Pollen Street today announces that Wide Group has completed the acquisition of Assileo Broker Srl (“Assileo”). Assileo is a Milan-based commercial broker with capabilities across transportation, construction, energy and corporate insurance, with a presence in Milan and Genoa. The business was founded in 2000 by current management, who will remain in the business post completion.

Wide Group is the leading technology-led commercial broking consolidator in Italy, and the acquisition of Assileo will expand both the group’s scale and capability in the Milan market and add a presence in Genoa. Wide has a strong M&A pipeline of potential targets to build on the momentum of this acquisition, driven by a highly fragmented insurance broking market in Italy, with significant potential for synergistic consolidation.

Gianluca Melani, Co-founder & Managing Director of Wide Group, commented:

“We are thrilled to welcome Flavio Sestilli, Michele Leonarduzzi and Giovanni Battista Campo, and all the colleagues from Assileo Broker into the Wide Family. With this operation, we mutually enrich ourselves with a history and expertise in insurance that has been passed down for three generations, along with new synergistic skills that align with the current setup of our operational model. This operation reaffirms the excellence and innovation we aim to offer to our consultants and their respective clients.”

Ian Gascoigne, Partner at Pollen Street Capital, added:

“We are pleased to welcome Assileo to the Wide family. Assileo adds additional specialist insurance expertise, scale and geographic reach to Wide’s offering, and builds on the strong momentum Wide is seeing in its acquisition strategy.”

London, March 20^th 2024, Insurtech Insights Conference – The CareVoice (the “Company”), the leading global embedded health enabler for insurers, announces successful completion of its Series B funding, raising a total of nearly $10 million, in a round led by Apis Insurtech Fund I (the “Fund”). This funding will be instrumental in accelerating the Company’s growth, expanding collaborations with insurers across regions, and investing in the next generation of the CareVoiceOS platform.

The Fund is managed by Apis Partners LLP (“Apis”), a UK-based asset manager known for its commitment to, and success in generating, both financial returns and positive social impact. The team at Apis utilises its sector expertise to lead value creation initiatives at its portfolio companies, enhancing the lives of millions of people served by these businesses. Since the Fund’s first investment in CareVoice in 2019, Apis’ team has contributed to several areas of expansion and development at the Company. These efforts include supporting business development activities to attract enterprise customers, leveraging Apis’ network in the insurance industry, and engaging stakeholders to facilitate these partnerships. Apis’ investment philosophy aligns with the Company’s mission to revolutionize the way insurers engage with their customers for a healthier life. Together, CareVoice and Apis will work to deliver personalized, data-driven health and wellness solutions to insurance customers worldwide.

Over the past two years, CareVoice has achieved significant milestones and solidified its position as a global leader in embedded health solutions. The Company has expanded and formed new major collaborations with insurers, serving millions of customers across more than 15 countries worldwide. Additionally, the Company has established strategic partnerships with global players, including reinsurers and digital distribution enablers, to enhance its capabilities and jointly serve insurers.

CareVoice has demonstrated strong unit economics and maintained cash-flow neutrality over the past 18 months. The Company experienced a remarkable doubling of revenues in 2023 compared to the previous year.

Investing in Innovation: Next Generation CareVoiceOS Platform

The new funding will enable CareVoice to accelerate its growth trajectory further and drive innovation in its CareVoiceOS platform. The platform’s next generation will enhance scalability, reduce implementation costs, and empower insurers to implement or upgrade customer solutions seamlessly. The recent release of the CareEngage framework has demonstrated increased customer engagement and perceived value among end-users.

Accelerating Growth with Strengthened Leadership Team

To support its expansion plans, CareVoice has established a European headquarters in Luxembourg. Concurrently, the Company has strengthened its leadership team with the appointment of Simon Guest as Chief Commercial Officer and will leverage his industry experience at Generali Vitality and AXA to accelerate CareVoice’s global growth and forge transformative collaborations with insurers worldwide. Additionally, Jan Velich, one of its co-founders, has taken a new role as Chief Experience Officer, leading the expansion of CareVoice reach and impact with its existing major clients. These strategic moves further fuel the Company’s mission to unlock the next growth frontier for the life and health insurance industry by adopting embedded health solutions at global scale.

