SPB

What SPB does

SPB is a France-headquartered insurance broker and European leader in embedded insurance, founded in 1965 in Le Havre and operating across 12 countries through 7 locally authorized entities. The company designs, distributes, and manages insurance programs that integrate into the customer journeys of distribution partners in five core verticals: Telecommunications, Retail & E-commerce, Banking, Travel, and Automotive. SPB is registered as an insurance broker with ORIAS (number 07 002 642) under ACPR supervision in France and holds equivalent intermediary registrations across other European jurisdictions, including KNF registration in Poland.

The company's core offering is an end-to-end embedded insurance platform covering program design, actuarial sourcing across multi-country, multi-product lines, brokerage, omnichannel customer support, claims management, and compliance with frameworks including GDPR, IDD, DORA, and CSRD. Supporting the core platform are specialized sub-brands: CiRKL Partners (circular economy services managing 150,000+ annual interventions including 38,000+ smartphone repairs), AVI International (travel insurance), and C2A Garantie (automotive repair insurance). A portfolio of UK-acquired consumer brands — Insurance2go, CoverMe4, Citymain, Burnett, and BetterBuy — extends direct-to-consumer reach. Reported scale includes €800M in premiums under management, 40M+ insured customers, and 611k+ claims managed annually.

SPB's business model is B2B embedded insurance brokerage: it earns commissions and fees on premiums under management distributed through partner channels such as telecom operators, retailers, banks, travel companies, and automotive manufacturers. The company operates exclusively through embedded/OEM/white-label distribution rather than direct-to-consumer sales in its core business. Since 2024, SPB has been owned by private equity firm BlackFin Capital Partners.

Name

SPB

Legal name

SPB, Société par Actions Simplifiée au capital de 11 000 000 euros

Website

https://spb.eu

Company type

Private

Founded year

1965

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

SPB is a France-based European leader in embedded insurance, designing and managing insurance programs for 100+ major distribution partners across Telco, Retail, Banking, Travel, and Automotive verticals in 12 countries.

Ownership category

akta.pro rank

Product category

Embedded Insurance Services

NAICS

Agencies, Brokerages, and Other Insurance Related Activities (5242), Insurance Agencies and Brokerages (524210), Insurance Agencies and Brokerages (52421), Other Insurance Related Activities (52429)

SIC

Insurance Agents, Brokers & Service (6411)

akta.pro primary industry

Embedded Insurance & Affinity Distribution Platforms (FSAGAGAL)

akta.pro secondary industry

Embedded Insurance Distribution & Premium Financing (FSAGALAF)

Keywords

• Embedded insurance programs
• Insurance brokerage services
• Affinity insurance solutions
• Claims management services
• Device protection insurance

Headquarters

HQ city

Le Havre

HQ country

France

HQ region

Europe

Offices7 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure, Supply Chain

Revenue model

1. Embedded Insurance Premium Management: SPB manages insurance programs for distribution partners, earning commissions and fees on premiums under management. The company reported €800M in premiums under management.
2. Insurance Brokerage and Distribution: As an insurance broker (ORIAS registered), SPB earns commissions from insurance underwriting partners for distributing their products through embedded channels

Go-to-market motion1 record

Distribution channels1 record

Marketing channels4 records

Core offering

SPB designs and manages embedded insurance programs that integrate seamlessly into distribution partners' customer journeys across Telecommunications, Retail & e-commerce, Banking, Travel, and Automotive sectors. As an ORIAS-registered insurance broker, SPB provides end-to-end capabilities covering program design, brokerage, actuarial modeling, compliance (GDPR, IDD, DORA, AML/CFT), claims management, and circular economy services through its CiRKL Partners brand. The group operates seven locally authorized entities across 12 European countries and manages €800M in premiums under management.

Product overview

SPB is a leading European embedded insurance specialist offering a comprehensive portfolio of insurance and assistance solutions. The core offering consists of embedded insurance programs that integrate into partners' customer journeys across five sectors: Telco, Retail, Banking, Travel, and Automotive. Supporting the core programs are specialized sub-brands including CiRKL Partners (circular economy and repair services), AVI International (travel insurance), and C2A Garantie (automotive repair insurance). The company also operates acquired UK brands including Citymain (lifestyle insurance), Burnett (SME insurance), Insurance2go/Insurance2go Business (device insurance), CoverMe4 (lifestyle/diabetes insurance), and BetterBuy (online mobile insurance). All offerings are supported by end-to-end capabilities in program design, brokerage, claims management, compliance, and ESG services.

Differentiator

Problem solved

Functional benefit

Brands

• Insurance2go: Mobile and device insurance brand offering policies for phones and electronics directly to consumers and businesses in the UK, with 100% digital customer journey for policy purchase and claims management
• CoverMe4
• AVI International
• C2A Garantie
• CiRKL Partners
• Citymain
• Burnett
• BetterBuy

