Tag Archives: Insurance

Zinnia to Acquire Policygenius, A Leading Digital Insurance Marketplace

KKR

The combined company will create the first and only end-to-end insurance platform

KKR to invest in combined company and join board of Zinnia

GREENWICH, Conn.–(BUSINESS WIRE)–Zinnia, a life and annuity insurance technology and digital services company, today announced it is acquiring Policygenius, a digital insurance marketplace. The acquisition lays the foundation for the industry’s first front-to-back architecture to power the entire insurance value chain and better serve carriers, advisors, and policyholders.

The transaction expands Zinnia’s reach into digital distribution solutions, creating new opportunities to service carriers and distribution partners. Together, Zinnia and Policygenius will offer products and services spanning life and annuities, disability, and property and casualty insurance. At the heart of Policygenius is a platform that simplifies the process for consumers to buy insurance, and an extensive data analytics capability that, combined with Zinnia’s growing tech capabilities and well-established third-party administrator (TPA) infrastructure, lays the groundwork for exceptional experiences for those who buy, sell, manufacture or administer insurance policies.

Zinnia will continue to offer Policygenius’ full suite of online services under the Policygenius brand. These capabilities will connect with Zinnia’s new system of record to further develop the Open Insurance architecture. The acquisition opens growth opportunities for Zinnia’s and Policygenius’ combined 60+ carrier clients, 350 distributors and partners, and 2M+ policyholders.

“At Zinnia, we want to provide solutions that simplify the process of buying insurance and deliver an exceptional experience for consumers from purchase to claim,” said Michele Trogni, Zinnia Chief Executive Officer. “Policygenius has always put consumer experience at the heart of their business, and their capabilities will accelerate our journey. We look forward to welcoming Policygenius clients, an experienced leadership team, and approximately 450 new team members to Zinnia, and are excited to power growth in our industry.”

“We are thrilled to have a partner in Zinnia, that shares in our vision to transform the industry through technology and a consumer-first approach,” said Jennifer Fitzgerald, Policygenius Co-founder and CEO and newly appointed Zinnia board member. “Their depth of insurance expertise and entrepreneurship has resulted in more than $170B in assets under administration and the launch of 170+ new carrier products. Together, we will expand the reach of our carrier and distribution partners, helping even more consumers achieve financial protection. The promise of Open Insurance is huge, and we are excited to embark on this journey with Zinnia together.”

“This strategic combination positions Zinnia and Policygenius to deliver great benefits for carriers and consumers, and we believe there is enormous unmet demand in the market for a seamless digital experience underpinned by a compelling, end-to-end insurance offering,” said Jake Heller, Partner at KKR and newly appointed Zinnia board member. “We look forward to serving as an investor in the combined business alongside Eldridge and supporting Michele, Jennifer, and these talented teams in their next chapter of growth.”

KKR, through its Technology Growth strategy, was a lead investor in Policygenius and will remain an investor in the combined company.

Sidley Austin LLP and WilmerHale served as legal counsel to Zinnia. Latham & Watkins LLP served as legal counsel to Policygenius.

About Zinnia
Zinnia, an Eldridge business, combines a rich history of insurance expertise and product capabilities to create simplified and digitized outcomes that deliver better value and foster more seamless, secure, and efficient experiences for carriers, advisors, consumers, and reinsurers. The Company’s vision for Open Insurance empowers clients through intuitive technology solutions that decrease processing time, drive product innovation, and bring new products to market faster, enabling more people to protect and enrich their financial futures.

The company has over $173.7 billion in assets under administration across 40+ clients. To learn more about Zinnia, please visit https://zinnia.com/.

About Policygenius
Founded in 2014 by Francois de Lame and Jennifer Fitzgerald, Policygenius transforms the insurance journey for today’s consumer, providing a one-stop platform where customers can compare options from top insurance carriers, get unbiased expert advice, buy policies, and manage their insurance portfolio, in one seamless, integrated experience. Our proprietary technology platform integrates with the leading life, disability, and home and auto insurance carriers and delivers an exceptional digital experience for both consumers and insurance carriers. Since 2014, our content, digital tools, and experts have served as a resource for millions of people on their insurance journey, and we have sold more than $200 billion in coverage.

