The acquisition is expected to help Verlingue become one of the top five insurance brokers in Portugal
Verlingue’s UK subsidiary has agreed to acquire Portuguese insurance broker Luso Atlantica for an undisclosed price, in a move to consolidate its European operations.
Luso Atlantica is engaged in providing business protection and risk management solutions.
The company has three offices across Lisbon, Porto, and Portimão, and has a workforce of over 100 employees.
Luso Atlantica, which has a turnover of €12m, is said to manage an insurance portfolio of €100m.
The company’s day-to-day executive management will be handled by its present board of directors and management, while closely working with Verlingue’s teams to leverage their strengths and create synergies.
Verlingue is an insurance brokerage owned by French holding company Adelaïde Group.
Luso Atlantica board of directors chairman José Félix Morgado said: “We want to provide a long-term response to the new market challenges in terms of client experience. Joining an independent, European insurance broker as ambitious as Verlingue is a great opportunity our clients and employees.
“We’re excited about working with Verlingue’s teams to continue our development and become a leading broker in our markets.”
Luso Atlantica marks Verlingue’s fifth international acquisition in as many years. The company is present in the UK under the Verlingue brand, while operating under the Advantis, S&P, and Meex brands in Switzerland.
Adelaïde already has a presence in Portugal via its subsidiary Génération, which is a broker with expertise in the management of life insurance and healthcare expenses.
The acquisition by Verlingue is part of the strategic plan of Adelaïde, which was announced two years ago. In line with the plan, Adelaïde intends to speed up its international development and become a major, family-owned, independent insurance brokerage group in Europe.
Verlingue and Adélaïde managing director Gilles Bénéplanc said: “This acquisition is in line with our Group’s strategic plan, driven by Jacques Verlingue, Chairman of the Adelaïde Group, and demonstrates our international ambitions.
“With Luso Atlantica, Verlingue will become one of the top five insurance brokers in a country that has a highly dynamic market in Europe. Pooling our strengths and skills is great news for our clients and partners, and for all our employees.”
The deal will be closed after securing administrative approval from the Portuguese regulator.