Tag Archives: Insurance

Cobepa enters into exclusive discussions to acquire Ascentiel Groupe from IK Partners and ISAI

IK Partners

Brussels/Rueil-Malmaison, 6 November 2024 – Cobepa is pleased to announce that it has entered into exclusive discussions with IK Partners (“IK”), ISAI Gestion (“ISAI”) and Bertrand Liber to acquire a majority stake in Ascentiel Groupe (“Ascentiel” or “the Group”), a leading digital insurance brokerage platform providing Property & Casualty (“P&C”) cover for individuals and small businesses in several specialty niches. The acquisition will be made in partnership with the management team and is subject to consultation with the works council. The transaction is expected to close before the end of 2024 and financial terms are not disclosed.

Founded in 1970, Ascentiel has established itself as a leading digital brokerage platform specialising in the distribution and management of non-life insurance contracts for both individuals and professionals. Having developed significant expertise in the field of car insurance, the Group mainly focuses on near-to-sub-standard motor insurance risks, leveraging the prominence of its flagship brand Assurpeople.com and its fully digital customer experience. The Group covers the entire insurance distribution cycle, from product co-development with insurers to underwriting or contract and claim management.

Over recent years, Ascentiel has continued to diversify its offering to include attractive new specialty products, most notably through the highly successful launch of Airbag, a wholesale brokerage platform specialised in inherent defect insurance for construction professionals. Since then and with the support of IK and ISAI, the Group has achieved several strategic objectives and successfully executed add-on acquisitions, including Atara in 2022 and NIBW in 2024. The acquisition of Atara strengthened the Group’s position in the pet insurance sector, while the acquisition of NIBW facilitated the Group’s geographic expansion into Spain and Portugal. At present, Ascentiel employs over 180 people who are based across its headquarters in Rueil-Malmaison as well as its offices in Aix-en-Provence and Madrid. In partnership with leading insurance companies operating in France, Ascentiel manages contracts for over 220,000 end-clients.

For further questions, please contact:

IK Partners
Vidya Verlkumar
Phone: +44 (0)7787 558 193
vidya.verlkumar@ikpartners.com

About Ascentiel Groupe

Founded in 1970, Ascentiel Groupe (“Ascentiel”)has evolved into a premier insurance brokerage group, encompassing eight distinct brands, catering to both individual and professional insurance markets. Ascentiel offers a comprehensive suite of insurance solutions, ranging from auto, animal health and home coverage for individuals to specialised products for commercial clients, including decennial liability coverage for construction professionals and insurance for commercial vehicle fleets. Operating under delegated authorities, Ascentiel manages all aspects of policy lifecycle, from underwriting to claims management, ensuring top-tier service and compliance. For more information, visit ascentiel-groupe.com

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About Cobepa

Cobepa is an independent, privately held investment company with offices in New York, Brussels, and Munich. Cobepa manages a diverse portfolio of private equity investments representing approximately €4.7 billion of equity capital. Cobepa invests in leading companies with superior business models, sustainable market positions and leading management teams. For more information, visit cobepa.com

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About IK Partners

IK Partners (“IK”) is a European private equity firm focused on investments in the Benelux, DACH, France, Nordics and the UK. Since 1989, IK has raised more than €17 billion of capital and invested in 195 European companies. IK supports companies with strong underlying potential, partnering with management teams and investors to create robust, well-positioned businesses with excellent long-term prospects. For more information, visit ikpartners.com.

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About ISAI Gestion

ISAI Gestion (“ISAI”) is one of the pioneers in the French Tech ecosystem. Co-founded in 2009 ” by and for ” Tech entrepreneurs, ISAI gathers today more than 450 Entrepreneurs-LPs alongside major Institutional Investors. With offices in Paris, London, Milan and NYC, ISAI manages c. €900 million across four investment strategies: Early-Stage Venture, Corporate Venture, Growth Lending and Tech Buyout. For more information, visit isai.vc

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Yellow Hive makes significant move into German market with acquisition of FVB

IK Partners

Poortugaal, 29 October 2024 – Yellow Hive, the parent company of You Sure, Felixx® werk & inkomen, Yinco and several other speciality insurance broker brands, takes a significant first step into the German market. The insurance broker and employee benefits advisory organisation announces the acquisition of the German insurance broker FVB, specialised in brokering personal and commercial lines insurances and financial investment products, from HDI Deutschland AG. With the acquisition of FVB, Yellow Hive enters the German market and achieves full national coverage in both Germany and the Netherlands. The structure and management of FVB will largely remain unchanged and its founder, Thomas Schallenberg, will support Yellow Hive Germany as an advisor after closing. Closing is anticipated year-end and subject to German merger clearance. The transaction is intended to boost the growth and further development of Yellow Hive and FVB in Germany, both organically and through further add-on acquisitions.

In April 2024, Yellow Hive refinanced with a significant new commitment from its existing shareholder IK Partners (“IK”) to support the continued growth of the company, not just in specific Dutch regions and niche markets, but also in other European countries such as Germany and Spain. The acquisition of FVB in Germany marks the first major milestone of this growth strategy.  Following IK’s initial investment in 2020 and under the leadership of CEO Ger Knikman, Yellow Hive transformed from a local insurance broker to a national distribution platform and is now entering Germany. Benefiting from scale, the company will make additional investments in innovation and have a stronger ability to negotiate better conditions for its customers.

