Clover

What Clover does

Clover is a Belgian independent insurance broker headquartered in Ninove, Belgium, that was founded in 2019 by the fifth generation of the family brokerage firm Claes Verzekeringen. The company provides specialized B2B insurance brokerage services across Trade Credit Insurance (protection against insolvency, bankruptcy, late payments, and political trade risks), Employee Benefits/Groepsverzekering (group insurance including 2nd pillar pensions, hospitalization, and disability coverage), Directors & Officers (D&O) liability insurance, Factoring advisory, and traditional BOAR insurance products. Clover serves corporate clients, employers, entrepreneurs, SMBs, and niche sectors including food, real estate, and private equity, with offices in Ninove, Gent/Destelbergen, Zulte, Lede, and Halle. In March 2024, Clover merged with Induver (founded 1990) to form the leading Belgian insurance broker, with Hg Capital joining as a supporting shareholder and Marc Van Nuland (30+ years Benelux insurance leadership) appointed Chairman of the Board. The combined group operates in Belgium with a presence in London, UK, and has stated ambitions to build a consolidation platform for other entrepreneurial insurance brokers.

The business model is professional services-based: Clover earns commissions on insurance policies placed for clients across its product lines, with pricing customized to each client's risk profile and coverage needs. Distribution is primarily direct advisory through physical offices and field-based account managers, supported by digital channels (LinkedIn, Facebook, Instagram) and content marketing via the company blog. The go-to-market is sales-led and relationship-based, targeting B2B, corporate, and entrepreneurial clients with specialized needs. Core technology consists of standard brokerage tooling plus the e-gor client portal; the company's competitive differentiation centers on domain expertise in specialized niches (Trade Credit, Employee Benefits), entrepreneurial culture, and broad market knowledge for policy placement with niche insurers.

Name

Clover

Legal name

Clover

Website

https://clover.be

Company type

Private

Founded year

2019

Operating status

Operating

Headcount range

51–100 employees

Short description

Clover is a Belgian independent insurance broker offering Trade Credit, Employee Benefits, D&O liability, factoring, and BOAR insurance products to corporate clients, employers, entrepreneurs, and SMBs across Belgium, formed by the 2024 merger with Induver with Hg Capital backing.

Ownership category

akta.pro rank

Product category

Insurance Brokerage

NAICS

Insurance Agencies and Brokerages (524210)

SIC

Insurance Agents, Brokers & Service (6411)

akta.pro primary industry

Surety & Fidelity Bonds (FSAJAMAJ)

akta.pro secondary industry

Notary / Bail / Miscellaneous Consumer Bonds (FSAJAIAK)

Keywords

• Commercial insurance brokerage
• Trade credit insurance
• Group insurance services
• Directors and officers insurance
• Corporate risk management

Headquarters

HQ city

Ninove

HQ country

Belgium

HQ region

Europe

Offices5 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

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

Revenue model

1. Insurance brokerage commissions: Clover generates revenue as an independent insurance broker, earning commissions on insurance policies placed for clients across Trade Credit, group insurance (Employee Benefits), D&O, and other commercial lines. The company serves both SMB and corporate clients and was founded in 2019 by the fifth generation of family brokerage firm Claes Verzekeringen.

Go-to-market motion2 records

Distribution channels2 records

Marketing channels5 records

Core offering

Clover is an independent Belgian insurance broker that places and services specialized commercial insurance products on behalf of its clients, including Trade Credit insurance (protection against insolvency, bankruptcy, slow payment and political trade risk), Employee Benefits / group insurance (groepsverzekering) covering second-pillar pensions, hospitalization and disability, Directors & Officers (D&O) liability insurance, and Factoring advisory services. The brokerage is complemented by traditional fire, accident and miscellaneous risks (BOAR) cover and claims handling for private customers and SMBs across Belgium.