Sebastien Gaudin, CEO and Co-founder of CareVoice, said: “We are collaborating with two types of insurers, those early movers in the health and wellness space who are already aware of the gaps in their capabilities, and new entrants who want to accelerate, avoiding the pitfalls and challenges other insurers have faced. Both types are looking to generate additional profitable insurance business directly and through attracting and retaining healthier customer profiles. We see an exciting future development of this partnership approach which delivers mutual growth.”

Matteo Stefanel and Udayan Goyal, Co-Founders and Managing Partners at Apis Partners, stated: “The success of CareVoice is clear, demonstrated by the revenue growth of 2x year-on-year by the end of 2023, and the geographical expansion to 15 countries worldwide. With this Series B commitment from Apis Insurtech Fund I, we look forward to continuing to support CareVoice as it matures further and leads the embedded health category as a global leading software for insurance companies.”

CareVoice’s success is further exemplified by testimonial from existing customer. Aura Rebelo, CEO of Fully Wellness Ecosystem at Prudential International Insurance, commented, “CareVoice has been instrumental in translating Prudential’s total wellness vision into reality by contributing to the delivery of Fully SuperApp, offering a holistic wellness user experience across physical, mental and financial wellness. CareVoice’s service ecosystem and data orchestration, its engagement framework as well as its continuous upgrade and innovation with evolving ecosystem are three critical capabilities for Fully Wellness Ecosystem to continuously expand the values for Prudential, its other business partners and their respective customers.”

CareVoice’s achievements and ongoing growth reflect the increasing demand for embedded health solutions and its potential to transform the insurance industry.

-END-

About CareVoice

The CareVoice is on a mission to make insurance more human, with health at its core. We are a global embedded health leader that enables insurers to engage with their customers through configurable user journeys that leverage an open digital health ecosystem, delivered in any front-end solutions.

CareVoice has teams based across Asia and Europe, with insurer clients across Asia, Europe, the Middle East, Africa and America regions. Graduated from SOSV-backed Orbit Startups program (2016), Ping An Tech Accelerator (2018) and Insurtech Munich Hub (2020), CareVoice received multiple awards and ranked amongst the top 100 Global Insurtechs.

The CareVoice is backed by specialized Software, Healthtech and Insurtech VCs such as Apis Partners, LUN Partners or DNA Capital, and completed its Series A (2019) and its Series B (2024). www.thecarevoice.com

About Apis Partners

The Apis Group (“Apis”) is an ESGI-native global private equity and venture capital asset manager that supports growth-stage financial services and financial infrastructure businesses by providing them with catalytic growth equity capital. Collectively Apis, through its team of around 40 professionals with deep industry expertise, manages or advises on total committed capital from investors (including drawn and invested capital) of US$1.2 billion.

Including its headquarters in London, Apis has representation in eight countries across Europe, Asia, and Africa. Apis is highly conscious of the developmental impact that the provision of growth capital for financial services and financial infrastructure businesses in global markets can achieve, and as such, financial inclusion and financial wellness are core tenets of Apis’ impact investment approach. https://apis.pe/

AnaCap, a market-leading partner for founders and entrepreneurial management teams across services, technology and software within the European financial ecosystem, today announces that portfolio company MRH Trowe (“MRHT”), one of the largest independent P&C commercial brokers in Germany, has completed four bolt-on acquisitions in January. The four acquisitions are Bavaria AG, Vertoura Versicherungsmakler GmbH & Co. KG, Frank Rauch & Kollegen Finanz-und Versicherungsmakler GmbH and ASSPERT Versicherungsmakler GmbH & Co. KG. The companies were acquired with effect from 1^st January 2024 and the respective management teams will remain on board.