National coverage with local presence

FVB is a renowned insurance broker with national coverage in Germany. The company strongly believes in the importance of close personal engagement with clients, which allows the affiliated advisors, who are well-acquainted with the regions, to provide the best tailored advice. Yellow Hive sees added value in the extensive product expertise of FVB and the local knowledge of the involved advisors in various regions.

Ger Knikman, CEO and Founder of Yellow Hive, said: “In FVB, we have found a partner that pursues the same objectives in the German market as we do with our own growth targets in the Netherlands. Now that we have shifted our focus to European expansion beyond the Netherlands, FVB fits perfectly within our growth strategy. By partnering with FVB, we will work with true specialists, enabling us to expand Yellow Hive with even more expertise. We can’t wait to start to work together with this experienced team within our organisation.”

Thomas Schallenberg, Founder of FVB and Advisor to Yellow Hive Germany, commented: “Joining forces with Yellow Hive will allow FVB to continue growing as an independent insurance broker. The company has a strong record of building an integrated platform to drive sustained organic and acquisitive growth. We are excited to join forces with the team at Yellow Hive to accelerate growth together and offer a broader spectrum of products and services to our customers.”

Jens Warkentin, CEO of HDI Deutschland AG, added: “We are delighted to have secured a very good new owner for FVB in Yellow Hive. HDI Germany will of course remain present in the broker market and further strengthen exclusive sales partners in future. We have utilised the consolidation efforts in the German market to place FVB in new hands at very good conditions. I would like to thank FVB, especially Thomas Schallenberg and his team, for their commitment to the HDI brand.”

European expansion

In the upcoming years, Yellow Hive will focus its growth strategy on Germany and Spain. In these countries, Yellow Hive intends to acquire existing service providers, underwriting companies and insurance brokers.

For more information or inquiries regarding this message, please contact:

De Bruijn PR
Marianne de Bruijn
marianne@debruijnpr.nl or 06-14441398

About Yellow Hive

The financial advisory organisation Yellow Hive has developed through independent growth, collaborations and targeted acquisitions. Since 2011, more than 100 companies have chosen to join one of the brands of Yellow Hive. Over 800 employees work from more than 30 locations towards a financially carefree future for individual and business clients throughout the Netherlands. More information: www.yellowhive.com

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About FVB

Since 1997, FVB has been providing high-quality advisory services to both individual and business clients. Insurances are brokered through a nationwide network of more than 400 commercial agents. With more than 230 insurer relationships FVB is truly independent thereby enabling brokers to provide best advice to their clients. More information: www.fvb.de

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About IK Partners

IK Partners (“IK”) is a European private equity firm focused on investments in the Benelux, DACH, France, Nordics and the UK. Since 1989, IK has raised more than €17 billion of capital and invested in 195 European companies. IK supports companies with strong underlying potential, partnering with management teams and investors to create robust, well-positioned businesses with excellent long-term prospects. For more information, visit ikpartners.com

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Ncontracts acquires Venminder via Hg buyout

  • Ncontracts announces the acquisition of Venminder to broaden its governance, risk and compliance solutions capabilities.
  • Hg, a leading investor in software and services businesses, has become a new investor in the combined business, backing Founder and CEO, Michael Berman. 
  • Gryphon Investors, a leading middle-market private equity firm, has completed a full exit of Ncontracts.

BRENTWOOD, Tenn., September 4, 2024 – Ncontracts, a leading provider of integrated compliance, risk, and vendor management solutions to the financial services industry, announced today that it has acquired Venminder, a unified platform for managing third-party risk.

Simultaneously with this transaction, Hg has bought out prior Ncontracts shareholder Gryphon Investors (“Gryphon”), as well as prior Venminder shareholders. Hg is a leading investor in software and services businesses and is backing Founder and CEO, Michael Berman, to lead the combined business, which promises to deliver more value to customers via these expanded capabilities.

Acquiring Venminder gives Ncontracts more depth and expertise in third-party risk management, further enhancing its position as a software-as-a-service (SaaS) and knowledge-as-a-service (KaaS) leader in enterprise risk management.  The investment from Hg brings resources and expertise, continuing to strengthen Ncontracts as a leader in governance, risk and compliance (“GRC”) software solutions for banks, credit unions, mortgage companies, fintechs and registered investment advisors, as they grapple with increased risks and regulatory scrutiny.

“We are excited to join forces with Venminder,” said Michael Berman, Ncontracts Founder and CEO. “With our teams coming together to help reduce risk, improve compliance and control costs, we will continue to strengthen the financial industry and the communities they serve. With the investment and support from Hg, we are well positioned to continue our rapid growth. Gryphon has been a valuable partner, and I want to thank their outstanding team of operating partners, operating advisors and investment professionals.”

“Uniting Venminder and Ncontracts will bring tremendous value to our customers,” stated James Hyde, Venminder’s CEO. “This strategic partnership extends beyond third-party risk management, propelling Venminder into the broader integrated risk and compliance space. By combining our strengths, we are poised to deliver even more comprehensive and innovative solutions to our clients and the broader market.  Our unwavering commitment is to continue to support our clients by guiding them through the complex landscape of third-party risk.”

