The commercial insurance underwriting industry in Benelux is pivotal for managing risks across businesses and industries. Companies, ranging from established insurers to innovative tech startups, design coverage solutions for various commercial scenarios, including property, liability, and specialty lines. As digitalization drives change, insurtech firms are increasingly entering the space, bringing efficiency and enhanced customer experiences. The industry's future appears robust, with an emphasis on data analytics and technological integration to optimize underwriting processes. Investors are taking notice, signaling a growing interest in the potential of innovative insurance solutions and the adaptation needed for evolving market demands.


The investors in this list represent a blend of venture capital, private equity, and corporate investment across the Benelux region. Their headquarters extend from Amsterdam to Luxembourg and Brussels, showcasing a strong presence in major urban centers. Sizes range from firms with thousands of employees to smaller teams, and they were founded between 1824 and 2019. In 2024, these investors collectively participated in significant deal counts, signaling an active pursuit of growth opportunities in commercial insurance underwriting. Their varied approaches offer insight into investment strategies shaping the industry.


Top 13 Commercial Insurance Underwriting Investors in Benelux


1. Cvc

  • Website: cvc.com
  • Type: Private Equity
  • Headquarters: Luxembourg
  • Founded year: 2005
  • Headcount: 1001-5000
  • Number of deals in 2024: 16
  • LinkedIn: cvc-capital-partners

CVC Capital Partners is a prominent investment firm based in Luxembourg, specializing in private equity, credit, secondaries, and infrastructure. Founded in 2005, CVC manages approximately €193 billion in assets for over 1000 clients, including pension funds and institutional investors. The firm has made notable investments in the commercial insurance sector, including a significant role in the funding of Fidelis Insurance, which raised approximately $1.5 billion in initial capital, positioning it as a key player in the global insurance market. Additionally, CVC acquired Cunningham Lindsey, an insurance services company, for between $900 million and $1 billion, further solidifying its presence in the insurance industry. CVC's strategic investments reflect its commitment to delivering sustainable value and growth in the commercial insurance underwriting space.


2. Ageas Group

  • Website: ageas.com
  • Type: Corporate
  • Headquarters: Saint-Josse-Ten-Noode, Brussels, Belgium
  • Founded year: 1824
  • Headcount: 10001+
  • Number of deals in 2024: 3
  • LinkedIn: ageas

Ageas Group, founded in 1824 and headquartered in Saint-Josse-Ten-Noode, Brussels, Belgium, is a corporate investor and a prominent insurance company that offers a diverse range of insurance products, including property, casualty, life, and pensions. With a workforce of over 10,000 employees, Ageas serves both individual consumers and businesses, helping them manage risks and providing financial protection. The company has been actively expanding its footprint in the commercial insurance underwriting space through strategic acquisitions. Notable transactions include the acquisition of Groupama in 2012 for approximately $188 million, and a significant bid for Direct Line in 2024, valued at £3.1 billion, which underscores their interest in enhancing their commercial insurance capabilities. Additionally, their acquisition of a 40% stake in Royal Sundaram General Insurance in India and the purchase of Aviva's stake in AvivaSA in Turkey further illustrate their commitment to growing their insurance operations in various markets, including commercial lines.


3. Exor N.V.

  • Website: exor.com
  • Type: Venture Capital
  • Headquarters: Amsterdam, North Holland, Netherlands
  • Founded year: 2009
  • Headcount: 11-50
  • Number of deals in 2024: 26
  • LinkedIn: exor_2

Exor N.V. is a holding company based in Amsterdam, Netherlands, founded in 2009. It operates across various sectors, including automotive, healthcare, and media, and manages a diverse portfolio of companies such as Ferrari, Stellantis, and Philips. Exor focuses on enhancing value through strategic investments and operational support. Notably, Exor has made significant strides in the commercial insurance sector, highlighted by its acquisition of PartnerRe for $6.9 billion in 2015, which positions it as a key player in the reinsurance market. Additionally, Exor has invested in insurance technology firms like Cover, which raised $16 million in Series B funding in 2018, and Alan, a health insurance startup that raised substantial funding in multiple rounds, including $194 million in Series E in 2022. These transactions underscore Exor's commitment to the insurance industry and its potential to influence commercial insurance underwriting.


4. Finch Capital

  • Website: finchcapital.com
  • Type: Venture Capital
  • Headquarters: Amsterdam, North Holland, Netherlands
  • Founded year: 2013
  • Headcount: 11-50
  • Number of deals in 2024: 2
  • LinkedIn: finch-capital

Finch Capital is a venture capital investment firm based in Amsterdam, Netherlands, founded in 2013. The firm specializes in business and financial technology, providing investment management and advisory services to companies across various sectors, including insurance, payments, and regulatory compliance. Finch Capital aims to help businesses scale sustainably and navigate complex market challenges through strategic partnerships and technology-driven solutions. Notable transactions include investments in Better.co.uk, a platform that operates in the insurance and financial services space, and Ikbenfrits.nl, an online mortgage broker, which indicates their engagement with financial services that intersect with insurance. These investments reflect Finch Capital's commitment to supporting innovative companies within the insurance sector.


