De Pardieu has advised GALIAN, insurance company that has been a partner of real estate professionals since 1965, on its proposed merger with the SMABTP group.
The purpose of this project is to create an insurance company fully dedicated to real estate professionals, which will meet all their needs and those of their clients, by combining the expertise and know-how of GALIAN and SMABTP.
SMABTP would acquire a 51% stake in Galian Assurances through (i) the contribution by SMA SA, subsidiary of SMABTP, of its complete and autonomous insurance business dedicated to real estate professionals (including its portfolio of insurance policies taken out by Loi Hoguet professionals), and (ii) the subscription by SMA SA to a capital increase of Galian Assurances reserved to it up to an amount of 60,000,000 euros.
Galian Assurances, which will be renamed GALIAN-SMABTP, will bring together all the current operational teams of GALIAN and SMABTP dedicated to this market. Thanks to the complementary of these two market players, GALIAN SMABTP will integrate the entire value chain, from underwriting to claims settlement, across all lines of insurance. The aim is to rapidly exceed a €200 M turnover.
The board of directors of GALIAN-SMABTP will mainly consist of real estate professionals in order to meet their needs as closely as possible.
The implementation of the project, requiring clearance from the French competition authorities and the ACPR, is scheduled for the end of 2024.