Ncontracts has been named in the prestigious Inc. 5000 list of fastest growing private companies in America for the sixth consecutive year in 2024. This transaction will grow Ncontracts’ customer base further to over 5,000 customers. The investment and acquisition demonstrate Ncontracts’ commitment to continued growth from both an organic and inorganic perspective.

Alan Cline, Head of North America at Hg, said: “We see Ncontracts swiftly becoming a ‘gold standard’ provider of highly automated, AI-enabled, integrated software solutions for the financial industry. The merger with Venminder creates a compelling platform with a comprehensive product suite that can deliver significant value to customers.”

Alexander Johnson, a Director at Hg added: “We’re excited to partner with Michael Berman as he continues to lead and scale the company for its next stage of growth.”

Jon Cheek, Partner & Co-Head of the Software Group at Gryphon, said: “We are delighted to have completed a complex transaction that significantly transforms Ncontracts and positions it to continue to thrive. Through a combination of organic and inorganic growth strategies, Ncontracts has more than quadrupled in size since Gryphon originally invested in 2020. With its comprehensive suite of products meeting the continued demand for sophisticated financial services governance, risk and compliance management tools, the company is poised to continue that aggressive growth going forward.”

Gryphon sees continued attractive opportunity for new platform investments in the GRC sector and retains its investment in separate portfolio company RegEd, a leading provider of enterprise regulatory compliance solutions to insurance companies and financial services firms.

Terms of the acquisition were not disclosed.

Raymond James served as the lead financial advisor to Gryphon, with Atlas Technology Group also advising Gryphon; Kirkland & Ellis acted as Gryphon’s legal advisor. William Blair served as exclusive financial advisor to Venminder.  Choate Hall & Stewart, LLP served as legal counsel to Venminder.  Goldman Sachs served as financial advisor to Hg; Latham & Watkins served as Hg’s legal advisor.

For more information, please contact:

Ncontracts Shawn McKee shawn.mckee@ncontracts.com
Venminder Deirdre Grubbs media@venminder.com
Hg Tom Eckersley tom.eckersley@hgcapital.com
Gryphon Investors Caroline Luz cluz@lambert.com

 

About Ncontracts

Ncontracts provides integrated risk, vendor and compliance management software to a rapidly expanding customer base of over 4,000 financial institutions, mortgage companies, and fintech companies in the United States. The company’s powerful combination of software and services enables financial institutions to achieve their risk management and compliance goals with an integrated, user-friendly cloud-based solution suite encompassing vendor, organizational, audit, and compliance risk management. Visit www.ncontracts.com or follow the company on LinkedIn and Twitter for more information.

About Venminder

Venminder is the leading provider offering a unified SaaS platform for third-party risk management. The platform is used by more than 1,200 customers to manage the entire vendor lifecycle, from onboarding to offboarding, with ease and efficiency. Venminder combines technology and human expertise to enable customers to manage vendors, track contract data, perform due diligence and oversight, send and score questionnaires, conduct risk assessments, systemically monitor risks across domains, order due diligence assessments on vendor controls, and much more. Venminder also powers Third Party ThinkTank, the largest online community dedicated to the practice of third-party risk.

About Hg

Hg supports the building of sector-leading enterprises that supply businesses with critical software applications or workflow services, delivering a more automated workplace for their customers. This industry is characterized by digitization trends that are in early stages of adoption and are set to transform the workplace for professionals over decades to come. Hg’s support combines deep end-market knowledge with world class operational resources, together providing compelling support to entrepreneurial leaders looking to scale their business – businesses that are well invested, enduring and serve their customers well. With a vast European network and strong presence across North America, Hg’s 400 employees and $70 billion in funds under management support a portfolio of more than 50 businesses, worth over $150 billion aggregate enterprise value, with over 110,000 employees, consistently growing revenues at more than 20%.

About Gryphon Investors

Gryphon Investors (www.gryphoninvestors.com) is a leading middle-market private equity firm focused on profitably growing and competitively advantaged companies in the Business Services, Consumer, Healthcare, Industrial Growth, and Software sectors. With approximately $9 billion of assets under management, Gryphon prioritizes investments in which it can form strong partnerships with founders, owners, and executives to accelerate the building of leading companies and generate enduring value through its integrated deal and operations business model. Gryphon’s highly-differentiated model integrates its well-proven Operations Resources Group, which is led by full-time, Gryphon senior operating executives with general management, human capital acquisition and development, treasury, finance, and accounting expertise. Gryphon’s three core investment strategies include its Flagship, Heritage, and Junior Capital strategies, each with dedicated funds of capital. The Flagship and Heritage strategies target equity investments of $50 million to $350 million per portfolio company. The Junior Capital strategy targets investments in junior securities of credit facilities, arranged by leading middle-market lenders, in both Gryphon-controlled companies, as well as in other private equity-backed companies operating in Gryphon’s targeted investment sectors.

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Equistone invests in loss adjusting and claims solutions group QuestGates

Equistone

Equistone Partners Europe (“Equistone”), one of Europe’s most active mid-market private equity investors, today announces its investment in QuestGates, the UK’s largest independent provider of complex loss adjusting and claims solutions.