Product overview

Clover is a Belgian insurance broker offering a portfolio of specialized B2B insurance products and services. The core offerings include Trade Credit Insurance (protecting against insolvency and payment risks), Employee Benefits/Groepsverzekering (group insurance including 2nd pillar pensions, hospitalization, and disability coverage), D&O Liability Insurance for company directors, and Factoring Services for working capital optimization. These products are complemented by traditional insurance offerings (BOAR - fire, accident, and related risks). The company operates as a broker-owned and broker-led platform, having merged with Induver in 2024 with Hg as supporting shareholder.

Differentiator

Problem solved

Functional benefit

Products and services

• Trade Credit Insurance Insurance product that protects businesses against insolvency, bankruptcy, late payments, and political trade risks. Also includes management of trade receivables for clients. Targeted at B2B and corporate clients with cross-border or domestic trade exposure.
• Employee Benefits (Groepsverzekering) Group insurance and specific insurance products for employees, including second-pillar pension schemes, guaranteed income, death coverage, disability coverage, and collective hospitalization insurance. Designed for employers and their employees.
• D&O (Directors & Officers) Liability Insurance Directors and Officers liability insurance covering the personal liability of company directors for decisions made in their professional capacity, protecting against claims from third parties. Targeted at Belgian corporate directors in light of new Belgian law effective 2025.
• Factoring Services Alternative financing solution where businesses sell their open invoices to a factoring company for immediate payment, including debtor management and credit insurance against bankruptcy. Advisory-led service for businesses needing working capital optimization.
• BOAR Insurance Broad range of traditional insurance products covering fire, accident, and related risks (BOAR). Targeted at private customers and SMBs via account advisors in Clover's physical offices.

Quantifiable outcome

• More than 70% of employers choose to implement a group insurance
• +1 more outcomes

Segments4 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Two partnerships are on record, tiered core.

• InduvercoreStrategic or Co-development Partner · 4 March 2024Induver (founded 1990) is a leading Belgian independent insurance broker serving commercial and corporate clients nationwide. The merger with Clover (2019) creates a combined group with complementary geographic reach, product offerings, and capabilities. Induver brings its prominent positioning and technical capabilities while Clover contributes entrepreneurial drive and specialized B2B expertise. All founder-shareholders remain to jointly lead the group. Marc Van Nuland joined as chairman of the board with 30+ years of Benelux insurance experience. Both companies share equal business values and the ambition to build a platform where other entrepreneurial brokers can also see their future.
• Marc Van NulandcoreOthers · 4 March 2024Marc Van Nuland joined as chairman of the board of the merged Induver-Clover group, bringing more than 30 years of experience at the top of the insurance industry in the Benelux.

Scale indicators2 records

Recent moves1 record

Expansion highlights6 records

Broad incumbents

• Marsh Belgium: Marsh is a global insurance broker and risk advisor with a substantial Belgian presence serving mid-market and large corporate clients across all major lines including D&O, trade credit, and employee benefits - directly competing with Clover for Belgian corporate accounts while offering far greater scale and global placement capabilities.
• Willis Towers Watson (WTW) Belgium: WTW operates a Belgian advisory practice spanning insurance brokerage, risk management, and Employee Benefits consulting - a major competitor for Clover's corporate Employee Benefits and D&O book.
• Aon Belgium: Aon is a global professional services firm with a Belgian practice offering risk, insurance brokerage, and human capital consulting (including Employee Benefits) to corporate clients - directly comparable to Clover's B2B product portfolio but with international placement scale Clover cannot match.

Direct peers

• Vanbreda Risk & Benefits:
• Howden Belgium: Howden is a fast-growing international insurance broker with a Belgian presence focused on mid-market and specialty commercial lines; its expansion strategy via entrepreneurial brokerage roll-ups closely mirrors the Induver-Clover platform thesis supported by Hg Capital.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat4 records

Key risks2 records

Key highlights7 records

Customer concentration

• Facebookfacebook.com/thatsclover
• LinkedInlinkedin.com/company/cloverbe
• Instagraminstagram.com/thats_clover

Revenue estimate

Valuation estimate

Number of profiles

Profiles5 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 Clover