MarshBerry advises SMABTP (DUPI Group) and management on carve-out and sale of DUPI Nordics to HBC GmbH
Amsterdam, The Netherlands, 24 november 2025 – MarshBerry, a global leader in corporate finance and consulting, serving the insurance distribution and wealth management industries, is pleased to have advised Société Mutuelle d’Assurance du Batiment et des Travaux Publics (SMA), DUPI Group and Management on the carve-out and sale of DUPI Underwriting Agencies Nordics (DUAN) to HBC GmbH.
The transaction represents a significant milestone in the further development of DUPI Group’s strategy, an independent subsidiary of SMA. Following the acquisition of DUPI Group by SMA in 2023, SMA has focused on transforming the business into distinct branch operations aligned with its strategic priorities. As part of this strategic repositioning, and given that the Nordics is not a core growth region, the carve-out and sale of DUPI Nordics enables SMA to concentrate on its key markets while ensuring the continued development of the Nordics operations under new ownership.
For HBC, the acquisition of DUPI Nordics, based in Copenhagen, marks a natural extension of its deep expertise in marine insurance and underwriting services. The transaction provides HBC with a strong platform in the Nordic market, while also supporting its broader pan-European development in marine and specialty insurance.
“This transaction reflects the strategic clarity and collaboration that define MarshBerry’s approach,” said Armand Hoftijzer, MarshBerry Managing Director. “By guiding SMA and its management team through this carve-out, we helped position both parties for long-term success—enabling SMA to focus on its core markets while supporting HBC’s expansion into the Nordics with a proven platform for growth.”
Lars Hendriksen and Henrik Pilegaard, who have successfully led DUPI Nordics’ development to date, will continue in their leadership roles following the acquisition. Together with HBC, they will focus on accelerating growth and delivering high-quality services to clients.
This transaction underscores MarshBerry’s expertise to helping firms achieve strategic growth through a merger & acquisition (M&A) in the insurance sector. MarshBerry’s team brings extensive experience in M&A advisory and supports clients throughout Europe and beyond.
Terms of the transaction were not disclosed.
About MarshBerry
Founded in 1981, MarshBerry is a global leader in mergers & acquisitions (M&A), corporate finance solutions, and strategic consulting, with a focus on insurance brokers and wealth management firms. Our mission is to help clients enhance value and navigate strategic paths toward a future full of opportunities. With more than 200 advisors and offices in North America and Europe, MarshBerry provides unparalleled expertise and insights to clients worldwide.