Contacts

Media:
Elodie Marran
pro-zinnia@prosek.com

Categories: News

Tags:

AnaCap and Founders sell minority stake in MRH Trowe to TA Associates at 4.3x money multiple

Anacap
  • Annual growth of >50% since initial investment in 2020 through a combination of 21 bolt-on acquisitions and strong organic performance
  • New partnership with TA Associates will see the acceleration of MRHT’s impressive growth story, further establishing its position as one of the leading commercial lines insurance broker in the DACH region
  • Sale of stake comes 2.5 years after initial investment at a 4.3x money multiple

AnaCap Financial Partners (“AnaCap”), a market-leading partner for founders and entrepreneurial management teams, across software, technology and services companies operating within the European financial ecosystem, today announces the sale of a minority stake in portfolio company MRH Trowe (“MRHT” or “the Group”), one of the largest owner-managed commercial lines insurance brokers in Germany.

AnaCap and MRHT’s founding managers have signed an agreement to sell a minority stake in the Group to TA Associates. The founding managers will remain the largest shareholder group post transaction and will be backed by both AnaCap and TA Associates moving forward. Closing of the transaction is subject to EU antitrust approval.

This transaction, which marks the fourth exit from AnaCap’s third fund, generates a 4.3x money multiple and follows shortly after the 4x exit of Oona Health to Topdanmark earlier this month.

MRHT is one of the ten largest German industrial insurance brokers, with more than 1,100 employees and €650 million of premium volume, offering comprehensive expertise in practically all insurance lines for industrial and commercial clients, financial institutions as well as high-net-worth individuals. The owner-managed company has a holistic advisory offering, specialised teams of experts and a high degree of digitalisation at the interfaces of clients, brokers and insurers.

The sale comes 2.5 years after AnaCap’s initial investment, during which time MRHT have completed 21 bolt-on acquisitions, complementing existing product propositions, client coverage and geographical footprint. During this time, MRHT has also demonstrated a strong double-digit organic growth rate.

The new growth partnership with TA Associates will further accelerate MRHT’s growth trajectory and cement its position as a leading insurance broker in the DACH region. The Group is now on track to deliver more than €150 million of revenue in 2023.

 

This transaction follows the recent completion of a debt refinancing for MRHT, led by Macquarie Capital Private Credit and existing lending partner Bain Capital Credit. This extended partnership will further optimise MRHT’s capital structure and provide the funding necessary to deliver on the next chapter of the company’s growth.

Ralph Rockel, Co-Founder and Chief Executive Officer at MRH Trowe, commented:

“Our partnership with AnaCap has already been one of significant support in the development of our business and brand. With the additional expertise of our new growth partner TA Associates and improved capital structure, we will be able to reach a new level of potential, both across DACH and internationally. This is an exciting time for both MRHT customers and employees.”

Tassilo Arnhold, Co-Managing Partner at AnaCap, added:

“To date, it has been an absolute privilege to work in partnership with the founders of MRHT and we are thrilled to continue this exciting journey together going forward. The investment in MRH Trowe is one of our most successful investments and we are now delighted to welcome an experienced investor like TA Associates to this successful partnership. Our core focus remains to back strong entrepreneurs in the financial services sector and the MRH Trowe founder management team with its vision to pursue an integrated buy-and-build model, holistic client servicing approach and strong value-based leadership culture continues to excite us tremendously.”

Arnhold continued:

“This transaction not only gives AnaCap and its investor base a very impressive return of a 4.3x money multiple but it also allows for significant further growth of the business. We see the DACH brokerage landscape continuing to undergo rapid consolidation and look forward to supporting MRHT together with TA Associates in the next phase of growth for the business.”

Chris Parkin, Managing Director and Co-Head of Financial Services at TA Associates, concluded:

“We believe MRH Trowe is uniquely positioned to consolidate its large and highly fragmented market. We have followed the company for many years and are truly impressed by the work that the Founders and broader team have accomplished. The combination of its holistic client approach, organic growth and best-in-class integration enables MRH Trowe to deliver superior client service while also enjoying sustained growth. We are excited to join AnaCap on this journey in support of the management team.”

