PROTEGO

What PROTEGO does

PROTEGO is a Spanish insurance brokerage and consulting firm headquartered in Reus, Tarragona, with an additional office in Madrid, serving clients nationwide. Founded around 1999, the firm specializes in credit and surety insurance, integral risk management, international insurance programs, employee benefits, and asset management, operating through two brands: the parent PROTEGO for general insurance and the sub-brand Credit Broker Protego for specialized credit and surety solutions. The company works as an independent broker intermediating with multiple insurers including Atradius, Coface, Cesce, Solunion, AIG, Allianz, AXA XL, and Zurich, and also partners with fintech platforms for alternative financing (factoring, confirming, leasing).

The core product set comprises credit insurance policies (traditional, selective, second layers, excess loss) covering up to 95% of insolvency losses, surety bonds (tender, execution, customs, judicial guarantees), credit management services (debt recovery, risk protocols, market intelligence), and non-banking financing. The technology stack is modest: an insurance brokerage platform with digital claims processing via WhatsApp and "advanced IT systems" for client communication, but no disclosed proprietary AI, API, or data platform architecture. The firm is DGSFP-authorized (key J-2584) and GDPR/CCPA-compliant.

PROTEGO makes money primarily through commissions from insurance carriers for placed policies, supplemented by advisory fees on credit management and alternative financing engagements. The go-to-market is sales-led B2B, with assigned account executives, direct client relationships, and active participation in industry associations (ADECOSE). Customer segments are split between SMEs and large enterprises/multinationals, with an ERSM Grupo strategic alliance (June 2025) positioning Credit Broker Protego as the reference credit insurance partner for SMEs across Spain.

Name

PROTEGO

Legal name

PROTEGO INSURANCE CONSULTING CORREDURÍA DE SEGUROS, S.L.U.

Website

https://protegoseguros.com

Company type

Private

Founded year

1999

Operating status

Operating

Headcount range

11–50 employees

Short description

PROTEGO is a Spanish insurance brokerage and consulting firm specializing in credit insurance, surety bonds, risk management, and alternative financing for SMEs and large enterprises, intermediating with major insurers through offices in Reus and Madrid.

Ownership category

akta.pro rank

Headquarters

HQ city

Madrid

HQ country

Spain

HQ region

Europe

Offices3 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

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

Revenue model

1. Insurance Brokerage Commissions: Earns commissions from insurance companies for placing property, casualty, credit and surety insurance policies. Operates as independent broker working with multiple insurance providers.
2. Credit Management Services: Advisory services including credit risk assessment, debt recovery, financial information reports, and credit protocol development
3. Alternative Financing Advisory: Guides clients to alternative financing sources including factoring, confirming, and investment platforms, earning advisory fees

Pricing tiers

Go-to-market motion2 records

Distribution channels2 records

Marketing channels4 records

Core offering

PROTEGO is an independent insurance brokerage and consulting firm specializing in credit insurance and surety bonds for businesses, delivered through its Credit Broker Protego sub-brand. It places policies with all major insurers (Atradius, Coface, Cesce, Solunion, AIG, Allianz, AXA XL, Zurich) and provides complementary services including credit management, debt recovery, alternative financing advisory, international insurance programs, and risk management consulting.

Product overview

PROTEGO is an insurance brokerage and consulting firm offering a comprehensive portfolio of risk management and financial solutions. The core offering consists of credit insurance (Seguros de Crédito), surety bonds (Seguros de Caución), non-banking financing, and credit management services. These are delivered primarily through its specialized sub-brand 'Credit Broker Protego' for business-focused solutions, while the parent company handles broader insurance services including property, casualty, employee benefits, international programs, and asset management. The Credit Broker brand specifically focuses on credit and surety insurance products with various policy types (traditional, selective, second layers, excess loss) and complementary services like debt recovery, risk protocols, and financial planning.

Differentiator

Problem solved

Functional benefit

Brands

• Credit Broker: Specialized brand focused on credit insurance, surety insurance, credit management services, and alternative financing solutions for businesses.

