertise and integrate technology into their operations. For broker owners, the central question is which partner offers the strongest foundation for sustainable growth. The right choice depends on the owner’s ambitions and the needs of the business.
Want to learn more?
To explore the trends shaping the future of European insurance distribution, download the Insurance Distribution in Europe: M&A Market Report 2026. The report analyses the key trends, transactions and value drivers across 32 European insurance markets, providing insight into the factors that will shape future strategy, competitive positioning and enterprise value for insurance distribution businesses.