Categories: News

Tags:

Adelis to become controlling shareholder in Hedvig – SEB and Nicklas Storåkers to co-invest

Adelis Equity

The fast-growing insurance company Hedvig raises SEK 333 million in an investment round led by Adelis Equity Partners as new controlling shareholder, with Swedish bank SEB and Nicklas Storåkers as co-investors. In conjunction with the transaction, SEB initiates a strategic distribution partnership with Hedvig. The new board of directors will be led by Nicklas Storåkers as chairman and include Michael Wolf as board member.

Only five years from inception, Swedish insurance company Hedvig has set a new standard in terms of customer service and availability, which has led to 10% of the Swedes choosing Hedvig when signing up for a new home insurance. As a result, Hedvig today has 130,000 members and a total GWP volume of SEK 200 million. To further accelerate the journey, Hedvig now raises SEK 333 million in a round led by new controlling shareholder Adelis, with SEB and Nicklas Storåkers as co-investors.

“Following this transaction, Hedvig will leave the startup phase, and with a fully capitalized business plan we will execute on a more focused growth strategy whilst reaching profitability. As part of the strategy, I am very happy to welcome Adelis as a strong and experienced growth partner”, says Lucas Carlsén, CEO and co-founder at Hedvig.

“Hedvig has built a unique position as challenger in the Swedish insurance market, with its market share growing fast and consistently every month. Over the past months, Hedvig has also proven its ability to grow in a cost-efficient manner, thanks to its successful partnership model as main growth driver. With a stronger capital base and an experienced board, we look forward to supporting Hedvig to become a leading insurance company in Sweden”, says Erik Hallert, partner at Adelis.

In conjunction with Adelis becoming the new controlling shareholder, SEB will co-invest and simultaneously initiate a strategic distribution partnership with Hedvig. Nicklas Storåkers, ex CEO of Avanza and Hedvig’s first investor in 2017, will also invest and become chairman of the board.

“I have followed Hedvig for six years, they offer an outstanding customer experience and are growing rapidly, not the least through partnerships. SEB is an example of a partner that will be able to distribute Hedvig’s products along with its core offering. Going forward, I am convinced that future partners to Hedvig will encompass everything from banks to car dealers, who will strengthen their offering with Hedvig insurances as an add-on”, says Nicklas Storåkers, incoming chairman at Hedvig.

The new board of directors will represent significant industry experience and include Michael Wolf (ex CEO of Swedbank), Henrik Rättzén (ex CFO of Trygg-Hansa) and Torgny Johansson (CEO of Futur Pension).

The transaction is subject to customary regulatory approval from the Swedish Financial Supervisory Authority and expected to close in the coming months.

For further information:

Lucas Carlsén, CEO and Co-founder at Hedvig AB

Phone: 072-529 88 65

E-mail: lucas@hedvig.com

Erik Hallert, Adelis Equity Partners

Phone: 070-936 80 41

E-mail: erik.hallert@adelisequity.com

About Hedvig

Hedvig is a Swedish insurance company on a mission to make it effortless to bounce back from loss. Launched in Sweden in 2018, Hedvig now insures 130,000+ people through home, accident, travel, and car insurance. Through stellar service and fast in-app claims handling, Hedvig defines a new type of insurance experience. For more information, please visit www.hedvig.com

About Adelis Equity Partners

Adelis is a growth partner for well-positioned, Nordic companies. Adelis partners with management and/or owners to build businesses in growth segments and with strong market positions. Since raising its first fund in 2013, Adelis has been one of the most active investors in the Nordic middle-market, making 38 platform investments and more than 180 add-on acquisitions. Adelis today manages approximately €2.5 billion in capital. For more information, please visit www.adelisequity.com

Categories: News

Tags:

PCF Insurance Services Secures $500 Million Preferred Equity Investment Co-Led by Carlyle Global Credit and HGGC

Valuation of $4.7 billion driven by 10% organic growth

LEHI, UTAH—February 17, 2023 — PCF Insurance Services (“PCF”), a top 20 U.S. insurance brokerage firm, today announced that it has secured a $500 million preferred equity investment in a transaction co-led by Carlyle’s Global Credit platform and private equity firm HGGC, an existing minority investor. PCF Insurance, led by Founder, Chairman and CEO Peter C. Foy and Chief Financial Officer and Chief Operating Officer Felix Morgan, also received significant investment participation in the transaction with funds managed by Owl Rock, a division of Blue Owl, and Crescent Capital, both of which have existing minority equity stakes in the business. At the time of investment, the valuation of PCF Insurance is $4.7 billion. J.P. Morgan served as the sole placement agent to PCF Insurance in connection with the transaction.

