EY Abogados and RRP Advogados have advised Miura Partner on the creation of Sabseg Group. Brokers & Partners, the insurance brokerage consolidation project group backed by Miura Partners, has reached an agreement with leading Portuguese company Sabseg Seguros (Sabseg) to join the group.
Following this acquisition, the group will be renamed Sabseg Group, reinforcing its position as the leading independent broker in the Iberian Peninsula, with a strong specialisation in corporate and SME solutions.
The EY Abogados team in Spain is Simeón García-Nieto, Jose Carnerero, Gonzalo Martín de Nicolás (partners) and Miguel Bacqueleine (senior).
The RRP team in Portugal is Rodrigo Falcão Nogueira (partner), João Ornelas Camacho (manager) and João Lopes Policarpo (senior).
Sabseg Seguros is the largest insurance broker in Portugal. Founded in 1999 and headquartered in Lisbon, Portugal, Sabseg has a strong presence in 35 locations in Portugal, as well as offices in Brazil, Angola and Mozambique. The company employs 285 employees, generates more than 350 million euros of annual GWP and provides comprehensive coverage to more than 200,000 individual and corporate clients.
The management team, led by Sabseg’s president Miguel Machado, will continue to lead the project in Portugal and Portuguese-speaking countries.
This latest transaction highlights the strong pace of consolidation within the Sabseg Group, which expects to exceed 500 million euros in GWP, reach a consolidated EBITDA of more than 20 million euros, together with commissions in excess of 60 million euros by the end of the year. In addition to Sabseg Seguros, the group also includes Banasegur, Ores & Bryan, and Brokers Consultores, with a broad geographical presence in Spain, and a strong specialisation in credit and surety, as well as corporate, multi-risk, health, D&O, agricultural and cybersecurity insurance.
In the coming months, Sabseg Group plans to close deals with five more brokerage firms. The upcoming additions are part of a long-term vision to become the leading independent broker in Southern Europe, able to offer its clients the best insurance coverage available in the market.