The acquisition of Bavaria AG, one of the leading insurance brokers for yachts, private aircraft, classic cars and holiday properties, introduces a comprehensive range of insurance solutions for exclusive movables and valuables to MRHT. The acquisition of Vertoura, a renowned broker in the tourism sector, strengthens MRHT’s position in advising and insuring corporate clients within this industry.

Frank Rauch & Kollegen Finanz-und Versicherungsmakler GmbH brings MRHT a substantial customer base within the private client and SME market segment, while the acquisition of ASSPERT Versicherungsmakler GmbH & Co. KG, a company that focuses on commercial customers in the trade and crafts sector, complements MRHT’s geographical presence in south-west Germany, with a particular focus on purchasing associations.

With these four acquisitions, MRHT has further demonstrated its long-term, targeted growth strategy, starting 2024 on a successful note, as it continues to create value for customers, both in terms of sector-specific expertise and geographical proximity and personal support.

These developments represent a new chapter for AnaCap and its strategic partnership with MRHT as well as TA Associates (“TA”) following its investment into the company in 2023 and the successful closure of AnaCap’s maiden Continuation Fund, enabling the continuation of its investment hold periods for MRHT (and portfolio company GTT). These acquisitions exemplify AnaCap’s ambition for its growth partnership with TA, to further accelerate MRHT’s growth trajectory and cement its position as a leading insurance broker in the DACH region.

2023 was a very successful year overall for AnaCap. In addition to the closing of the Continuation Fund, it completed three portfolio company exits, for an average realised return of 3.6x and 44% IRR. This track record further endorses AnaCap’s strategy to institutionalise entrepreneurialism, scaling high-quality founder-led businesses in the European lower-mid-market.

Tassilo Arnhold, Co-Managing Partner at AnaCap, commented:
“We are delighted to announce this excellent start to the year for MRHT through this accelerated M&A programme, as the Founders and management team, together with TA continue MRHT’s ambitious growth plans across the DACH region. This early success entirely endorses our vision for the continued hold period afforded by the Continuation Fund. Our expectation is for a significantly amplified ultimate return for our LPs through this new structure.”

Ralph Rockel, Chief Executive Officer at MRH Trowe, added:
“We are focussing on targeting partners who expand our range of services and create added value for customers as part of an integrated offering. This also includes comprehensive integration management, which ensures a high level of synergy and opens up long-term growth potential.”

Rockel concluded:
“All four brokerage houses contribute additional, established expertise from which other areas of the MRH Trowe brand also benefit. At the same time, the integration into MRHT’s overall product offering also ensures the future viability of these companies and further expands the range of services available for customers.”

BACK TO PRESS RELEASES

Miller is a leading specialist insurance and reinsurance broker operating across the UK and internationally. Miller supports clients across a wide range of specialist areas, including Marine & Energy, Property & Casualty, Sports & Entertainment, Construction, Professional & Financial lines and Reinsurance. Miller places more than $3.2bn of premiums annually for more than 4,500 clients globally. The Company is headquartered in London with more than 900 staff across its international office network.

Having been identified as an attractive investment opportunity in the Financial Services sector, Miller was acquired by the Cinven Strategic Financials Fund (‘SFF’) and GIC, a global institutional investor, from Willis Towers Watson in March 2021. Cinven and GIC have worked in close partnership with the Company’s management team to support Miller’s evolution into a leading independent challenger in specialist broking and a destination of choice for high-quality entrepreneurial brokers. This strategy has been supported by Miller’s strong culture and reputation for best-in-market client service. 

Miller has delivered strong growth and profitability since the acquisition by Cinven and GIC by:

• Driving market share gains across specialist insurance niches, where Miller is recognised for its high-quality service and product expertise;
• Cementing Miller’s position as an employer of choice within the specialist insurance sector, allowing the business to attract high-quality brokers to enhance organic growth and support new product launches, including Reinsurance, Bloodstock & Livestock, Farms & Estates, Media and renewable energy propositions;
• Completing two bolt-on acquisitions as part of a targeted M&A strategy, which enhanced Miller’s footprint and product offering across Continental Europe and Asia;
• Supporting significant investment in the organisation, strengthening the senior management team and wider finance, M&A and operational functions;
• Maintaining a strong focus on operational excellence, centralising core functions across the business and implementing industry best practices, including introducing more efficient, tech-enabled processes; and
• Enhancing Miller’s digital capabilities, including the transition to a new customer engagement platform which has been rolled out across the organisation.

