Hg, the Manager of HgCapital Trust plc ("HGT"), has announced an investment in Induver and Clover, two leading independent corporate insurance brokers in Belgium, who will join forces. HGT will invest approximately £6.7 million in Induver Group, with other institutional clients of Hg investing alongside HGT through the Hg Mercury 4 Fund. This investment will reduce HGT's outstanding commitments to invest in Hg transactions to approximately £801 million. The terms of the transaction have not been disclosed.
Induver and Clover, two leading independent corporate insurance brokers in Belgium, have announced that they will join forces, with Hg joining as a supporting shareholder in the combined business to drive further strategic growth. The two businesses will provide a highly complementary offering to clients, combining Induver's premium positioning and technical capabilities with Clover's entrepreneurial team, with a vast experience in insurance specialties. All current founder-shareholders will remain on board and will continue to lead the combined Group.
The founders of Induver and Clover expressed their excitement about the partnership, with plans to create a broker-led and broker-owned platform that presents a unique proposition for other insurance brokers. Hg also expressed its excitement about the partnership, stating that the quality of the businesses will strengthen further as the two teams combine their strong technical, commercial, and platform capabilities.
HgCapital Trust plc, listed on the London Stock Exchange, provides investors exposure through a liquid vehicle to a portfolio of high-growth private companies in the software and services sector. The selection of new investments and creation of value in these businesses are managed by Hg, an experienced and well-resourced private equity firm with a long-term track record of delivering superior risk-adjusted returns for its investors.