QuestGates is headquartered in Birmingham and operates out of 12 offices across the UK and Ireland. Founded in 2003, the company has evolved over the past two decades from a niche loss adjusting provider into a professional services business providing multi-disciplinary loss adjusting, claims handling, surveying, engineering and legal services. QuestGates employs c.500 people and generated revenues of £41 million in the 2023/24 financial year.

QuestGates’ management team, led by CEO Chris Hall, will continue to lead the company and, alongside the wider team of QuestGates employees, remain majority shareholders in the business. Equistone’s significant minority investment in the company will support the continued delivery of QuestGates’ existing growth strategy. This will comprise both organic growth initiatives, such as further diversification into wider specialist claims services and development of the company’s proprietary suite of technology products, as well as continued acquisitive growth, building on the 18 M&A deals completed by QuestGates since 2003.

Equistone has invested over €1bn in 14 financial services businesses across Europe, with extensive experience across asset-light service-provider models. Dominic Geer and Tristan Manuel will join the board of QuestGates, complementing the management team’s expertise within the loss adjusting industry.

Tristan Manuel, Director at Equistone, said: “We are delighted to be partnering with Chris and his team to support the next chapter in QuestGates’ growth. The company has a highly experienced leadership team with strong networks and also boasts a track record of long-term organic growth and successful M&A activity. That combination presents a fantastic opportunity for Equistone to help QuestGates continue to evolve its service offering, grow its client base and consolidate a fragmented market.”

Dominic Geer, Senior Partner at Equistone, said: “Equistone has invested widely across the financial services sector and, in a complex market where subject-matter specialism is a real differentiator, we can offer the benefit of this experience to the companies we back. Insurance is a particularly attractive market currently. The non-cyclical nature of claims volumes, from which loss adjusting revenues are derived, means that businesses like QuestGates are resilient to the kind of economic and geopolitical shocks which currently face every business.”

Chris Hall, Chief Executive Officer of QuestGates, said: “Over the 20 years since incorporation, QuestGates has grown to be a leader in the UK loss adjusting and claims sector. We undertook an extensive review to identify a partner who could provide the capital and support that would allow us to maintain our growth and continue investing in innovation and service quality. With its long-term approach, track record of supporting UK financial services businesses and cultural alignment around our focus on our customers and staff, Equistone is the right fit as the partner to support the next phase of our development.”

Completion of the transaction is subject to the customary regulatory approvals. Dominic Geer, Tristan Manuel, Taha Hasan and Steve O’Hare led the transaction on Equistone’s behalf. Equistone was advised by Hines Associates, Deloitte, PwC and DLA Piper.

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Aquiline Capital Partners enters into agreement to sell Quintes to Brown & Brown

Aquiline
LONDON, July 29, 2024 /PRNewswire/ — Aquiline Capital Partners LP (“Aquiline”), a private investment firm specializing in financial services and related technologies, has today announced that it has entered into an agreement to sell Quintes Holding B.V. (“Quintes”) to Brown & Brown, Inc. (“Brown & Brown”), a leading insurance brokerage firm. The Quintes management ownership team will also be selling to Brown & Brown. The acquisition is expected to be finalized in the fourth quarter of 2024, pending customary closing conditions and regulatory approvals.

Founded in 2012 by Gijsbert van de Nieuwegiessen, Quintes has grown into one of the largest independent insurance brokers in the Netherlands. Since receiving support from Aquiline in 2020, Quintes has expanded its geographical presence throughout the Netherlands, establishing a comprehensive network of regional hubs. This expansion has enabled nationwide client coverage and provided a platform for local mergers and acquisitions. Quintes has completed over 80 acquisitions under Aquiline’s ownership while maintaining steady organic growth, bolstered by its expansion into core areas such as pensions and health services, and the integration of its proprietary Managing General Agent (“MGA”) across its portfolio. Today, Quintes serves approximately 200,000 SME and retail customers in the Netherlands through its three main divisions: broking, MGA, and pensions.

Igno van Waesberghe, Managing Partner at Aquiline, commented: “We partnered with Quintes in 2020 with the goal of establishing a leading nationwide insurance broker in the Netherlands. Over this period, we have strengthened Quintes’ commitment to the SME market, successfully integrated numerous acquisitions, and significantly expanded its business capabilities and carrier relationships. Brown & Brown’s acquisition is a testament to the strong business we have built together. The entire Aquiline team and I have enjoyed working with Gijsbert and his team, and we wish them great success in this next chapter.”

Gijsbert van de Nieuwegiessen, Founder and CEO of Quintes, added: “The past four years working with Aquiline have been highly successful. Their support has been crucial in achieving our recent growth and current scale, positioning us for an exciting future with further expansion in partnership with Brown & Brown.”

Aquiline was advised by Evercore (financial adviser), De Brauw Blackstone Westbroek (legal adviser), Oliver Wyman (commercial diligence), KPMG (financial and operational diligence) and Deloitte (structuring).

About Aquiline Capital Partners LP

Aquiline Capital Partners LP is a private investment firm based in New York, London, Philadelphia, and Greenwich, Connecticut, that is dedicated to financial services and related technologies. The Firm has approximately $10.4 billion in assets under management as of March 31, 2024.

For more information about Aquiline, its investment professionals, and its portfolio companies, visit www.aquiline.com.

About Quintes Holding B.V.

