The Adelaide Group

What The Adelaide Group does

The Adelaide Group is a family-owned French insurance brokerage holding company founded in 1933 in Quimper and currently led by fourth-generation Chairman and CEO Benjamin Verlingue (appointed June 2024). The Group operates through five specialized subsidiaries that span the insurance value chain: Verlingue (corporate insurance brokerage for property & casualty and employee benefits, serving 3,200+ companies), Génération (third-party administrator managing 2.8M health policyholders and 1.3M life insurance policyholders on behalf of insurers and mutuals), Cocoon (digital broker distributing individual health, provident, and pet insurance directly and via white-label), DUNE Assurances (a 100% digital underwriting agency for construction insurance distributing through 650 brokers), and ANGELUS Courtage (SME-focused brokerage across eastern France).

The Group operates across five European countries — France, the United Kingdom, Switzerland, Italy, and Portugal — with international revenue representing 24% of total turnover. Its technology backbone consists of digital underwriting platforms (DUNE), direct-to-consumer distribution infrastructure (Cocoon, built on Seyna's Jump technology), and HDS-certified health data hosting infrastructure for Génération. It also holds memberships and partnerships such as the WBN network (100+ countries) for multinational client coverage, and partners with Santéclair, Fidelidade, and CFDP to embed services within Cocoon products. The Group runs an internal corporate university (Adelaïde University) organized around six faculties to support skill development.

The business model is primarily commission- and fee-based: Verlingue and ANGELUS earn brokerage commissions on corporate premiums placed, Génération earns per-beneficiary administration fees from insurers/employers, Cocoon earns distribution commissions on individual policies, and DUNE earns MGA commissions as a share of premiums underwritten on behalf of carriers. In FY2025, the Group reported €495M in aggregated turnover (10% YoY growth) covering 5.2 million protected persons and €5.1 billion in negotiated premiums, with a strategic target of €800M by 2028 under the Better Future 28 plan.

Name

The Adelaide Group

Legal name

ADELAÏDE SAS

Website

https://adelaidegroup.fr

Company type

Private

Founded year

1933

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

The Adelaide Group is a family-owned French insurance brokerage holding company operating five subsidiaries (Verlingue, Génération, Cocoon, DUNE, ANGELUS) across France, UK, Switzerland, Italy, and Portugal, providing corporate insurance brokerage, health benefits administration, individual digital distribution, and construction underwriting, covering 5.2 million persons.

Ownership category

akta.pro rank

Product category

Insurance Brokerage and Administration

NAICS

Agencies, Brokerages, and Other Insurance Related Activities (5242), Insurance Agencies and Brokerages (52421), Finance and Insurance (52)

SIC

Insurance Agents, Brokers & Service (6411), Accident & Health Insurance (6321), Fire, Marine & Casualty Insurance (6331)

akta.pro primary industry

Individual Health Insurance Brokerage & Distribution (FSAIAEAL)

akta.pro secondary industries

Large Group Health Insurance (Mid-Market & National Accounts) (FSAIAFAE), Commercial General Liability (CGL) (FSAJADAA)

Keywords

• Insurance brokerage services
• Corporate insurance intermediation
• Health and welfare administration
• Construction insurance underwriting
• Individual health insurance distribution

Headquarters

HQ city

Quimper

HQ country

France

HQ region

Europe

Offices19 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

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

Revenue model

1. Insurance Brokerage and Consulting (Verlingue, Angelus): Commission-based brokerage services for corporate insurance including property & casualty and employee benefits. Revenue generated through insurance premiums placed, with fees based on volume and complexity of coverage.
2. Health and Benefits Administration (Génération): Third-party administrator fees for managing health insurance and employee benefit programs. Revenue model based on per-beneficiary administrative fees and service contracts with insurers, mutuals, and employers.
3. Individual Insurance Distribution (Cocoon): Commission revenue from distributing individual health, provident, and animal health insurance products, both direct-to-consumer and through business introducers and white-label partnerships.
4. Underwriting Services (DUNE): MGA commission revenue from underwriting construction insurance risks on behalf of insurance carriers, earning a share of premiums written through broker distribution.