Products and services

• Credit Broker Protego Specialized sub-brand of PROTEGO focused on credit insurance, surety bonds, credit management services, and non-banking financing solutions for enterprises and SMEs.
• Seguros de Crédito (Credit Insurance) Insurance products that protect businesses against customer insolvency and non-payment, covering up to 95% of losses, including traditional policies, selective policies, second layers, and excess loss coverage.
• Seguros de Caución (Surety Bonds) Surety bond products including tender and execution guarantees, housing advance payment guarantees, customs guarantees, travel agency guarantees, and judicial guarantees.
• Financiación No Bancaria (Non-Banking Financing) Alternative financing solutions for working capital and long-term tangible assets, including factoring, invoice advances, bill discounting, confirming, and leasing/renting for industrial equipment.
• Servicios de Credit Management Comprehensive credit management services including market intelligence, debt recovery, risk protocols, international operations support, and financial planning platforms.
• Gestión Integral de Riesgos (Integral Risk Management) Comprehensive risk management consulting services for property and credit insurance.
• Programas Internacionales (International Programs) International insurance programs for multinational companies covering cross-border risk exposure.
• Beneficios Sociales para Empleados (Employee Benefits) Employee benefit programs including health insurance and retirement planning solutions for corporate clients.
• Gestión de Patrimonios (Asset Management) Heritage and asset management services for private and corporate clients.
• Nuestros Seguros (Insurance Portfolio) Complete range of insurance products including property, casualty, credit, and specialty lines brokered from multiple insurance companies.

Quantifiable outcome

• Coverage up to 95% of insolvency
• +1 more outcomes

Named customers3 records

Segments3 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration1 record

Feature2 records

Partnerships

Six partnerships are on record, tiered core and minor.

• ERSM GrupocoreStrategic or Co-development Partner · 1 June 2025Strategic alliance to lead credit insurance market for SMEs in Spain. Credit Broker Protego becomes reference partner for credit and surety insurance for all ERSM Grupo companies. Combined expertise to develop more specialized, efficient solutions adapted to current environment.
• ADECOSEcoreStrategic or Co-development PartnerMember of Spanish Association of Insurance Brokers (ADECOSE), participating in annual industry barometer and industry events
• NewArt FoundationminorOthersPatron/sponsor of NewArt Foundation supporting the New Art Centre in Reus, the first technological art center in southern Europe
• Fundació Roig AmatminorOthersPatron of Fundació Roig Amat (FRMV)
• Insurance Companies NetworkcoreChannel Partner/ Reseller/ DistributorWorks with multiple insurance companies including Atradius, Coface, Cesce, Solunion, AIG, Allianz, AXA XL, Zurich, and others for credit and surety insurance placement
• Fintech PlatformscoreChannel Partner/ Reseller/ DistributorPartners with specialized Fintech companies for alternative financing solutions including factoring, confirming, and investment platforms for working capital and long-term assets

Scale indicators5 records

Recent moves6 records

Expansion highlights5 records

Broad incumbents

• Marsh: Marsh is the world's largest insurance broker and risk advisor, with a substantial presence in Spain and global credit insurance and surety capabilities serving enterprise and multinational clients. Directly comparable to PROTEGO on credit and surety brokerage, risk management consulting, and international program placement, but at vastly greater scale.
• Aon: Aon is a global professional services firm offering risk management, insurance brokerage (including credit and surety), and reinsurance solutions with offices throughout Spain and Europe. Comparable to PROTEGO across credit insurance placement, international programs, and credit-management advisory, though serving much larger enterprise clients.
• Lockton: Lockton is the world's largest privately held independent insurance brokerage with growing operations in Spain and Europe offering commercial, credit, and surety placement. Comparable to PROTEGO on independent brokerage positioning and credit/surety specialty, though it operates across many more lines and geographies.
• Willis Towers Watson (WTW): WTW is a leading global advisory, broking, and solutions company with a Spanish operation offering credit insurance, surety, and risk management services. Overlaps directly with PROTEGO on credit and surety brokerage and international program placement for mid-market and multinational clients.
• Arthur J. Gallagher & Co. Gallagher is a global insurance brokerage and risk management firm with significant Iberian operations through its acquisitions. Competes directly with PROTEGO in credit insurance, surety, and commercial insurance placement for Spanish SMEs and enterprises, but with broader international reach.

Others

• Coface: Coface is a leading global trade credit insurer with Spanish operations and a key carrier partner for PROTEGO's credit-insurance placements. Adjacent participant in the same value chain (insurer vs. broker), comparable through the credit insurance ecosystem.
• Atradius: Atradius is one of the world's largest trade credit insurers and a key carrier counterparty for PROTEGO's placement business. Comparable as an adjacent ecosystem participant-PROTEGO places policies that Atradius underwrites-rather than a direct competitor, since Atradius underwrites risk while PROTEGO acts as intermediary.

Emerging players

• Howden: Howden is a fast-growing independent insurance broker expanding across Iberia, with credit, surety, and corporate insurance capabilities. Comparable to PROTEGO as a privately held specialty broker growing its Spanish footprint, though still scaling versus the longest-established players.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks5 records

Key highlights6 records

Customer concentration

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles7 records

Subsidiaries1 record

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 PROTEGO