Quintes Insurance & Risk Management is a leading and fast-growing insurance & pension broker and MGA. A solid group of 700 professionals working from 18 local offices spread throughout the Netherlands. Quintes is characterized by short lines of communication, high-quality advice and putting customer interests first. A company in which initiatives are appreciated. For more information or to find an office near you, please visit: www.quintes.nl.

About Brown & Brown, Inc.

Brown & Brown, Inc. is a leading insurance brokerage firm, delivering risk management solutions to individuals and businesses since 1939. With over 16,000 teammates and 500+ locations worldwide, we are committed to providing innovative strategies to help protect what our customers value most. For more information or to find an office near you, please visit bbinsurance.com.

SOURCE Aquiline Capital Partners LP

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1970 Group Announces Investment by Bain Capital Insurance to Support Growth

BainCapital

1970 Group Announces Investment by Bain Capital Insurance to Support Growth

Growth capital investment will support continued expansion of 1970 Group’s innovative liquidity management solution for insured companies

NEW YORK – July 29, 2024 – 1970 Group, a specialized risk financing provider to the insurance industry with expertise in structured financing, credit support, and risk management, today announced a significant growth capital investment from Bain Capital Insurance (“Bain Capital”), the dedicated insurance investing unit of Bain Capital, to support the continued expansion of its innovative liquidity management solutions for insured companies. Financial terms of the private investment were not disclosed.

1970 Group works with insurance buyers and risk managers, insurance brokerages, carriers, and banks to deliver a unique insurance collateral model that effectively manages risks and promotes business health. 1970 Group pioneered Insurance Collateral Funding (ICF), a balance sheet and liquidity management solution that enables companies to transfer their insurance collateral requirements off their balance sheets, thereby giving them more capital to deploy to business operations and investment opportunities.

“Bain Capital’s investment will further support 1970 Group’s mission to help companies unlock liquidity and operate at their fullest potential, enabling us to bring our solutions to a greater number of businesses across the United States and Canada,” said Stephen Roseman, CEO and Founder of 1970 Group.

“Stephen and the 1970 Team have created an innovative liquidity solution for the insurance industry that can adjust to evolving collateral requirements, enabling companies to free up their balance sheets and dedicate more resources to seizing growth opportunities,” said Matt Popoli, Global Head of Bain Capital Insurance.

“We look forward to supporting 1970 Group’s next phase of growth as it continues to enhance the insurance collateral model and creatively manage risk for its customers, allowing them to access capital that would otherwise be trapped in insurance collateral,” said Jack Sun, Managing Director of Bain Capital Insurance.

About 1970 Group

1970 Group is a specialized risk financing provider with expertise in structured financing, credit support and risk management. The company pioneered the concept of the Insurance Collateral Funding solution, which enables companies to transfer their insurance collateral requirements giving them more capital to deploy to business operations and investment opportunities. The 1970 Group leadership team is comprised of insurance, investment, and legal veterans with decades of experience in their respective disciplines. Visit www.1970group.com for more information.

About Bain Capital

Bain Capital Insurance is the dedicated insurance investing business of Bain Capital, a leading global private investment firm with approximately $185 billion under management across 23 offices on four continents. We seek to collaborate with leading insurance businesses and management teams to unlock value and drive innovation across the insurance industry, specializing in insurance investing strategies that span the entire value chain and growth spectrum – from catalyzing transformational change, creating new platforms, and stepping into capacity-driven dislocations, to partnering with industry participants to meet their long term strategic and investment return targets. Learn more at www.baincapitalinsurance.com.

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KKR To Acquire Janney Montgomery Scott From Penn Mutual

KKR

NEW YORK & PHILADELPHIA–(BUSINESS WIRE)– KKR, a leading global investment firm and The Penn Mutual Life Insurance Company (“Penn Mutual”) today announced the signing of a definitive agreement under which investment funds managed by KKR will acquire Janney Montgomery Scott LLC (“Janney” or the “Company”).

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20240723034699/en/

Tracing its roots to 1832, Janney is a leading wealth management, investment banking and asset management firm. Janney has over $150 billion in assets under administration, with more than 900 financial advisors providing financial planning, asset allocation, retirement planning and other financial advice and services to clients across 135 offices in the U.S.

Following the close of the transaction, Janney will become a standalone private company that will continue to operate independently.

“We are excited to enter this next chapter in our nearly 200-year history with a new value-added strategic partner. KKR has demonstrated they value our client- and advisor-centric culture and share our deep conviction in the tremendous opportunities ahead for our business,” said Tony Miller, President at Janney. “We look forward to working with KKR to invest further in our growth and enable our talented team to further improve the advice and services we offer our clients.”

“Janney’s well-respected brand, client-centric culture and strong track record of growth have established it as a best-in-class business that we believe is well-positioned to benefit from the significant tailwinds driving demand in the U.S. wealth management market,” said Chris Harrington, a Partner at KKR.

“We have long admired Janney for its high-quality business, growth-oriented mindset and dedication to customer success,” said Simon Greene, a Director at KKR. “We look forward to helping Janney’s talented team leverage the company’s strong foundations to reach even greater heights.”

“This is a great outcome for both Janney and Penn Mutual,” said Dave O’Malley, Chairman, President & Chief Executive Officer at Penn Mutual. “Janney has been a strong investment for Penn Mutual’s general account for the last 40 years. We have been good stewards and are looking forward to watching Janney’s next chapter of growth.”