5. Prosus Group

  • Website: prosus.com
  • Type: Venture Capital
  • Headquarters: Amsterdam, North Holland, Netherlands
  • Founded year: 2019
  • Headcount: 10001+
  • Number of deals in 2024: 21
  • LinkedIn: prosus-group

Prosus Group is a global technology investor and operator based in Amsterdam, Netherlands, founded in 2019. The firm focuses on enhancing everyday life through technology across various sectors, including online classifieds, food delivery, payments, and education technology. Notably, Prosus has made significant investments in the insurance sector, particularly through its involvement with Azos, a Brazilian digital life insurance provider. In November 2021, Prosus Ventures led a funding round for Azos, contributing to its growth and expansion in the digital insurance market. This investment reflects Prosus's commitment to fostering innovation in the insurance industry and supporting local entrepreneurs in creating valuable products and services. Additionally, Prosus has a diverse portfolio, with 21 investments in 2024, showcasing its active role in various technology-driven sectors.


6. Hypoport B.V.

  • Website: hypoport.com
  • Type: Corporate
  • Headquarters: Amsterdam, North Holland, Netherlands
  • Founded year: 2002
  • Headcount: 11-50
  • Number of deals in 2024: 1
  • LinkedIn: hypoport-b.v.

Hypoport B.V. is a corporate investor based in Amsterdam, Netherlands, founded in 2002. The company operates as a technology provider specializing in financial services, real estate, and insurance. It runs a network of platforms that facilitate mortgage financing, insurance policies, and consumer finance solutions, catering to financial consultants and businesses in the real estate and insurance sectors. Notably, Hypoport has been involved in significant transactions relevant to the commercial insurance underwriting space, including leading a seed round investment in Helvengo, a Swiss insurtech startup focused on expanding into the German and European markets. Additionally, their acquisitions of Innosystems GmbH and ePension GmbH & Co. KG further demonstrate their commitment to enhancing their insurance offerings and capabilities. These activities position Hypoport as a key player in the insurance technology landscape.


7. Aegon

  • Website: aegon.com
  • Type: Corporate
  • Headquarters: The Hague, South Holland, Netherlands
  • Founded year: 1983
  • Headcount: 10001+
  • LinkedIn: aegon

Aegon Ltd. is a public company based in The Hague, South Holland, Netherlands, specializing in life insurance, pensions, and asset management. Founded in 1983, Aegon provides financial security solutions to individuals and businesses, helping them manage risks and prepare for the future. The company operates in various markets, offering tailored financial services to meet diverse customer needs. Aegon has been involved in several relevant transactions, including the acquisition of Robidus, which enhances their services in pensions and income protection, indicating a focus on risk management. Additionally, Aegon's investment in Coverfox Insurance and participation in funding rounds for GoBear demonstrate their interest in expanding their portfolio within the insurance and financial technology sectors. These activities position Aegon as a relevant investor in the commercial insurance underwriting space.


8. Jab Holding Company LLC

  • Website: jabholco.com
  • Type: Private Equity
  • Headquarters: Amsterdam, North Holland, Netherlands
  • Founded year: 2007
  • Headcount: 10001+
  • Number of deals in 2024: 1
  • LinkedIn: jab-holding-company-llc

JAB Holding Company LLC is a private equity investment firm based in Amsterdam, Netherlands, founded in 2007. The firm specializes in long-term investments across various sectors, particularly consumer goods and services, including coffee, fast casual dining, petcare, and beauty. In recent years, JAB has made significant strides in the commercial insurance underwriting space. In 2025, they announced the acquisition of Prosperity Life Group, a US insurance company, for a total deal size of USD 25 billion, which includes a comprehensive range of insurance services. Additionally, in 2023, JAB acquired Pumpkin Insurance Services, further solidifying its presence in the insurance market. Their involvement in pet insurance is also noteworthy, with acquisitions of Embrace Pet Insurance and Figo Pet Insurance, aimed at expanding their footprint in the pet insurance sector across various regions. These strategic investments reflect JAB's commitment to diversifying its portfolio and enhancing its role in the insurance industry.


9. Ilavska Vuillermoz Capital


Ilavska Vuillermoz Capital is a venture capital firm founded in 2019, based in Luxembourg, specializing in venture capital and impact investing. The firm aims to create positive economic impacts through strategic investments in various companies, partnering with institutional and private investors to provide tailored investment solutions. Notably, they have participated in funding rounds for ELEMENT Insurance, a Berlin-based insurtech startup, which raised significant capital in both a Series B round and a previous venture round. This involvement highlights their interest in the insurance technology sector, aligning them with the commercial insurance underwriting industry. Additionally, their operations extend to the Czech Republic, further broadening their investment reach.