Pricing tiers

Go-to-market motion4 records

Distribution channels7 records

Marketing channels7 records

Core offering

The Adelaide Group provides insurance consulting, intermediation, distribution and administration services through five core subsidiaries: Verlingue (corporate insurance brokerage for property/casualty and employee benefits), Génération (third-party administration of healthcare and personal protection schemes), Cocoon (digital distribution of individual health, personal protection and pet insurance), DUNE Assurances (construction insurance underwriting as an MGA via a 100% digital underwriting platform), and ANGELUS Courtage (SME business protection brokerage). The Group places €5.1 billion in insurance premiums annually and protects 5.2 million persons across France, the UK, Switzerland, Italy and Portugal.

Product overview

The Adelaïde Group is a family-owned European insurance brokerage holding company operating through five core subsidiaries: Verlingue (commercial insurance brokerage for business protection and employee benefits), Génération (third-party administrator for healthcare and personal protection management), Cocoon (digital broker for individual health insurance distribution), DUNE Assurances (digital underwriting agency specializing in construction insurance), and ANGELUS Courtage (insurance brokerage for SME business protection). The Group provides insurance advice, intermediation, distribution, and management services across France, UK, Switzerland, Italy, and Portugal, managing €5.1 billion in insurance premiums and covering 5.2 million persons. The portfolio includes specialized products like Génération Santé 4, Cocoon Santé Animale pet insurance, and Cocoon Protection Accident. Supporting functions include Adelaïde University, the corporate university focused on employee development across six specialized faculties.

Differentiator

Problem solved

Functional benefit

Brands

• Verlingue: Insurance broker specialising in business protection (employee benefits and corporate risks)
• Génération
• Cocoon
• DUNE Assurances
• ANGELUS Courtage

Products and services

• Verlingue Insurance broker specializing in business protection. Advises, negotiates and manages insurance programs for commercial risks (property & casualty) and employee benefits (health and personal protection) for over 3,200 companies in France, the UK, Switzerland, Italy and Portugal, with international coverage in 100+ countries through the WBN Worldwide Broker Network.
• Génération Third-party administrator managing supplementary health and personal protection schemes for insurers, mutual funds, brokers and employers. Covers 2.8 million health policyholders and 1.3 million life insurance policyholders across six offices in France (Quimper, Saint-Nazaire, Caen) and Portugal (Lisbon, Leiria, Coimbra), hosted on Health Data Hosting (HDS) certified infrastructure.
• Cocoon Digital broker specializing in distribution of healthcare, personal protection and animal health insurance products to private individuals through direct sales (website and call center), business introducers and white-label partnerships with financial institutions.
• DUNE Assurances Managing General Agent (MGA) specializing in construction insurance. Operates a 100% digital underwriting platform combined with expert underwriting teams (10 underwriters), distributed through a network of 650 insurance brokers in France with real-time visibility into the underwriting process.
• ANGELUS Courtage Insurance brokerage firm specializing in business protection for SMEs and mid-sized companies. Supports clients in managing business risks and social protection across five regional offices in eastern France (Bar-le-Duc, Metz, Troyes, Toul, Nancy).
• Cocoon Santé Animale Pet health insurance product for dogs and cats, reimbursing veterinary expenses for accidents, illnesses, consultations, hospitalizations and preventive care. Offered starting at €7/month with multiple formula levels via Cocoon's digital distribution platform.
• Génération Santé 4 Health insurance product for individuals leaving company group schemes, offering fully modular formulas including responsible plans with full 100% Santé coverage and non-responsible lighter plans, with progressive guarantee bonuses from the second year.
• Santé Jeunes Youth health insurance offering for 18-30 year olds, calibrated for life transitions including end of studies, first job, and leaving the family home. Includes guarantees adapted to young people's usage patterns (prevention, contraception, smoking cessation, alternative medicine, non-reimbursed vaccines).
• Cocoon Protection Accident Personal accident insurance covering injuries from daily life activities, offered in partnership with Fidelidade. Includes forfaitary indemnification for injuries, permanent disability and accidental death, with family-adapted formulas including a grandparents option.

Quantifiable outcome

• €5.1 billion in insurance premiums negotiated for clients
• +2 more outcomes

Named customers4 records

Segments5 records

Ideal customer profiles4 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Nine partnerships are on record, tiered core and minor.