KKR will support Janney in creating a broad-based equity ownership program to provide all of the company’s 2,300 employees the opportunity to participate in the benefits of ownership after the transaction closes. This strategy is based on the belief that team member engagement through ownership is a key driver in building stronger companies. Since 2011, more than 50 KKR portfolio companies have awarded billions of dollars of total equity value to over 100,000 non-senior management employees.

The transaction, which is subject to customary closing conditions and regulatory approvals, is expected to close in the fourth quarter of 2024.

KKR is making its investment in Janney primarily through its North America Fund XIII.

Ardea Partners served as financial advisor and Kirkland & Ellis LLP and Simpson Thacher & Bartlett LLP served as legal advisors to KKR. WilmerHale served as legal advisor to Penn Mutual.

About Janney Montgomery Scott LLC

Janney is a leading full-service wealth management, capital markets, and asset management firm dedicated to putting client needs first. We are committed to providing individuals, families, businesses, and institutions with tailored financial advice to help reach their personal or business goals. We focus on building strong relationships, supported by a foundation of trust and performance. With a history of strength and stability, an ability to execute, and a culture of service and collaboration, we continue to deliver on our mission of offering the highest standard of success in financial relationships. Janney is a wholly-owned, independently operated subsidiary of The Penn Mutual Life Insurance Company, a member of the Financial Industry Regulatory Authority, the New York Stock Exchange, and Securities Investor Protection Corporation. Additional company information is available at www.janney.com.

About KKR

KKR is a leading global investment firm that offers alternative asset management as well as capital markets and insurance solutions. KKR aims to generate attractive investment returns by following a patient and disciplined investment approach, employing worldclass people, and supporting growth in its portfolio companies and communities. KKR sponsors investment funds that invest in private equity, credit and real assets and has strategic partners that manage hedge funds. KKR’s insurance subsidiaries offer retirement, life and reinsurance products under the management of Global Atlantic Financial Group. References to KKR’s investments may include the activities of its sponsored funds and insurance subsidiaries. For additional information about KKR & Co. Inc. (NYSE: KKR), please visit KKR’s website at www.kkr.com. For additional information about Global Atlantic Financial Group, please visit Global Atlantic Financial Group’s website at www.globalatlantic.com.

About The Penn Mutual Life Insurance Company

For over 175 years, Penn Mutual has empowered individuals, families and businesses on the journey to achieve their financial goals. Through our partnership with Financial Professionals across the U.S., we help generations grow stronger by instilling the confidence and reliability that comes from a secure financial future. Penn Mutual and its affiliates offer a comprehensive suite of competitive and robust solutions to meet the unique needs of Financial Professionals and their clients, including life insurance, annuities, wealth management and institutional asset management. To learn more, including current financial strength ratings, visit www.pennmutual.com.

Media Contacts

For KKR
Julia Kosygina and Emily Cummings
(212) 750-8300
media@kkr.com

For Janney Montgomery Scott
Bradd DelMuto
(215) 665-6595
corporatecommunications@janney.com

For Penn Mutual
Stephanie Kensy
Penn Mutual
215-956-8337
corporatecommunications@pennmutual.com

Source: KKR

 

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Synova makes 7.3x return on the sale of InsurEvo

Synova Capital

Growth investor Synova is delighted to announce that an agreement has been reached for the sale of travel insurance data specialist, InsurEvo Group (including AllClear Insurance, InsureandGo, and JustCover; together “InsurEvo” or the “Group”), to US headquartered specialist insurance provider, NSM Insurance Group. The transaction, which remains subject to regulatory approval, will generate a return of 7.3x invested capital to Synova.

Following Synova’s investment, and under CEO Chris Rolland’s leadership, InsurEvo has transformed in scale and profitability, increasing revenues fivefold to £60m and placing £150m of GWP into the market this year, a sixfold increase in the investment period.

InsurEvo’s growth was delivered through a significant investment in best-of-breed technology, including actuarial AI, to capitalise on its unique data sets and the delivery of a highly effective multi-year sales and marketing strategy. Operating under the AllClear Insurance, InsureandGo and JustCover brands, the Group has provided cover to more than 4 million travellers, additionally allowing essential access to travel cover to people suffering from pre-existing medical conditions. InsurEvo employs over 350 staff across five offices in three countries, a near fourfold increase in employees since Synova’s investment.

Chris Rolland, CEO of InsurEvo, noted:

“I have enjoyed every minute of my partnership with Synova; their knowledge of our industry, their understanding of the building blocks of growth, and the discipline that comes from having a focused investor has been invaluable in accelerating the growth of the business.

“We’re absolutely thrilled to join forces with NSM to help us continue to grow and scale the business. Over the last two decades, our dedicated and talented team has helped us grow into the force we are today, and we look forward to extending that growth with NSM. NSM has the prowess and proven track record to help our business grow by expanding our distribution channels — further enhancing our technology platforms and expanding our global market reach. We are confident that NSM will lead to a bright future filled with growth, development, and success.”

