Cinabre

What Cinabre does

Cinabre SAS, trading as SMA Transport and operating under the SMABTP mutual insurance group since its 2021 acquisition, is an ORIAS-registered French insurance intermediary (ORIAS 07 005 421) specializing in maritime and transport insurance, with continuous operating history dating to 1820 on the port of Bordeaux. The firm intermediates (and underwrites under delegated authority) for insurance companies and brokers across four product pillars: Cargo (goods transported by air, sea, river, or land), IARD Non-Life (Operational and Post-Delivery Public Liability plus Property Damage including IT risks, machinery breakdown, and business interruption), Hull (vessel coverage for collision, grounding, fire, and mechanical damage), and Transport-specific lines (Transport Liability and Third-Party Shipper). Cinabre serves a B2B clientele ranging from individual artisans to internationally operating groups, with particular specialization in sensitive merchandise (fruits, commodities) and in construction-industry transport exposures tied to SMABTP's BTP client base.

The firm's technology foundation consists of two customer-facing digital platforms — a Web Declaration service for online claims registration and tracking, and an Extranet for autonomous management of transport insurance orders, contract actions, and certificate printing — supported by a multilingual expert claims team. IT modernization under Pierre Boulart in 1991 laid the groundwork for these tools, which remain the primary digital surface and differentiate Cinabre on operational responsiveness (the firm commits to handling over 90% of commercial requests within four hours and claims within 48 hours, with no voice-server routing — direct human service).

Cinabre's revenue model rests on two streams: insurance intermediation/underwriting services (commissions and delegated-authority fees earned by placing and managing policies on behalf of insurers and brokers) and recurring insurance premiums across its cargo, liability, and hull product set. Go-to-market is sales-led through direct B2B relationships with insurance brokers (courtiers) and insurance companies, supplemented by the captive distribution channel of SMABTP's BTP/construction client portfolio. The firm operates from its registered head office in Bruges (near Bordeaux), is incorporated as a SAS with share capital of EUR 254,820, and is subject to ACPR prudential oversight. As a subsidiary within the SMABTP mutual group, Cinabre functions as the dedicated maritime and transport insurance arm of a larger construction-focused mutual, with strategic and capital decisions ultimately governed by the parent.

Name

Cinabre

Legal name

Cinabre SAS

Website

https://cinabre-assurance.com

Company type

Private

Founded year

1820

Operating status

Operating

Headcount range

11–50 employees

Short description

Cinabre, operating as SMA Transport under SMABTP, is a French ORIAS-registered insurance intermediary providing maritime and transport insurance (cargo, hull, transport liability, third-party shipper, and IARD) to businesses from artisans to global groups, serving France and Europe via brokers and delegated underwriting authority since 1820.

Ownership category

akta.pro rank

Product category

Transport and Maritime Insurance

NAICS

Agencies, Brokerages, and Other Insurance Related Activities (5242), Insurance Carriers (5241), Direct Property and Casualty Insurance Carriers (524126), Insurance Agencies and Brokerages (524210)

SIC

Insurance Agents, Brokers & Service (6411), Fire, Marine & Casualty Insurance (6331)

akta.pro primary industry

Cargo Insurance Placement & Policy Administration (All-Risk, ICC A/B/C) (TLACAHAG)

akta.pro secondary industries

Specialty Insurance Brokerage (Marine, Aviation, Cyber, Professional Lines) (FSAEADAJ), Marine Specialty (Hull/P&I/Cargo) (FSAJAGAJ)

Keywords

• Transport insurance
• Cargo insurance
• Maritime insurance
• Hull insurance
• Insurance intermediation

Headquarters

HQ city

Bruges

HQ country

France

HQ region

Europe

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Others

Revenue model

1. Insurance Intermediation Services: Cinabre operates as an insurance intermediary (courtier d'assurance) providing underwriting services. Insurance companies delegate extensive powers to Cinabre to offer solutions directly to insurance brokers with great autonomy. The company manages complete insurance policy from subscription through claims settlement.
2. Insurance Premiums (Cargo, Transport Liability, Hull, Non-Life): The company offers a range of insurance products including cargo insurance, transport liability, third-party shipper insurance, public liability, property damage, and hull insurance. Premium revenue is generated through these insurance policies covering transport-related activities.

Go-to-market motion1 record

Distribution channels2 records

Marketing channels3 records

Core offering

Cinabre provides maritime and transport insurance intermediation (courtage d'assurance maritime et transports), acting under delegated underwriting authority from insurance companies to place and manage policies covering goods in transit, transport liability, third-party shipper exposures, public liability, property damage, and vessel hull risks. The firm sells both standard policies and tailor-made covers to businesses ranging from artisans to international groups, distributing through insurance brokers across France and Europe. Digital self-service tools (Web Declaration and Extranet) complement the insurance products for claims declaration, contract administration, and certificate issuance.

Product overview

Cinabre operates as SMA Transport, a maritime and transport insurance specialist (nearly 200 years old, acquired by SMABTP in 2021). The product portfolio spans three main areas: Cargo insurance (goods transported by air, sea, river, or land), Non-Life (IARD) insurance (Public Liability and Property Damage), and Hull insurance. Transport Liability and Third-Party Shipper insurance round out the offering. Both standard solutions and tailor-made covers are available for businesses ranging from artisans to global groups. Digital tools (Web Déclaration and Extranet) complement the core insurance products.

