Navigators Completes Acquisition of Belgian Specialty Insurer for €35M ($41.3M)

The Navigators Group Inc. has completed the acquisition of Bracht, Deckers & Mackelbert NV (BDM), a specialty underwriting agency, and its affiliated insurance company, Assurances Continentales – Continentale Verzekeringen NV (ASCO). Both companies are headquartered in Antwerp, Belgium.

Stamford, Conn.-based Navigators paid €35 million ($41.3 million) in cash for BDM and ASCO.

As part of the transaction, which was originally announced on Dec 18, 2017, Navigators also acquired Canal Re SA, a Luxembourg reinsurance company, a wholly owned subsidiary of ASCO. The addition of BDM and ASCO advances Navigators’ diversification strategy, expanding upon the company’s existing European presence in Rotterdam, Milan, Paris, Madrid and its current Antwerp office.

ASCO is a specialty insurance company offering marine and property and casualty insurance. BDM is an insurance underwriting agency that underwrites risk coverage in niche markets on behalf of ASCO and a number of major international insurers.

“The transaction demonstrates Navigators’ commitment to delivering our technical expertise and specialty insurance products to more brokers and insureds in Europe, while also providing a solution for Navigators to ensure continuity of coverage for our policyholders following the UK’s exit from the European Union,” said Stanley A. Galanski, president and chief executive officer of Navigators. “BDM and ASCO are a strong fit for Navigators, in large measure because we share complementary cultures that emphasize a passion for underwriting discipline and outstanding claims experiences.”

Jos Gielen, chief executive officer of ASCO and BDM, commented: “We are delighted to join Navigators to deliver an even broader portfolio of specialty insurance products and value-added technical and industry expertise to our clients. In addition to the benefits of Navigators’ financial strength, this transaction will provide BDM and ASCO with significant opportunities for growth in local markets across Europe.”

Source: The Navigators Group Inc.