Advent-backed Kereis Enter Exclusive Talks to Acquire Santiane

Kereis, a European insurance brokerage and services group, backed by private equity firm Advent International, has entered exclusive negotiations to acquire Santiane, a major French wholesale insurance broker specializing in health, provident, and borrower insurance. The announcement was made on May 22, 2026, signaling a strategic move to consolidate and expand their presence in the evolving insurance distribution market.

The proposed transaction will create a multi-specialist insurance brokerage leader combining Kereis’s expertise in borrower insurance, health, and provident coverage with Santiane’s strong wholesale brokerage and digital distribution capabilities. The combined entity will serve nearly 20 million clients, employ over 2,000 people, and operate across seven European countries.

While financial terms have not been disclosed, the deal is supported by a broad team of advisors. Investment banks involved include Fenchurch, Natixis Partners, Nemrod Conseil, Rothschild & Co, and Evercore. Legal counsel comprises Cleary Gottlieb Steen & Hamilton, Herbert Smith Freehills Kramer, Kirkland & Ellis, Morgan Lewis, August Debouzy, Duroc, and Jeausserand-Audouard. Due diligence was conducted by EY, Kearney, Equancy, Bots & Company, PwC, and McKinsey, with Sycomore Conseil advising on M&A strategy.

Kereis, founded over 35 years ago, specializes in insurance brokerage and services focused on borrower insurance, health, and provident products. The group supports banks, insurers, brokers, and distributors throughout the insurance value chain, combining human expertise with digital innovation. It employs approximately 1,800 staff across multiple European markets.

Santiane, established in 2006, is a leading French personal insurance broker with a multi-channel B2B and B2C model. It integrates digital distribution, wholesale brokerage, and technology-driven solutions, serving over 750,000 clients. The group is recognized for its innovation and strong client relationships.

The strategic rationale behind the deal centers on creating a diversified, resilient, and innovative insurance brokerage platform. The combined group aims to accelerate growth by cross-selling complementary insurance products across borrower, health, provident, and property and casualty (IARD) segments. It will leverage multiple distribution channels, including bancassurance partnerships, wholesale brokerage, digital platforms, and direct sales.

Anne-Sophie Grouchka, President of Kereis, states, “This merger aligns with our ambition to build a major player capable of supporting the transformation of insurance usage and customer expectations. We share with Santiane a common vision of innovation, growth, and client service.” Hadrien de Bardies, Managing Director at Advent, adds, “We are pleased to support Kereis’s next development phase. This combination creates a strong and innovative leader in French insurance brokerage with enhanced investment capacity.” Pierre-Alain de Malleray, President of Santiane, highlights, “This merger enables us to accelerate our long-term ambitions to become the reference group in insurance distribution and the champion of wholesale brokerage in France.” Brice Le Houérou, CEO of Santiane, notes, “The project offers a significant opportunity to enhance our development and deliver increasingly effective solutions to partners and clients.” Nicholas Whitbeck, Partner at Latour Capital, which previously invested in Santiane, comments, “We are proud to have supported Santiane through this major transformation. The merger with Kereis is a natural step to accelerate growth with Advent’s backing.”

The deal reflects broader industry trends of consolidation and digital transformation in insurance brokerage. The combined entity will benefit from operational synergies such as streamlined IT platforms, enhanced data analytics, and unified product innovation teams. It also faces integration challenges, including aligning diverse distribution channels, managing regulatory compliance across multiple jurisdictions, and retaining key talent and clients.

Upon completion, the new group will be positioned as the largest wholesale broker in key personal insurance segments in France and a leading omnichannel multi-specialist broker across Europe. The transaction is subject to regulatory approvals and customary closing conditions. Both parties intend to proceed swiftly to finalize the deal and begin integration.

This acquisition underscores the accelerating consolidation in European insurance brokerage, driven by evolving customer expectations, digital innovation, and competitive pressures. The combined Kereis-Santiane platform aims to deliver enhanced value to clients, partners, and insurers through diversified distribution, technological investment, and expanded product offerings.