10. Ingka Investments

  • Website: ingka.com
  • Type: Corporate
  • Headquarters: Leiden, South Holland, Netherlands
  • Founded year: 2018
  • Headcount: 51-200
  • Number of deals in 2024: 4
  • LinkedIn: ingka-investments

Ingka Investments, founded in 2018 and based in Leiden, South Holland, Netherlands, is a corporate investor associated with the Ingka Group, which operates IKEA stores and shopping centers globally. The firm focuses on providing affordable home furnishings while managing investments to support long-term growth and sustainability. Notably, Ingka Investments has participated in significant transactions within the insurance sector, including a recent investment in Urban Jungle, a London-based insurance technology startup that raised $14M to expand its UK home insurance business. This investment reflects Ingka's strategic interest in the insurance industry, particularly in innovative solutions that enhance consumer offerings. Additionally, Ingka has acquired a 49% stake in Ikano Bank, which is transitioning to a fully digitalized banking model, further indicating their engagement in financial services that may intersect with insurance products.


11. DOB Equity

  • Website: dobequity.nl
  • Type: Private Equity
  • Headquarters: Veessen, Gelderland, Netherlands
  • Founded year: 1997
  • Headcount: 1-10
  • Number of deals in 2024: 1
  • LinkedIn: dob-foundation

DOB Equity is an impact investment fund based in Veessen, Gelderland, Netherlands, founded in 1997. The fund focuses on supporting innovative and scalable companies in Eastern Africa, aiming to create social impact while ensuring long-term profitability for its portfolio companies. In recent years, DOB Equity has made significant investments in various sectors, including fintech and insurance. Notably, they invested in Eden Care Medical, a digital insurer in Rwanda, which raised pre-seed funding to offer telemedicine services and reduce administrative costs. This investment highlights DOB Equity's engagement in the insurance industry. Additionally, they have invested in fintech companies like Power and Kwara, which may intersect with insurance services, further showcasing their diverse investment strategy while maintaining a focus on impactful ventures.


12. Goodwell Investments

  • Website: goodwell.nl
  • Type: Venture Capital
  • Headquarters: Amsterdam, North Holland, Netherlands
  • Founded year: 2004
  • Headcount: 11-50
  • Number of deals in 2024: 3
  • LinkedIn: goodwell-investments

Goodwell Investments is a venture capital firm based in Amsterdam, Netherlands, founded in 2004. The firm is dedicated to creating a more inclusive economy by financing motivated entrepreneurs in Africa. They provide private equity funding and business expertise to scalable companies across various sectors, including financial services, food and agriculture, and logistics. Notably, Goodwell has been involved in several significant transactions in the insurtech space, particularly with Inclusivity Solutions, which raised multiple rounds of funding totaling over $4 million. This startup focuses on expanding access to insurance services in underserved markets, showcasing Goodwell's commitment to supporting innovative financial solutions that enhance inclusivity in the insurance sector. Additionally, their investment in Asante Financial Services Group further emphasizes their engagement in financial services, which may include insurance-related offerings.


13. Achmea Innovation Fund


Achmea Innovation Fund is a venture capital investment fund based in Duivendrecht, North Holland, Netherlands, founded in 2019. The fund aims to support innovative startups and scale-ups across various sectors, including healthcare, mobility, and climate action. It provides access to capital, networking opportunities, and expert guidance to help these businesses grow and positively impact society. Notably, the fund has made significant investments in the insurance sector, including a recent investment in Laka, a London-based InsurTech startup that focuses on insurance solutions for e-bike riders and cyclists in Europe. This investment aims to expand Laka's presence across Europe and enhance its embedded insurance products. Additionally, Achmea Innovation Fund participated in a €7 million seed funding round for Alicia Insurance, a Rotterdam-based insurance startup, further solidifying its commitment to the insurance industry.



Commercial Insurance Underwriting Insights: Key Investors in Benelux


InvestorHeadquarterSizeFoundedDeals 2024
CvcLuxembourg1001-5000200516
Ageas GroupSaint-Josse-Ten-Noode, Brussels, Belgium10001+18243
Exor N.V.Amsterdam, North Holland, Netherlands11-50200926
Finch CapitalAmsterdam, North Holland, Netherlands11-5020132
Prosus GroupAmsterdam, North Holland, Netherlands10001+201921
Hypoport B.V.Amsterdam, North Holland, Netherlands11-5020021
AegonThe Hague, South Holland, Netherlands10001+19830
Jab Holding Company LLCAmsterdam, North Holland, Netherlands10001+20071
Ilavska Vuillermoz CapitalLuxembourg11-5020193
Ingka InvestmentsLeiden, South Holland, Netherlands51-20020184
DOB EquityVeessen, Gelderland, Netherlands1-1019971
Goodwell InvestmentsAmsterdam, North Holland, Netherlands11-5020043
Achmea Innovation FundDuivendrecht, North Holland, Netherlands1-1020192


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