SMABTP arrived in Spain in 1989 following its acquisition of insurer Asefa, which was founded in 1972. This Spanish subsidiary markets a range of insurance products covering construction, civil liability and contract bonding risks. Asefa also offers innovative services, including three-year habitability insurance and the Click online service. Today, it is a key player in the Spanish construction insurance market.

• €43.6 million, excluding health, in annual revenue for 2023
• 114 employees
• First prize for the insurance company rated highest by brokers in the Technical Risks branch and recognized label for the quality of service provided to clients (ADECOSE Barometer 2023).

An SMABTP subsidiary since 2011, Victoria has set the benchmark for the Portuguese insurance market since its creation in 1930.

Victoria offers solutions across all types of insurance. It is particularly well known for its expertise in the health, maritime & transport, construction, liability and life markets.

• 104.05 M€ in turnover in property and casualty insurance (IARD) (+ 6.2%) and 42.1 M€ in turnover in life insurance (VIE) for 2023.
• 297 employees
• Portugal’s No.1 goods in transit insurer
• Portugal’s No.5 health insurer

SMA Belgium has been providing construction professionals in the Benelux countries with bespoke insurance solutions since 2017. SMA Belgium markets all-risk construction site, liability and ten-year liability insurance policies to project owners, contractors, architects and engineering design offices in Belgium, Luxembourg and the Netherlands.

• €8.7 million in written premiums for 2023 (up 3% year-on-year)
• 6 employees

The SMABTP subsidiary in Côte d’Ivoire has been operational since 2018. SMABTP Côte d'Ivoire SA leverages its construction industry expertise to assist French and local contractors - whether Group members or otherwise - wishing to do more business in this country.

• €10 million in annual revenue for 2023 (up 50% year-on-year)
• 12 employees

One year after taking a majority stake in DUPI, 2024 saw SMABTP consolidating its presence in the Netherlands with its 100% acquisition of this leading underwriting firm. A major force in the Dutch Marine & Transport and Construction insurance markets, DUPI has also recently branched out into Property Damage insurance. Group clients appreciate the expert technical skills of its teams in Rotterdam, Amsterdam and Copenhagen, and place a high value on its resolve to deliver the best-possible level of support across Europe. 

• €35 million in order premiums in 2023
• 170 employees

In 2023, SMABTP acquired a 50% stake in Woningborg, the leading Dutch completion bond insurer for house builders and buyers in the Netherlands. This acquisition helps to secure the long-term future of Woningborg, which has been in business for more than 40 years, enables the company to diversify the support services it offers the Dutch construction industry, and underwrites the future of the Dutch new-build housing market for members of industry bodies.

• €22 million in annual revenue for 2023

In 2023, SMABTP also established an operational presence in Germany following its acquisition of a majority shareholding in DUPI underwriting. The new office in Cologne offers comprehensive insurance solutions designed specifically for the German construction insurance market. The Group’s expansion into this new national marketplace is being managed commercially and operationally by DUPI, whose customers appreciate and value the substantial technical skills offered by its teams.

• 6 employees