BOVAG enters into strategic partnership with a.s.r. and sells Bovemij's insurance activities

Transaction

Sell-side

Undisclosed

Role

Adviser to BOVAG on the transaction with a.s.r., including sale of Bovemij's insurance activities

Sector

Financial Services
Automotive

Region

Netherlands

We have advised BOVAG, the Dutch sector association for the mobility sector on its strategic partnership with Dutch insurance carrier ASR Nederland N.V. (a.s.r.). Part of the transaction is the acquisition of Bovemij’s insurance activities by a.s.r., Bovemij’s non-insurance activities will be accommodated within a new holding in BOVAG. Alongside this acquisition, BOVAG and a.s.r. will jointly continue insurance intermediary and MGA activities for the mobility sector.

Bovemij was founded in 1963 by BOVAG and specialises in insurance and non-insurance services for the mobility sector. Gross written premiums from insurance activities for 2024 amounted to approximately €400 million.

For Bovemij Group's insurance customers, the acquisition by a.s.r. means greater scale, expertise and investment power, while the trusted services and brand names will remain unchanged. This means that customers can continue to count on specialised, future-proof insurance solutions that are perfectly aligned with the dynamics of the mobility sector. The continued involvement through the BOVAG joint venture and the acquisition of the non-insurance activities will ensure the preservation of in-depth market knowledge and practical solutions that are relevant to the daily reality of entrepreneurs in the mobility sector.

Clearwater announced its involvement in this transaction as adviser to BOVAG in January. The necessary approvals from the regulatory authorities have now been obtained, and the relevant works councils have issued a favourable opinion. All conditions for the transaction have therefore been met.

We are highly grateful to Clearwater, and in particular to Harald Miedema, for executing a carefully structured sale process. Their expertise in M&A processes, project management and, above all, their willingness to understand and support our governance process were crucial in achieving this result.
Peter Niesink, General Director, BOVAG

The mobility market is changing rapidly, creating a growing demand for specialised insurance solutions. As part of a.s.r., we will have the scale and synergy to support customers even better, while maintaining our close ties with the sector and our people. In addition, thanks to BOVAG's continued involvement, we will continue to have access to expertise and solutions that are in line with the market. We see the coming period as a joint transition, in which our customers and employees will remain central.
Hans Coffeng, CEO, Bovemij Group

We are honoured to have contributed to a historical transaction for BOVAG. After careful exploration of strategic options, we are glad to have realised this result which provides Bovemij Insurance with a new opportunity to expand within a larger insurance organisation and retains non-insurance carrier elements of Bovemij Group’s activities in BOVAG’s shareholding. Moreover, this envisaged transaction further contributes to our established experience within the insurance (intermediary) industry.
Harald Miedema, Partner, Clearwater