Commenting on the investment, Luigi Sbrozzi, Partner at Cinven said: 

“We are very proud of the journey Miller has travelled over the last three years and its strong growth during that time, which has been supported by expanding into new geographies and product lines. It is a great example of Cinven’s strategy to support leading companies with sustainable, resilient business models that can perform well through macroeconomic cycles. We wish the team continued success in the future.”

Juan Monge, Partner at Cinven, said: 

“We have greatly enjoyed working with James, Neil and the wider Miller team to deliver on the company’s growth ambitions as an independent platform. We have been impressed by the business’ continuous focus on excellence and on identifying, attracting and successfully onboarding complementary new broker teams and businesses. We believe Miller is well-positioned to continue its strong track record of growth in the next leg of its journey.”

James Hands, CEO of Miller added: 

“When Miller returned to independence in 2021, we outlined a bold and ambitious vision and today’s announcement reflects how we’ve delivered against this. We have meaningfully grown our revenues, both organically and inorganically, added well over 250 colleagues across the UK, Europe, Asia and Bermuda and built on our reputation for market-leading specialism and highest quality of service to our clients. Our shareholders have been pivotal in helping us to achieve this, and I would like to thank Cinven for their support and investment.” 

Completion of the transaction is expected at the end of the first quarter of 2024 and is subject to customary regulatory and antitrust approvals. 

Closer Coordination and Alignment Expected to Further Accelerate Growth of Both KKR and Global Atlantic

KKR Announces Other Strategic Initiatives to Benefit Shareholders

KKR and Global Atlantic to Host a Conference Call at 10:00 a.m. EST

NEW YORK & HAMILTON, Bermuda–(BUSINESS WIRE)– KKR & Co. Inc. (NYSE: KKR) and Global Atlantic Financial Group LLC (“Global Atlantic” or “GA”) today announced a definitive agreement under which KKR will acquire the remaining 37% stake of leading insurance company Global Atlantic, increasing KKR’s ownership to 100%.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20231129605147/en/

Joe Bae and Scott Nuttall, Co-Chief Executive Officers of KKR, stated: “The strategic partnership we envisioned three years ago has exceeded our expectations. It has been transformative for both businesses and a great cultural fit that has enabled us to contribute to Global Atlantic’s continued strong performance and success, while also being a key driver of growth for KKR. We expect the new ownership structure will foster even closer collaboration, allowing us to fully leverage our complementary strengths and grow faster together.”

Since 2021, KKR has served as Global Atlantic’s asset manager, offering access to its global investment and origination capabilities for the benefit of GA’s policyholders. Global Atlantic’s assets under management have grown significantly, up from $72 billion in 2020 to $158 billion today. As Global Atlantic has grown, it has benefited from the scale of KKR’s asset management businesses in meeting GA’s investment needs while maintaining a focus on risk management and continuing to deliver market-leading returns. The strategic partnership has proven to be both an important source of capital for Global Atlantic and a driver of international growth, with Global Atlantic leveraging KKR’s global reach to establish new business relationships in Hong Kong, Singapore and Japan.

At the same time, Global Atlantic has been a source of financial success for KKR and a key element of KKR’s growing real estate credit and asset-based financing businesses, both of which manage assets that are particularly well suited for insurance company balance sheets.

“We are taking this step because we have demonstrated, over the last three years, that we are stronger together. Being part of KKR has strengthened our position as a leading insurance company and enhanced our ability to deliver compelling solutions for our clients. Moving from a diverse group of shareholders to a single one with KKR clarifies our objectives and allows us to think―and invest―longer term,” said Allan Levine, Chief Executive Officer of Global Atlantic. “Although we hope to unlock further value by taking this step in our capital structure, neither our client-first approach nor our investment and risk management framework will change, and the day-to-day experience of our clients and colleagues will feel very much the same as it does today.”

