Acquisition of Group Merimna by Be.Brokers

Acquisition of Group Merimna by Be.Brokers

The recent acquisition of Group Merimna (a company with a 34-year history, groupmerimna.gr) by Be.Brokers (a family with 68 years of roots in the insurance market—grandfather, father, and parents of current executives have worked at ADRIATIC or International Life) was officially announced the day before yesterday and received widespread publicity in the broader financial media.

This is an opportunity to communicate to clients and partners the advantages that Be.Brokers offers, which should be highlighted at every opportunity:

  • Collaboration with all insurance companies for every possible insurance solution
  • Sales management that leads in network development
  • A capable administrative team for customer and insurance agent support
  • A strong brand built on our respect for partners and the trust they reciprocate

The acquisition and upcoming merger of Group Merimna by Be.Brokers, beyond the advantage of greater scale, strengthens us operationally by bringing technical expertise through the integration of Group Merimna’s administrative team, which has specialized knowledge in many areas, including managing complex risks.

The new year finds us stronger, which is why we are raising our goals for 2025, aiming to reach close to €50 million in premiums.

It is worth remembering that seven years ago (2017), we had just €5 million in premiums.

The target of €100 million, which we mentioned at the Delphi conference just 1.5 years ago and was considered excessive by many, is now more immediate and no longer a distant, unrealistic goal.

Beyond the numbers—which interest few and almost none of our clients—we have a vision and ambition:

To lead the changes in intermediation by strengthening the role of the insurance agent

Our goal is to take a leading role in the vast insurance agent market, which controls over €3 billion in premiums!

The insurance market has changed in recent years, with insurance companies leading the way through acquisitions, mergers, and portfolio transfers, forming strong insurance groups and ending decades of fragmented insurance production and intense periods of unfair competition.

However, insurance intermediation has not modernized at the same pace and remains close to old sales models that have become partially outdated.

Together, we can contribute to the reorganization of insurance product sales networks, shifting from the old model where agents represented one or a few insurance companies to a modern sales company that offers every possible insurance solution for its clients and beyond.

In this new environment of sales companies, the insurance agent gains capabilities they previously lacked, strengthening their market position and expanding their business without being threatened by online sales or other risks that once reduced their clientele.

The transition to a more competitive insurance product sales model will be successful as it leads to higher earnings for our partners—between 20% and 30%. This transition has already begun and is accelerating.

At Be.Brokers, we support, expand capabilities, and believe in the ability of insurance agents to insure more and more comprehensively the millions of underinsured potential clients.

By achieving change in the primary method of selling insurance products in the Greek market (through agents collaborating with major sales companies), we will provide better services to our clients and contribute to the development and better organization of sales—benefiting both customers and our suppliers, the insurance companies.

We want Be.Brokers to lead the changes in intermediation and become a hub that attracts both new and experienced insurance agents who have not yet discovered the advantages we offer.

Wishing everyone a creative year with good health!

https://www.naftemporiki.gr/business/1867412/groupama-asfalistiki-anakoinose-tinexagora-tis-group-merimna-apo-tin-be-brokers/
https://financenews.gr/asfaleia/nea-epochi-stin-asfalistiki-diamesolavisi-meta-tinexagora-tis-group-merimna-apo-be-brokers/59774/

Be.Brokers 1st in new health production in 2021 at Interamerican among agencies and brokerage firms.

Interamerican, in the annual awards organized on Tuesday, June 28, 2022, for its partner network, awarded Be.Brokers first place among agencies and brokerage firms in new health production for 2021.

Comprise the 3rd award given by Interamerican to Be.Brokers after the 4th and 5th place awards in general insurance portfolio.

The constant awards that Be.Brokers wins are a confirmation of the high productivity and quality of their work.

The biggest success of Be.Brokers is the growth of its revenue from 2017 to 2021 at an average rate of 28% when in the same period the insurance market grew at a rate of close to 5%.

Be.Brokers aims to win multiple awards as it has invested in a “tied agents” sales system adding 3 new offices in Athens, Corinth, and Rhodes focusing its growth on the life and health sectors.

The company expects its portfolio blend to change from 55% Motor Civil Liability and 55% in non-compulsory sectors in 2021 to 50%-50% this year and 40%-60% in 2023 while maintaining the same overall development rate.

One record year for Be.Brokers S.A.

2021 was a particularly successful year Be.Brokers

 

The company improved the provision of services to partners by raising the level and speed of service.

In a recent survey of satisfaction and evaluation of company services, 127 partners participated, and Be. Brokers received an overall satisfaction score of 8.9 out of 10.

In addition, the results of the financial statements and the growth of its production had the most significant percentage increase in the 5 years of activity in the mediation market.

More specifically:

  1. Increased insurance production by 41%, exceeding the €15 million
  2. Increased commission income by 37% to €3.14 million
  3. Earnings before taxes, interest, and depreciation (EBITDA) increased by 66% to €290,332
  4. Increased Profits by 77% to €202,178

The comparison with the corresponding amounts in 2017 – 5 years ago – is indicative: Commission revenue from €1.09 million tripled to €3.14 million in 2021, and profits before taxes and depreciation from losses of €481,897 turned in a profit of €290,332.

The financial results of 2021, a difficult and demanding year, form the basis for the company’s further development in 2022.

It is estimated that commission income will reach €4 million, proving that despite the adverse economic conditions, Be.Brokers are attracting new partners as more and more people trust her, having now passed 700 active partnerships with insurance agents.