French broker Adelaïde outlines ambitions global expansion plans
Adelaïde Group, one of France’s biggest insurance brokers, has outlined ambitious growth plans that would see it double its turnover by 2024 through a mixture of organic growth and acquisitions to reach €400-500 million.
The group, which owns corporate broker Verlingue, life and health broker Génération and insurtech Coverlife, has also committed to tripling its international turnover to reach 30 percent of group turnover.
Overall, the Adelaïde Group achieved a combined turnover of €271 million last year, an increase of 8 percent, including the activity of the Eyssautier-Verlingue subsidiary for the first full financial year.
Verlingue achieved a turnover of €189 million (3 percent organic growth), 23 percent of which was generated internationally (excluding the acquisition of Luso Atlantica, which will be incorporated as of 2021).
Génération, the broker managing company health and life insurance schemes, had a year of strong growth with turnover jumping by 7 percent to €67.7 million.
Coverlife, the Group's insurtech business, which markets health and personal protection insurance for individuals under the Cocoon brand, continued its fast-paced development with a turnover for 2020 that grew by 18 percent to €14.4 million.
“Our ambition is to become a large, European-sized, family-run and independent insurance brokerage group, in which talented people flourish and do their best every day to satisfy existing customers and attract new ones,” said Jacques Verlingue, chairman of the Adelaïde Group.
Gilles Bénéplanc, CEO of the Adelaïde Group, added: “These results and our new organisation encourage us to continue our transformation drive and fuel our determination to succeed. Our "Impact 24" Strategic Plan states that we will do so for the benefit of our customers, with a view to ensuring the fulfilment of our employees and respect for our values.”
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