(Alliance News) - HGCapital Trust PLC on Monday announced its support for two insurers who have joined forces, and said it will help the pair become a "leading" presence in the Belgian insurance market.

The London-based investment firm said it will be investing in Induver Group and Clover PL, two "leading independent corporate insurance brokers in Belgium", who have announced the combination of their businesses.

The terms of the transaction have not been disclosed, though HGCapital said it will invest around GBP6.7 million in Induver. HGCapital is managed by Hg.

HGCapital added that "other institutional clients of Hg" will be investing alongside through the Hg Mercury 4 Fund.

HGCapital said the backing will help Induver and Clover develop into "a leading insurance broker in Belgium".

HGCapital said that the partnership will benefit from Induver's "premium positioning and technical capabilities" and Clover's experienced "entrepreneurial team".

"The two teams united, driven by a shared strategic ambition to create a broker-led and broker-owned platform that also presents a unique and exciting proposition for other insurance brokers," HGCapital said.

Joris Van Gool and Bernd Tahon, partners at HGCapital, added: "We're excited to be part of this significant moment for two high-quality businesses, who both share excellent reputations. We believe this quality will strengthen further as the two teams combine their strong technical, commercial and platform capabilities. We look forward to building on this partnership for many years to come, as part of HG's strong activities across the Benelux."

Shares in HGCapital were up 0.8% at 453.00 pence each in London on Monday morning.

By Hugh Cameron, Alliance News reporter

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