Acquisition of 100% of Dufaud Assurances in Lyon, France
SIACI SAINT HONORE has announced the completion of the 100% acquisition of DUFAUD ASSURANCES, a French leader in the field of costume jewelry, fine jewelry and special risks, based in Lyon. The DUFAUD ASSURANCES teams will join the SIACI SAINT HONORE Group on January 1, 2017.
This transaction enables SIACI SAINT HONORE to pursue its external growth strategy following on from the acquisitions already completed this year both in France (Cap Marine) and internationally (Expat Insurance in Singapore). The Group is strengthening its leadership in the insurance of high-value items and has also returned to the entertainment and special risks sector. DUFAUD ASSURANCES has 28 staff members.
As a leading, long-term player founded in 1933, DUFAUD ASSURANCES manages more than €40 million in premiums and has a turnover of €7 million, mainly in costume and fine jewelry (80% of the business), as well as in the entertainment and special risks sectors, a division managed by Antonella Spinella. The broker also has a strong presence within the industrial base of the Lyon/Rhône-Alpes region.
“DUFAUD ASSURANCES is a leader in its market. Its expertise will make a considerable contribution to the jewelry and special risks business, and its base in Lyon will give us the opportunity to develop our entire offering across all the companies in the region,” said Hervé Houdard, Vice President and Managing Director of SIACI SAINT HONORE.
“The strengthening of our leadership in the jewelry sector is a key challenge which has been wholly achieved through the acquisition of our co-leader. It is a similar acquisition profile to that of Cap Marine just a few months ago and we are already feeling its benefits,” added Pierre Deleplanque, Transport and Specialties Director of SIACI SAINT HONORE.
According to Gérard Drahy, Managing Director of DUFAUD ASSURANCES: “We are particularly pleased to be joining a leading and rapidly-expanding Group. This is a new adventure for the DUFAUD ASSURANCES teams. They will benefit from SIACI SAINT HONORE’s size effect and international presence to take the development of our brand and our business even further.”
"With SIACI SAINT HONORE, the DUFAUD brand, with its rich, 80-year history, is in good hands. I have no doubt this new departure will be successful for our teams!” concluded Thierry Dufaud, Chairman of DUFAUD ASSURANCES.
Thierry Dufaud will be the Advisor to the Chairman and Executive Committee of the SIACI SAINT HONORE Group for development in the Rhône Alpes region, and Gérard Drahy will continue to serve as Managing Director of DUFAUD ASSURANCES while taking responsibility for all of the Group's jewelry business and coordinating development across the Lyon region.
About SIACI SAINT HONORE
SIACI SAINT HONORE, one of the leading providers of brokerage and consulting services in the French insurance market, supports large and mid-cap companies in the management of their property and personal insurance risks in France and around the world. The Group designs and develops customized solutions for its corporate clients in Property & Casualty, Marine, Employee Benefits, Retirement, HR Strategy & Total Rewards and International Mobility.
SIACI SAINT HONORE’s services encompass the entire value chain from risk management consulting to the management of insurance plans. The firm has currently more than 2,000 employees worldwide, insures 2.2 million individuals in France and abroad and reported turnover of €269 million in 2015.