Differentiator

Problem solved

Functional benefit

Products and services

• Cargo / Marchandises Transportées (Cargo Insurance) Insurance covering goods transported by air, sea, river, or land worldwide, including specialized coverage for sensitive merchandise such as fruits and commodities. Aimed at shippers, carriers, and freight forwarders of all sizes.
• Responsabilité Civile Transport / Transport Liability Insurance covering assets during the packaging, transportation, installation, and storage phases, adapted to logistics activities, vehicle rental, and freight forwarding operations.
• Assurance Tiers Chargeur / Third-Party Shipper Insurance Insurance protecting goods entrusted to carriers in situations where the customer has not taken out their own insurance and requests cover, addressing the carrier's exposure as a third-party shipper.
• Responsabilité Civile / Public Liability (IARD) Non-life insurance providing comprehensive cover for Operational Public Liability and Post-Delivery Public Liability, covering bodily injury, material damage, and consequential and non-consequential intangible damage caused to third parties.
• Dommage aux Biens / Property Damage Insurance (IARD) Property damage coverage with a range of guarantee options adaptable to various customer situations. Classic guarantees (theft, fire, water damage) can be supplemented with specific coverages such as machinery breakdown, IT risks, business interruption, and supplier/customer shortages.
• Assurance Corps de Navire / Hull Insurance Ship hull insurance covering damage suffered by vessels, including collision, grounding, striking, fire, and mechanical damage, during operation, parking, afloat, or in dry dock.
• Web Déclaration & Extranet (Digital Self-Service) Digital platform providing personalized web access for online claims declaration, consultation and file progress tracking, plus an Extranet interface for autonomous management of insurance contract actions including transport insurance order declarations and insurance certificate printing.

Quantifiable outcome

• Over 90% of commercial requests handled in less than four hours
• +1 more outcomes

Segments5 records

Ideal customer profiles5 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Two partnerships are on record, tiered core and minor.

• SMABTP (Société Mutuelle d'Assurance du Bâtiment et des Travaux Publics)coreStrategic or Co-development PartnerIn 2021, SMABTP acquired Cinabre to create SMA TRANSPORT brand. SMABTP is the leading insurance company in construction in France. Through this acquisition, SMABTP gained access to Cinabre's nearly 200 years of transport and maritime insurance expertise. The partnership combines SMABTP's construction/real estate focus with transport insurance capabilities.
• CNAMT (Compagnie Nantaise d'Assurances Maritimes et Terrestres)minorStrategic or Co-development PartnerCinabre acquired the portfolio of CNAMT (Compagnie Nantaise d'Assurances Maritimes et Terrestres), expanding its insurance portfolio and market position.

Scale indicators5 records

Recent moves7 records

Expansion highlights5 records

Broad incumbents

• Marsh: Marsh is one of the world's largest insurance brokers with a dedicated Marine and Cargo practice serving shippers, carriers, and logistics companies. It overlaps with Cinabre's intermediary role in transport/marine insurance but operates at much greater global scale with a broader portfolio of products.
• Aon: Aon is a global insurance and reinsurance broker with a specialty Marine practice offering cargo, hull, and liability solutions to international clients. Comparable to Cinabre in core cargo/transport broking but vastly larger and more diversified across geographies and lines of business.
• Chubb: Chubb operates a global Ocean Marine practice underwriting cargo, hull, and marine liability insurance. As a major specialty marine carrier, it competes for the same underlying risk pool that Cinabre accesses through delegated authority arrangements.
• QBE Insurance: QBE is a global insurer with a marine and energy specialty line writing cargo and transport liability coverage across Europe. It is a comparable carrier-side competitor in the same specialty niche where Cinabre operates as an intermediary.
• Willis Towers Watson (WTW): WTW operates a global Marine, Aviation and Transport (MAT) specialty practice providing brokerage, claims, and risk advisory across cargo, hull, and liability lines. It competes with Cinabre for European marine/cargo placements while offering broader risk advisory services.
• AXA XL: AXA XL is the specialty insurance division of AXA offering marine, cargo, and transport liability coverage globally as a carrier rather than a broker. It is a key underlying capacity provider and competitor to Cinabre on French and European transport risks.
• Tokio Marine HCC: Tokio Marine HCC is a specialty insurance group with a marine and energy practice covering cargo, hull, and liability exposures. It is both a capacity provider and a competitor for European marine/cargo placements relevant to Cinabre.

Direct peers

• Verspieren: Verspieren is a leading French insurance broker and risk adviser with established transport and logistics insurance offerings. It directly competes with Cinabre for French and European cargo and transport liability business.
• Gras Savoye (WTW France): Gras Savoye, now part of WTW, is one of the historic French insurance brokerages with strong positions in marine and transport risks. It is one of the most direct domestic comparables to Cinabre within the French intermediary market.
• Siaci Saint Honoré: Siaci Saint Honoré is one of France's largest independent insurance brokers, active in marine, cargo, and transport risks with both brokerage and delegated underwriting activities. It is among the closest direct comparables to Cinabre within the French market.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles3 records

Funding overview

Funding rounds

Investors

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

M&A

Investments

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

Frequently asked questions about Cinabre