David Menton, a Managing Partner of Synova and Non-Executive Director of InsurEvo Group, commented:

“The InsurEvo journey, in partnership with Chris Rolland, Cameron Jack, and their talented team, adds another chapter to Synova’s highly successful Financial Services story. The substantial scaling was achieved by harnessing AllClear’s strong reputation in the impaired travel market, its proprietary pricing database, and combining this with the vision of an experienced and ambitious leadership team.

Achieving these levels of growth, and generating outsized returns for our investors, was made more rewarding given InsurEvo’s clear social purpose. We remain grateful to the team, and to the Chair, Dr Ian Owen, for their energy and their vision, and wish them well on the next stage of their journey with Geof McKernan and his colleagues at NSM.”

Geof McKernan, CEO of NSM Insurance Group, said:

“Today marks an exciting new chapter for AllClear and InsureandGo. We are delighted to welcome these renowned brands to the NSM family,” said Geof McKernan, CEO & Founder of NSM Insurance Group. “Chris has done a tremendous job growing both brands and leading process and technological change while maintaining strong growth. Together, we will drive continued innovation to deliver exceptional value to our clients and expand our global presence.”

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EVORIEL: Fresh impetus for a key French player in property management services

Bridgepoint

The Residential Property Management Services previously part of Nexity have now been united under the EVORIEL group and will continue to grow with the support of new shareholder, Bridgepoint. Drawing on its experience in real estate and its nationwide reach, EVORIEL brings together more than 200 agencies, three iconic brands, over 3,100 highly committed employees and nearly one million clients.

True to its tradition and commitment to clients, the EVORIEL group offers a unique blend of complementary services through three iconic brands:

  • Lamy, setting the standard in on-the-ground services with a presence in over one hundred cities across France,
  • Oralia, a network of premium agencies offering tailored services in the heart of major urban areas,
  • Richardière, specialising in property management for institutional and major private investors.

 

EVORIEL will ensure all clients continue to benefit from the services provided by its in-house broker, Lamy Assurances, an unrivalled expert in real-estate insurance solutions, issuing more than 110,000 contracts per year.

 

“These time-honoured brands have a tangible reputation for trustworthiness and are the driving force behind our commitment to provide tailored solutions to our clients, whether they are co-owners, landlords, tenants, large private investors or institutional investors. This fresh impetus reinforces our determination to remain at the forefront of the property management services market while continuiing to bring only the best to our clients. Our belief in profitable and responsible growth is underpinned by the quality of the people with whom we work, and especially our shareholder Bridgepoint. We are committed to a set of core values that make all the difference: (i) always acting as a socially responsible company while balancing the needs of our employees and clients; (ii) pledging to ensure that our clients’ projects stand the test of time without compromising the future; (iii) asserting our role as a trusted third party while reliably advising our clients and ensuring both ethics and  transparency for all actors in our ecosystem.”

Karine Olivier, CEO of EVORIEL.

 

With its emphasis on personal connections and deep involvement in community life, the EVORIEL group is cementing its position as a leading force in transforming property management services for cities and their residents.

“We are eager to continue this new journey alongside our employees, clients and partners. This new departure opens up really promising prospects. That is why the group remains firmly focused on the future and will continue to promote sustainable cities with strong local networks to ensure a sustainable and equitable ecological transition, drawing on its decades of experience on the ground.”

Thierry Smadja, Deputy CEO of EVORIEL.

 

“We are thrilled to begin working with everyone at EVORIEL to unlock the full potential of a sector we hold in high esteem and understand well. We are confident that together, through the synergies developed with Nexity, we can continue to cement its position as a leading player in property management services.”

Vincent-Gaël Baudet, Head of Bridgepoint Europe in France.

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Blue Owl Capital to Acquire Kuvare Asset Management for $750 Million

Blue Owl logo
  • Acquisition will add up to $20 billion in AUM for Blue Owl and support the launch of Blue Owl Insurance Solutions
  • Blue Owl also invested $250 million in Kuvare UK Holdings

NEW YORK, April 3, 2024 — Blue Owl Capital Inc. (“Blue Owl”) (NYSE: OWL), a leading alternative asset manager, announced today it has entered into a definitive purchase agreement to acquire Kuvare Insurance Services LP (dba Kuvare Asset Management) (“KAM”) for $750 million. 

KAM is a boutique investment management firm focused on providing asset management services to the insurance industry, including Kuvare UK Holdings (“Kuvare”). Blue Owl will fund the KAM acquisition through a combination of $325 million in cash and $425 million in Blue Owl Class A common stock. The KAM acquisition is expected to close in the second or third quarter of 2024 and remains subject to customary regulatory approvals and other closing conditions and specified termination rights. Upon closing of the KAM acquisition, most KAM employees are expected to join Blue Owl. In addition, there is potential for up to a $250 million earnout subject to certain adjustments and achievements of future revenue targets.

Separately, Blue Owl made a long-term investment in Kuvare today, purchasing $250 million of preferred equity. This investment creates long-term alignment between Blue Owl and Kuvare and provides valuable growth capital to Kuvare’s insurance companies, each of which will become new asset management clients of Blue Owl. Founded in 2015, Kuvare is a technology-enabled financial services firm operating several insurance and reinsurance businesses and has become a top 20 fixed and indexed annuity writer in the United States. Kuvare’s business segments include retail, institutional reinsurance and specialty insurance advisory services.