 

PCF Insurance is a risk management, benefits design, and insurance brokerage services company serving more than 415,000 clients. Since executing its management-led buyout in November 2021, PCF Insurance completed more than 100 partner transactions and increased its revenue to $700 million, while maintaining organic growth of 10%, by year-end 2022. Focusing on its proven practices, innovative, data-driven strategies, entrepreneurial spirit and the strong local relationships of its Agency Partners, PCF Insurance leverages the industry knowledge and experience of its more than 3,100 employees across 38 states to provide its first-class, highly diversified suite of services.

 

“This transaction marks a significant milestone in our pursuit of building a premier insurance brokerage firm in the U.S.,” said Foy. “We have built our agency-centric business model around long-term, sustainable growth, and I’m proud that PCF is positioned to continue investing in the growth of our agencies, especially during these recent times of economic uncertainty. We are grateful for the contributions of our partner investors who have supported us with the unique opportunity to accelerate growth.”

 

Gary Jacovino, Managing Director for Carlyle Global Credit, said: “PCF Insurance Services has experienced tremendous growth as a result of its unique client- and employee-centric operating model. We are delighted to be partnering with an exceptional management team and group of Agency Partners, and are confident PCF will achieve its long-term strategic growth objectives with the support of Carlyle Global Credit, HGGC and our partner investors.”

 

Matt Roesch, Principal of HGGC and PCF Insurance board member, added: “We continue to be impressed with the growth and operational advancements PCF has achieved since the onset of our partnership in 2020. We elected to continue as minority shareholders after the management buyout in 2021 because we see a very bright future for the business, and we are thrilled to extend our partnership with PCF, working in collaboration with Carlyle’s Global Credit platform, to help fuel its next phase of growth.”

 

 

About PCF Insurance Services

A top 20 U.S. broker headquartered in Lehi, Utah, PCF Insurance Services is a leading full-service consultant and insurance brokerage firm offering a broad array of commercial, life and health, employee benefits, and workers’ compensation solutions. Propelled by its people, PCF Insurance’s agency-centric operating model and entrepreneurial environment support its tremendous growth profile, offering partner agencies alignment through equity ownership, significant leadership incentives, and resources. Ranked #20 on Business Insurance’s 2022 Top 100 Brokers and #13 on Insurance Journal’s 2022 Top Property/Casualty Agencies, PCF Insurance is a notable leader in the insurance space, with 3,100 employees across the U.S. Learn more at pcfins.com.

 

About Carlyle

Carlyle (NASDAQ: CG) is a global investment firm with deep industry expertise that deploys private capital across three business segments: Global Private Equity, Global Credit and Global Investment Solutions. With $373 billion of assets under management as of December 31, 2022, Carlyle’s purpose is to invest wisely and create value on behalf of its investors, portfolio companies and the communities in which it lives and invests. Carlyle employs more than 2,100 people in 29 offices across five continents. Further information is available at carlyle.com. Follow Carlyle on Twitter @OneCarlyle.

 

About HGGC

HGGC is a leading middle-market private equity firm with over $6.9 billion in cumulative capital commitments. Based in Palo Alto, California, HGGC is distinguished by its Advantaged Investing approach that enables the firm to source and acquire scalable businesses through partnerships with management teams, founders and sponsors who reinvest alongside HGGC, creating a strong alignment of interests. Since its inception in 2007, HGGC has completed more than 600 platform investments, add-on acquisitions, recapitalizations, and liquidity events with an aggregate transaction value of over $71 billion. More information, including a complete list of current and former portfolio companies, is available at hggc.com.

 

About Blue Owl

Blue Owl is a global alternative asset manager with $138.2 billion of assets under management as of December 31, 2022. Anchored by a strong permanent capital base, the firm deploys private capital across Direct Lending, GP Capital Solutions and Real Estate strategies on behalf of Institutional and Private Wealth clients. Blue Owl’s flexible, consultative approach helps position the firm as a partner of choice for businesses seeking capital solutions to support their sustained growth. The firm’s management team is comprised of seasoned investment professionals with more than 30 years of experience building alternative investment businesses. Blue Owl employs over 545 people across 10 offices globally. For more information, please visit blueowl.com.

