‘From marketer to European growth engine’

What started as a small insurance office with five employees grew over more than fifteen years into one of the most versatile insurance platforms in the Netherlands. In this interview, Ger Knikman and Jacqueline Huisman share their story. Both personally and professionally, they form a strong team and jointly determine Yellow Hive’s M&A strategy. They explain how they have expanded the company into an organization with over 1.250 employees, dozens of brands, and a growing international footprint.

Starting when everyone else gives up

"For years, I helped intermediaries with their marketing and organized events,” says Knikman. In 2011, he became a shareholder in DIN and was still working for DIN, the Dutch Insurance Network. Nevertheless, he felt the need to start his own insurance business at a time when the market was bleak and the intermediary sector was widely seen as outdated. He made plans, hired his first employees in early January 2011, and a year later acquired his first portfolios, including an office with a small delegated authority. “There was no money, the banks wouldn’t provide financing, and everyone said the intermediary sector was finished,” he recalls. “But I simply believed in it.” Thanks to his DIN network, he was able to acquire and integrate multiple portfolios with a team that initially consisted of just five people. Today, Yellow Hive comprises several labels, including the intermediary You Sure, the delegated authority company Yinco, two MGAs with international capacity, a listed company, and various specialized offerings in sectors such as transport, hospitality, events, and equine insurance. This year, a new niche in garage insurance will be added. The name Yellow Hive only emerged in 2023, when the organization had grown to encompass dozens of companies. “We needed an overarching name,” says Knikman. “Hive represents working together like in a beehive, and yellow reflects the entrepreneurial energy of our team.”

A power couple driving the growth acceleration

Five years ago, Jacqueline Huisman returned to the company. By then, she already had extensive experience in pensions, employee benefits, and due diligence for private equity firms. “Jacqueline and I handle the entire M&A process together,” explains Knikman. “I lead the initial discussions, and she coordinates all investigations, documentation, and integrations. We handle thirty to thirty-five processes per year, but we do it just the two of us. That’s unique.” According to Knikman, her return clearly accelerated the process. “Entrepreneurs talk to me at the table, but they know that Jacqueline will then organize everything meticulously. That builds trust. People appreciate that there isn’t a large anonymous machine behind it, but that the owners themselves are actively involved in the process.” Even after the deal, the duo remains closely involved. ‘Signing an acquisition is one thing, but the months that follow may be even more important,’ says Huisman. “Employees did not choose the sale, so we have to ensure that they feel seen and supported.” “We want people to experience it as a positive step,” she emphasizes. “You can see that turnover after an acquisition is very low. This is because we invest in guidance, clarity, and perspective.”

Capital on board, entrepreneurship at the helm

Over the years, Yellow Hive has had multiple investors on board. Each phase brought new insights and further professionalization. The first private equity firm played a valuable role in the early growth stage and served as an important stepping stone for Yellow Hive’s further development. The transition to IK Partners marked a new phase with greater scale and operational strength. “At IK, there is a professional team that advises on structure, financing, and deal setup,” says Knikman. “This allowed us to truly accelerate.” Despite this scaling, entrepreneurship remains at the core of the company. “An investor must ensure that you can continue to operate as an entrepreneur,” Knikman emphasizes. “We are not building a spreadsheet company. We want to leave businesses stronger and create value that is built together.” In 2024, a new milestone was reached when TPG GP Solutions, AlpInvest, and Pantheon joined as co-lead investors.

People as the driving force behind every acquisition

At every acquisition, people are at the center. New colleagues receive intensive support from an integration team that guides them through IT, delegated authority processes, finance, and employment conditions. Huisman plays a key role in this, drawing on her HR and pensions background. The organization’s growth also brings new challenges. “You become increasingly professional and, at times, more corporate,” she explains. “The art is to preserve our entrepreneurial DNA. This requires specific leadership at all levels within the company.”

Germany and Spain as new growth opportunities

Knikman is clear about the future. “In five years, I want Yellow Hive to be as large in Germany (DACH region) as it is in the Netherlands and to hold a significant market share in Spain,” he says. “This is not an empty ambition, but a realistic step.” According to him, Germany offers the greatest growth opportunities. The market is large, fragmented, and contains many players with little integration. “In the Netherlands, we have demonstrated that integration creates value,” Knikman explains. “We can leverage that strength in Germany as well.” Huisman adds, “The Netherlands remains an important market, but acquisitions are becoming more selective. In the Netherlands, we only pursue opportunities that truly fit and add quality. The greatest strategic potential lies across the border.” Knikman summarizes the future vision succinctly: “We are building a European Yellow Hive. With the same entrepreneurial spirit as in 2011, but with the strength of a large group behind us. If in five years we are as firmly established in Germany as we are here, I will be a satisfied man, although I will probably already have a new dream by then,” he concludes with a laugh.