In addition to the preferred equity investment, Blue Owl and Kuvare entered into investment management agreements (“IMAs”) that will allow Blue Owl to deploy up to $3 billion of assets across its existing Credit, GP Strategic Capital and Real Estate investment platforms, which can grow over time. Upon the closing of the KAM acquisition, Blue Owl will be allocated up to $20 billion of AUM, in aggregate. Kuvare will continue to manage the overall asset allocations for its insurance businesses and strategic investments. Blue Owl’s IMAs with Kuvare insurance companies will be additive to Blue Owl’s permanent capital base while enhancing Kuvare’s investment capabilities.

These transactions are expected to be accretive to Blue Owl in 2024.

Doug Ostrover, Co-CEO of Blue Owl said: “The creation of Blue Owl Insurance Solutions represents a significant moment in Blue Owl’s journey. Our acquisition of KAM allows us to provide broader solutions to the multi-trillion-dollar insurance market at scale. KAM’s capabilities in investment grade credit and real estate strategies supplement Blue Owl’s existing strength in these asset classes and further accelerate our ability to bring differentiated products and strategies to the market for Kuvare and third-party insurance clients.”

Marc Lipschultz, Co-CEO of Blue Owl said: “Our preferred equity investment in Kuvare reflects our confidence in the growth trajectory of the business; both through its extensive distribution network and proven reinsurance strategy. This partnership with Kuvare anchors Blue Owl’s expanding presence in the insurance channel, greatly complementing our robust institutional and wealth footprint and further diversifying the markets for which we provide investment solutions. In aggregate, we believe these transactions reflect a creative approach to expanding our offerings for the insurance market at an attractive price.”

Dhiren Jhaveri, Founder, Chairman and CEO of Kuvare added: “It is an important and exciting step in the evolution of Kuvare to associate in such an impactful way with an asset manager of Blue Owl’s caliber. We always strive to be excellent stewards of assets entrusted to us by our policyholders and reinsurance partners, and the team at Blue Owl has demonstrated a unique commitment to helping us achieve our goals. We especially look forward to continued collaboration with our many valued KAM colleagues who will join the Blue Owl team at close of this transaction.”

A supplemental investor presentation with respect to the transaction is available on the shareholders section of Blue Owl’s website.

Ardea Partners LP and PJT Partners LP are serving as lead financial advisors to Blue Owl in connection with the transactions. BofA Securities, BMO Capital Markets Corp., Deutsche Bank Securities Inc., Goldman Sachs & Co. LLC, Mizuho and its affiliate Greenhill & Co, Morgan Stanley & Co. LLC, and Truist Securities, Inc. are also acting as co-financial advisors to Blue Owl. Kirkland & Ellis LLP acted as legal advisor to Blue Owl.

J.P. Morgan Securities LLC is acting as lead financial advisor to KAM, and as co-placement agent on the investment in Kuvare. RBC is acting as financial advisor to Kuvare and as co-placement agent on the investment in Kuvare. Sidley Austin LLP acted as legal advisor to Kuvare.

Blue Owl Investor Contact
Ann Dai
Head of Investor Relations
blueowlir@blueowl.com

Blue Owl Media Contact
Nick Theccanat
Principal, Corporate Communications & Government Affairs
nick.theccanat@blueowl.com

Kuvare Media Contact
Erica Davis
Director, Corporate Communications
media@kuvare.com 
800-637-6318
About Kuvare Holdings
Kuvare is a technology-enabled financial services platform providing life insurance and annuity products to consumers, reinsurance solutions to institutional markets, advisory services to insurance businesses, as well as asset management solutions. Headquartered in the Chicago area, and founded in 2015, Kuvare has $37 billion of assets and is committed to a sustainable long-term growth strategy. The family of Kuvare companies includes Lincoln Benefit Life Company, Guaranty Income Life Insurance Company, United Life Insurance Company, and Kuvare Life Re (Bermuda), and Ignite Partners. For more information about Kuvare, please visit https://kuvare.com.

 

Forward Looking Statements

Certain statements made in this release are “forward looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. When used in this press release, the words “estimates,” “projected,” “expects,” “anticipates,” “forecasts,” “plans,” “intends,” “believes,” “seeks,” “may,” “will,” “would,” “should,” “future,” “propose,” “target,” “goal,” “objective,” “outlook” and variations of these words or similar expressions (or the negative versions of such words or expressions) are intended to identify forward-looking statements. Any such forward-looking statements are made pursuant to the safe harbor provisions available under applicable securities laws and speak only as of the date made. Blue Owl assumes no obligation to update or revise any such forward-looking statements except as required by law.

These forward-looking statements are not guarantees of future performance, conditions or results, and involve a number of known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside Blue Owl’s control, that could cause actual results or outcomes to differ materially from those discussed in the forward-looking statements.

Important factors, among others, that may affect actual results or outcomes include the risk of the KAM acquisition not closing on a timely basis, if at all; the inability to recognize the anticipated benefits of strategic acquisitions; costs related to acquisitions; the inability to maintain the listing of Blue Owl’s shares on the New York Stock Exchange; Blue Owl’s ability to manage growth; Blue Owl’s ability to execute its business plan and meet its projections; potential litigation involving Blue Owl; changes in applicable laws or regulations; and the possibility that Blue Owl may be adversely affected by other economic, business, geo-political and competitive factors.

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