 

About Crescent Capital

Crescent Capital is a global credit investment manager with $40+ billion of assets under management. For over 30 years, the firm has focused on below investment grade credit through strategies that invest in marketable and privately originated debt securities including senior bank loans, high yield bonds, and private senior, unitranche, and junior debt securities. Crescent Capital is headquartered in Los Angeles with offices in New York, Boston, Chicago and London and more than 210 employees globally. For more information, please visit crescentcap.com.

 

# # #

 

 

For PCF Insurance Services

Dix & Eaton

Amy McGahan

216-241-3027

amcgahan@dix-eaton.com

 

For Carlyle

Charlie Bristow

+44 7384 513568
charlie.bristow@carlyle.com

 

For HGGC

Tom Faust

646-502-3513

tfaust@stantonprm.com

 

For Blue Owl

Nick Theccanat

212-970-6868

nick.theccanat@blueowl.com

 

For Crescent Capital

Investor Relations

310-235-5901

investor.relations@crescentcap.com

Categories: News

Tags:

Duck Creek Agrees to be Acquired by Vista Equity Partners for $2.6 Billion

Apax

Duck Creek Technologies (NASDAQ: DCT), the intelligent solutions provider defining the future of property and casualty (P&C) insurance, today announces it has entered into a definitive agreement to be acquired by Vista Equity Partners (“Vista”), a leading global investment firm focused exclusively on enterprise software, data and technology-enabled businesses, for $19.00 per share, in an all-cash transaction valued at approximately $2.6 billion.

Under the terms of the agreement, Duck Creek shareholders will receive $19.00 per share in cash, which represents a 46% premium to Duck Creek’s closing stock price on January 6, 2023, the last full trading day prior to the transaction announcement, and a premium of approximately 64% over the volume weighted average price of Duck Creek’s stock for the 30 days ending January 6, 2023.

“This transaction is a testament to the value of the Duck Creek platform, the success of our strategy and the strength of our incredible team. Following a deliberate and thoughtful process, the Board approved this transaction which delivers a great outcome for Duck Creek’s shareholders, providing them a certain and substantial cash value at an attractive premium,” said Michael Jackowski, Chief Executive Officer of Duck Creek. “Duck Creek is proud to have pioneered cloud-based mission-critical systems for the P&C insurance industry to deliver a best-in-class customer experience. We are excited to enter the next chapter for Duck Creek in partnership with Vista Equity Partners to continue supporting P&C insurance carriers’ move to the cloud.”

“Duck Creek is playing an outsized role in accelerating cloud strategies and unlocking all the advantages they provide this crucial sector of today’s economy,” said Monti Saroya, Senior Managing Director and Co-Head of Vista’s Flagship Fund. “Duck Creek’s modern cloud architecture and demonstrated market traction position it to define the next generation of mission-critical technology for P&C insurance.”

“Vista has an established track record of partnering with leading enterprise software businesses within the insurance industry and related verticals,” said Jeff Wilson, Managing Director at Vista. “We are excited to work with the Duck Creek team as we look to build on their best-in-class platform and solutions, which serve many of the world’s leading P&C insurance carriers.”

Certain Terms, Approvals and Timing

Transaction negotiations were led by a Special Committee of the Duck Creek Board of Directors, composed entirely of independent and disinterested directors. Following the recommendation of the Special Committee, the Duck Creek Board of Directors approved the merger agreement with Vista Equity Partners.

The transaction is expected to close in the second calendar quarter of 2023, subject to the satisfaction of customary closing conditions, including approval by Duck Creek’s stockholders and U.S. antitrust clearance. Upon completion of the transaction, Duck Creek’s common stock will no longer be publicly listed, and Duck Creek will become a privately held company. Vista Equity Partners intends to finance the transaction with fully committed equity financing that is not subject to any financing condition.

The agreement includes a “go-shop” period expiring at 11:59 p.m. Eastern time on February 7, 2023, which allows Duck Creek’s board of directors and its advisors to actively initiate, solicit and consider alternative acquisition proposals from third parties. Duck Creek’s board of directors will have the right to terminate the merger agreement to enter into a superior proposal subject to the terms and conditions of the merger agreement. There can be no assurance that this “go-shop” will result in a superior proposal, and Duck Creek does not intend to disclose developments with respect to the solicitation process unless and until it determines such disclosure is appropriate or otherwise required.

