Accelerating international growth
SMABTP's ambition is to make its range of services available to the men and women of the international construction industry.
SMABTP's ambition is to make its range of services available to the men and women of the international construction industry.
This is how it has established itself, for several decades, in Spain and then in Portugal. Since 2017, the Group's international activity has accelerated with the creation of two subsidiaries: SMABTP Belgium and SMABTP Côte d'Ivoire. In 2023, the acquisition of stakes in DUPI and Woningborg will give the Group a foothold in the Netherlands and Germany.
A ratings initiative
A ratings initiative
To support this strategy, the Group launched a ratings initiative that resulted in SMA SA being rated A+ with stable outlook by Fitch in February 2020. This rating was confirmed in 2023, and enhanced by a second A+ rating for SMABTP. These indicators confirm the Group's financial strength, as well as its excellent capitalization and reserving practices.
In Spain: ASEFA
In Spain: ASEFA
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.
- €61.2 million in annual revenue for 2021 (up 9% year-on-year)
- 180 employees
- Top rated by brokers as the best insurer in the technical risks category of the ADECOSE barometer survey conducted by the Spanish Association of Insurance and Reinsurance Brokers
In Portugal: VICTORIA
In Portugal: VICTORIA
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.
- €131.5 million in annual revenue for 2021 (up 5.6% year-on-year)
- 290 employees
- Portugal’s No.1 goods in transit insurer
- Portugal’s No.5 health insurer
In Belgium: SMA Belgium
In Belgium: SMA Belgium
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.
- €6.3 million in written premiums for 2021 (up 35% year-on-year)
- 6 employees
In Côte d'Ivoire: SMABTP Côte d’Ivoire SA
In Côte d'Ivoire: SMABTP Côte d’Ivoire SA
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.
- €5.1 million in annual revenue for 2021 (up 138% year-on-year)
- 8 employees
In the Netherlands: DUPI
In the Netherlands: DUPI
In 2023, SMABTP establishes itself in the Netherlands by acquiring a majority stake in DUPI. This underwriting agent is a key player in Marine and Construction insurance in the Netherlands and has recently expanded into Property Damage insurance. DUPI is recognized by its clients for the strong technical skills of its teams based in Rotterdam, Amsterdam, and Copenhagen, and its commitment to providing the best possible support to clients across Europe.
- 7 million euros in revenue in 2022 (+17.2%)
- 170 employees
In Germany: SMABTP Germany
In Germany: SMABTP Germany
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
2022 Business Report
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2022 Business Report