Products and services

• Embedded Insurance Programs End-to-end design and management of embedded insurance programs that integrate seamlessly into distribution partners' customer journeys, providing protection and assistance across Telco, Retail, Banking, Travel, and Automotive sectors. Aimed at enterprise distribution partners seeking to boost revenue, ARPU, conversion, AOV, and customer loyalty through integrated insurance offerings.
• Insurance Brokerage & Program Management Full-service insurance brokerage and program management covering program design, brokerage, claims management, and regulatory compliance for embedded insurance programs. Operates as an ORIAS-registered insurance broker under ACPR supervision in France and KNF registration in Poland.
• CiRKL Partners (Circular Economy Services) Circular economy services including repair, refurbishment, and recycling of insured products such as smartphones. Prioritizes repair over replacement and uses refurbished devices where possible. Manages 150,000+ service interventions and 38,000+ smartphone repairs annually across Europe. Supports partners' ESG commitments.
• AVI International (Travel Insurance) Travel insurance specialist offering comprehensive coverage and 24/7 assistance solutions for travelers worldwide. Supports partners and customers with reliable, high-quality travel insurance for all types of trips, including trip cancellation, travel medical, and baggage protection.
• C2A Garantie (Vehicle Repair Insurance) Vehicle repair insurance specialist offering tailored insurance solutions for a wide range of vehicles, securing repair costs and managing technical risks through proven and reliable programs for automotive partners and customers.
• Citymain (Lifestyle Insurance Management) Claims management and white-label lifestyle insurance administration for insurers, brokers, banks, retailers, manufacturers, and distributors across multiple sectors in the UK. Provides property and service insurance solutions with over 30 years of experience.
• Burnett (SME and Public Sector Insurance) Insurance and warranty solutions provider for SMEs and public sector organizations in the UK, including schools and academies. Specializes in policies for technology products including laptops, tablets, printers, servers, and specialized devices.
• Insurance2go (Consumer Device Insurance) Affordable mobile phone and electronic device insurance for UK consumers with 100% digital customer journey for policy purchase and claims management in full regulatory compliance. Policies protect against accidental damage, theft, and mechanical breakdown.
• Insurance2go Business (Business Device Insurance) Mobile phone and electronic device insurance for UK businesses with two insurance policies and optional VIP replacement service. Protects business devices against accidental damage, vandalism, theft, and more.
• CoverMe4 (Lifestyle and Diabetes Insurance) Lifestyle insurance brand providing policies for people with Type 1 diabetes using insulin pumps, as well as flexible mobile insurance for UK customers. Benefits from over 40 years of industry experience within the SPB Group.
• BetterBuy (Online Mobile Insurance) Online mobile insurance offering simple and efficient mobile insurance allowing UK customers to instantly subscribe to comprehensive coverage.
• Regulatory & Compliance Services Regulatory and compliance services ensuring alignment with key national and European legal frameworks: GDPR (Data Protection), IDD (Insurance Distribution Directive), DORA (Digital Operational Resilience Act), AML/CFT (Anti-Money Laundering/Combating Financing of Terrorism), Anti-corruption, and CSRD (Corporate Sustainability Reporting Directive).
• McCARE+ (Extended Mechanical Breakdown Warranty) Extended mechanical breakdown warranty brand for vehicles and mobility solutions, launched in the DACH (Germany, Austria, Switzerland) region as a partnership offering enabling automotive partners to embed warranty coverage.
• Embedded Insurance with Recurring BLIK Payments Embedded insurance product integrated with recurring BLIK mobile payments in Poland, the first of its kind in the market. Enables mobile payment users to purchase embedded insurance directly through recurring BLIK transactions.

Quantifiable outcome

• €800M premiums under management
• +6 more outcomes

Named customers12 records

Segments5 records

Ideal customer profiles5 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature5 records

Partnerships

One partnership is on record.

• LectaminorStrategic or Co-development Partner · 5 March 2026Lecta intends to sell its Condat specialty paper mill to SPB. The transaction is announced but details regarding financials or strategic implications are not yet disclosed.

Scale indicators8 records

Recent moves7 records

Expansion highlights6 records

Direct peers

• Wakam: Paris-based B2B insurtech building white-label and embedded insurance products for European brands. Most direct competitor to SPB in the European embedded-insurance space, with overlapping telco, retail and mobility verticals.
• Qover: Belgian embedded insurance orchestration platform serving mobility, e-commerce, banking and travel partners across Europe. Competes directly with SPB for the same distribution partner relationships and embedded insurance mandates.
• bolttech: Singapore-headquartered global embedded insurance platform operating across multiple Asian, European and Latin American markets. Closely comparable business model to SPB in white-labelling insurance products within partner ecosystems.
• Cover Genius: Sydney-based embedded insurance provider with XCover distribution platform, serving global e-commerce, travel and mobility partners. Comparable to SPB as a technology-led embedded insurance distributor at scale.
• Asurion: US-headquartered global provider of device protection, extended warranty and embedded tech-support programs through telco and retail partners. Closely comparable to SPB on telco device protection and retail extended warranty business models.
• Simplesurance: Berlin-based embedded insurance platform distributing device, travel and consumer insurance via e-commerce and fintech partners across Europe. Direct competitor in the European embedded device and consumer insurance niche that overlaps with SPB's retail and telco offerings.

Broad incumbents

• Aon: Global professional services and insurance brokerage firm with embedded/affinity insurance capabilities embedded within a much broader risk and human capital portfolio. Competes with SPB for large enterprise affinity mandates but operates at very different scale and breadth.
• Marsh: World's largest insurance broker and risk advisor, part of Marsh McLennan. Overlaps with SPB in affinity and embedded insurance placements for large corporate clients, though its core franchise is commercial risk advisory.
• WTW (Willis Towers Watson): Global advisory, broking and solutions firm with affinity and embedded insurance offerings within its broader corporate risk and human capital practice. Comparable to SPB on multi-line affinity distribution but at much larger enterprise scale.
• Allianz Partners: Allianz Group's B2B2C specialty insurance and assistance arm, providing embedded travel, mobility and device protection across European distribution partners. Direct overlap with SPB in telco device, travel and automotive warranty segments.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat7 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/Groupe_SPB
• LinkedInlinkedin.com/company/spb-group

Compliance3 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles14 records

Subsidiaries12 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments1 record

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about SPB