• Seyna / JumpcoreTechnology or Integration · 18 June 2026Seyna's Jump technology platform enables Cocoon to design and launch customized insurance products rapidly. This partnership powers Cocoon's ability to create and deploy pet health insurance and other innovative coverage solutions through a digital-first approach.
• SantéclaircoreStrategic or Co-development Partner · 18 June 2026Santéclair provides health network services and the 'Bien dans ma tête' mental health program integrated into Cocoon's offerings. Partnership provides Cocoon policyholders access to healthcare networks and personalized health services.
• FidelidadecoreStrategic or Co-development Partner · 18 March 2025Fidelidade provides insurance capacity for Cocoon's 'Cocoon Protection Accident' product, covering private accident risks including injuries, permanent disability, and accidental death for individuals and families.
• Ressources Mutuelles Assistance (Groupe VYV)coreStrategic or Co-development Partner · 18 March 2025Partnership provides 24/7 assistance services including home assistance during hospitalization, international coverage up to €80,000 per accident, and repatriation services integrated into Cocoon insurance products.
• CFDPminorStrategic or Co-development Partner · 18 March 2025CFDP provides legal protection services integrated into Cocoon's offerings at no additional cost, offering advice and support in cases of medical, paramedical, or pharmaceutical disputes.
• WBN (Worldwide Broker Network)coreChannel Partner/ Reseller/ DistributorVerlingue is a member of the WBN network providing access to insurance brokerage services in over 100 countries worldwide, enabling multinational client coverage and cross-border insurance solutions.
• DEFIGENAminorOthersFounding partner of DEFIGENA association on Île Tudy, supporting cystic fibrosis research. Part of Adelaide Group's commitment to medical research through its ESG initiatives.
• Énergie JeunesminorOthersPartnership with Energie Jeunes association fighting school dropout. Adelaide Group employees volunteer as co-facilitators in classrooms for educational programs reaching CM2 to 3ème students (ages 10-15).
• Banque AlimentaireminorOthersPartnership with French food bank network (Banque Alimentaire) for food collection and distribution to disadvantaged populations. Part of Group's local commitment and social responsibility initiatives.

Scale indicators15 records

Recent moves8 records

Expansion highlights6 records

Emerging players

• Alantra (insurance brokerage division): European financial advisory and insurance brokerage platform with growing presence in Iberia, France and Italy. Comparable mid-market European broker peer pursuing similar cross-border consolidation strategy.

Regional players

• Relyens (formerly Sham): European mutual insurance and risk management group active in healthcare, public sector and corporate risks across France and other European countries. Adjacent peer in European insurance risk intermediation and management.

Direct peers

• Howden Group: Independent international insurance broker with strong European footprint following acquisitions. Comparable independent broker model competing against Adelaide for corporate and specialty insurance placements across Europe.
• Gras Savoye (WTW France): Historic French insurance broker now part of WTW, serving mid-market corporates with employee benefits and risk management. Direct competitor to Verlingue and ANGELUS in the French SME/mid-market segment.
• Finaxy Group: Independent French insurance broker focused on corporate and individual clients. Mid-sized French peer offering comparable corporate brokerage and individual distribution services to Verlingue and Cocoon.
• Siaci Saint Honoré: French-headquartered insurance and reinsurance broker with similar mid-market and large corporate focus. Closest France-headquartered peer to Adelaide/Verlingue in terms of customer segments and service offering.
• Diot-Siaci: French-rooted international insurance broker offering corporate, construction and specialty lines. Direct competitor to Adelaide/Verlingue in French corporate and to DUNE in construction insurance distribution.

Broad incumbents

• Willis Towers Watson (WTW): Global insurance brokerage and advisory firm with strong corporate, construction and benefits capabilities. Competitor to Verlingue in commercial P&C and to DUNE in construction insurance placement.
• Aon: Global insurance and reinsurance broker competing across corporate risk and health/benefits segments. Largest direct competitor to Verlingue in French and European corporate insurance brokerage markets.
• Marsh McLennan: Global insurance brokerage and risk advisory leader (parent of Marsh, Mercer, Oliver Wyman). Direct competitor to Verlingue in corporate insurance brokerage, particularly in France where Vincent Harel (now Adelaide Verlingue CEO) previously co-led the business.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks7 records

Key highlights7 records

Customer concentration

• YouTubeyoutube.com/@adelaidegroup3269
• LinkedInlinkedin.com/company/adelaidegroup
• Instagraminstagram.com/adelaidegroup
• Xx.com/adelaidegroup

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles13 records

Subsidiaries5 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 The Adelaide Group