After closing, Global Atlantic will continue to be led by its management team and operate under the Global Atlantic brand.

Transaction Details

Under the terms of the agreement, KKR will pay Global Atlantic’s minority shareholders an amount in cash equal to 1.0x Global Atlantic’s book value with certain adjustments. The total cash purchase price is currently estimated to be approximately $2.7 billion. Global Atlantic management is expected to exchange a majority of its Global Atlantic equity interests for KKR equity. KKR will fund the transaction from its balance sheet, which had $23 billion of cash and investments as of September 30, 2023.

The transaction, which is expected to close in the first quarter of 2024, is subject to customary closing conditions.

Simpson Thacher & Bartlett LLP and Debevoise & Plimpton LLP acted as legal advisors to KKR and Global Atlantic, respectively. Barclays provided a fairness opinion for Global Atlantic.

Strategic Initiatives

KKR also announced a series of other Strategic Initiatives that are contingent on the closing of the Global Atlantic transaction. These include:

• Creating a new business segment, Strategic Holdings. The new segment will principally be comprised of KKR’s Core Private Equity balance sheet holdings. Core Private Equity has scaled into a business with $35 billion of assets under management, including $6.5 billion of assets on KKR’s balance sheet. Given the maturation and strong performance of these companies, KKR expects to begin receiving more recurring cash dividends from this segment of the balance sheet.
• Modifying its compensation structure to be more success based. KKR will draw a greater share of compensation from carried interest instead of fee related earnings. The adjustment is expected to result in enhanced shareholder value by delivering more of the firm’s recurring revenues to shareholders.
• Introducing a new reporting framework. KKR will report a new key metric, Total Operating Earnings, which will be comprised of Fee Related Earnings, Strategic Holdings and Insurance Operating Earnings. KKR expects Total Operating Earnings will highlight the growth of its more recurring earnings streams.

KKR expects the Strategic Initiatives, combined with the expanded ownership of Global Atlantic, to be accretive to all of its per share earnings metrics.

Bae and Nuttall added: “We remain focused on performing through cycles for the millions of clients and policyholders counting on us — with a business model that allows us to compound earnings and value for the very long term while retaining our culture. Today’s announcements are in service of that vision — more fully establishing three avenues for long term sustained growth, further increasing our optimism about the path ahead.”

Conference Call Information and Additional Details

KKR is holding a conference call to discuss the Global Atlantic transaction and Strategic Initiatives on November 29 at 10:00 a.m. EST. Allan Levine, Chief Executive Officer of Global Atlantic, will join the call. The conference call may be accessed through the Investor Relations section of KKR’s website at ir.kkr.com or by dialing 1-877-407-0312 (U.S.) or 1-201-389-0899 (non-U.S.); a pass code is not required. Supplemental materials that will be discussed during the call will be available at the same website location.

A replay of the webcast will be available on KKR’s website approximately one hour after completion of the broadcast.

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 world-class 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 Global Atlantic

Global Atlantic Financial Group is a leading insurance company meeting the retirement and life insurance needs of individuals and institutions. With a strong financial foundation and risk and investment management expertise, the company delivers tailored solutions to create more secure financial futures. The company’s performance has been driven by its culture and core values focused on integrity, teamwork, and the importance of building long-term client relationships. Global Atlantic is a majority-owned subsidiary of KKR, a leading global investment firm. Through its relationship, the company leverages KKR’s investment capabilities, scale and access to capital markets to enhance the value it offers clients.

Forward-Looking Statements

This press release contains certain forward-looking statements. Forward-looking statements relate to expectations, estimates, beliefs, projections, future plans and strategies, anticipated events or trends and similar expressions concerning matters that are not historical facts, including but not limited to the statements with respect to: the transaction (including the estimated total cash purchase price) to acquire all outstanding shares of Global Atlantic; operation of Global Atlantic following the closing of the transaction; expansion and growth opportunities and other synergies resulting from the transaction; the availability of cash on hand or liquidity from KKR’s investment portfolio to fund the transaction; and expected timing of closing. The forward-looking statements are based on KKR’s beliefs, assumptions and expectations, taking into account all information currently available to it. These beliefs, assumptions and expectations can change as a result of many possible events or factors, not all of which are known to KKR or are within its control. If a change occurs, KKR’s business, financial condition, liquidity and results of operations, including but not limited to dividends, reported earnings, and capital structure may vary materially from those expressed in the forward-looking statements. The following factors, among others, could cause actual results to vary from the forward-looking statements: failure to realize the anticipated benefits within the expected timeframes from the planned transaction with Global Atlantic; unforeseen liabilities or integration and other costs of the Global Atlantic transaction and timing related thereto; availability and cost of financing to fund the transaction; changes in Global Atlantic’s business; any delays or difficulties in receiving regulatory approvals; failure to complete the transaction; distraction of management or other diversion of resources within each company caused by the transaction; retention of key Global Atlantic employees; Global Atlantic’s ability to maintain business relationships following the transaction; the volatility of the capital markets; failure to realize the benefits of or changes in KKR’s or Global Atlantic’s business strategies; availability, terms and deployment of capital; availability of qualified personnel and expense of recruiting and retaining such personnel; changes in the asset management or insurance industry, interest rates, credit spreads, currency exchange rates or the general economy; underperformance of KKR’s or Global Atlantic’s investments and decreased ability to raise funds; changes in Global Atlantic policyholders’ behavior; any disruption in servicing Global Atlantic’s insurance policies; the use of estimates and risk management in Global Atlantic’s business; and the degree and nature of KKR’s and Global Atlantic’s competition. All forward-looking statements speak only as of the date hereof. KKR does not undertake any obligation to update any forward-looking statements to reflect circumstances or events that occur after the date on which such statements were made except as required by law. In addition, KKR’s business strategy is focused on the long term and financial results are subject to significant volatility.

Additional information about factors affecting KKR is available in KKR & Co. Inc.’s Annual Report on Form 10-K for the fiscal year ended December 31, 2022, filed with the SEC on February 27, 2023, quarterly reports on Form 10-Q for subsequent quarters and other filings with the SEC, which are available at www.sec.gov.

Past performance is not indicative or a guarantee of future performance. This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities in any jurisdiction.

View source version on businesswire.com: https://www.businesswire.com/news/home/20231129605147/en/

Investors:

Craig Larson
1-877-610-4910 (U.S.) / 212-230-9410
investor-relations@kkr.com

Media:

Kristi Huller
212-750-8300
media@kkr.com

Source: KKR & Co. Inc.

Eurazeo, through its Mid-large buyout team¹, has completed its £355M investment in BMS Group and acquired c.34% of its share capital. Eurazeo and its affiliates joined BMS alongside its existing shareholders British Columbia Investment Management Corporation (BCI), Preservation Capital Partners (PCP) and BMS’ management and employees. Eurazeo and BCI together are majority shareholders with co-control of the Company for its next phase of growth.

Established in 1980, BMS is a leading independent (re)insurance broker delivering comprehensive, customised solutions in the field of wholesale, reinsurance and retail insurance as well as capital markets advisory services. Headquartered in London, BMS benefits from a strong reputation for placement of large and complex risks and operates across 16 countries with 33 offices around the world (US, Canada, Latin America, Australia, Europe, Asia and Middle East).

Eurazeo, BCI and PCP will support Nick Cook, Group CEO of BMS, and the rest of the BMS senior management team to pursue its proven growth strategy. The investment from Eurazeo and other shareholders is expected to enable BMS to further expand its global foothold both organically and through an active M&A strategy. Since the announcement of Eurazeo’s investment on December 23rd 2022, BMS has completed 10 acquisitions and continued its strong growth trajectory.