—//

About Duck Creek Technologies

Duck Creek Technologies (NASDAQ: DCT) is the intelligent solutions provider defining the future of the property and casualty (P&C) and general insurance industry. We are the platform upon which modern insurance systems are built, enabling the industry to capitalize on the power of the cloud to run agile, intelligent, and evergreen operations. Authenticity, purpose, and transparency are core to Duck Creek, and we believe insurance should be there for individuals and businesses when, where, and how they need it most. Our market-leading solutions are available on a standalone basis or as a full suite, and all are available via Duck Creek OnDemand. Visit www.duckcreek.com to learn more. Follow Duck Creek on our social channels for the latest information – LinkedIn and Twitter.

Categories: News

Tags:

EURAZEO to invest in BMS Group, a high growth independent (RE)Insurance broker, alongside BCI, PCP and Management

Eurazeo

Eurazeo, through its Mid-large buyout team1 and its affiliates, to invest up to £355m in BMS Group and acquire up to 34% of its share capital. Eurazeo and its affiliates will join BMS alongside its existing shareholders British Columbia Investment Management Corporation (BCI), Preservation Capital Partners (PCP) and BMS’ management and employees. Eurazeo and BCI together will be majority shareholders of the Company for its next phase of growth. Completion of the transaction is subject to obtaining relevant regulatory approvals.

Definitive financial information will be disclosed once the transaction has been completed.

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 14 countries with 28 offices around the world (US, Canada, Latin America, Australia, Europe and Asia).

BMS represents Eurazeo’s latest investment in financial services, one of its four key sector of focus. Eurazeo, BCI and PCP will support, Nick Cook, CEO of BMS, and the rest of the BMS senior management team to pursue its proven growth strategy. In the period 2019 to 2022, revenues at BMS have increased from c.£100m to more than £250m, while staff numbers have risen by nearly 75% to c.900 people globally. The investment from Eurazeo and other shareholders is expected to enable BMS to further expand as a global independent specialty (re)insurance broker by growing its foothold internationally both organically and through an active M&A strategy.

EURAZEO’S DEEP EXPERTISE IN FINANCIAL SERVICES

With over €2.5 billion invested in financial services in over 30 companies across all stages of their lifecycle, Eurazeo has developed a strong expertise in this sector with over 30 global investment professionals across strategies (Venture, Growth and Buyout). Eurazeo’s unique “investment flywheel” has led to deep industry knowledge and key relationships across the financial services sector. The specialty insurance segment has been a key focus for Eurazeo, with existing investments such as Albingia (commercial P&C specialty insurer) and Descartes Underwriting (MGA focused on specialty risks).

Marc Frappier, Member of the Executive Board, Managing Partner of Mid-large buyout, commented:

“Our “investment flywheel” operates across the entire Eurazeo group, accelerating and enhancing our sourcing, due diligence and value creation activities in our core sectors, notably financial services. We offer a rare combination of deep sector expertise, global presence and collaborative culture to support successful businesses, like BMS, and their management team achieve their global growth ambitions”.

Maxime de Bentzmann and Eric Sondag, Managing Directors – Mid-large buyout, said:

“We have been exploring specialty insurance and reinsurance markets for some time and we are impressed by BMS’ growth trajectory over the recent years including significant expansion of its US Reinsurance business segment. Together with our powerful international network, we are convinced that the Group has tremendous potential across the globe both organically and through M&A”.

Nick Cook, BMS CEO, stated:

“The Eurazeo DNA focused on culture, agility and global ambitions resonates strongly with BMS values, making Eurazeo a clear partner of choice for our next stage of growth. We are excited to partner with them and leverage their deep sector expertise and transformational growth experience”.

——————–

1 Part of the Eurazeo Mid Cap Company

Categories: News

Tags:

Consortium led by Capital A acquires Hampden Insurance Group in the Netherlands

Capital-A

On the 9th of December, a group of investors led by Capital A acquired Hampden Insurance Group B.V. (HIG) from Hampden Holdings Ltd. Maas Lloyd, a non-life insurance company, falls under the Hampden Insurance Group. With this acquisition, Maas Lloyd strengthens its position as a nationwide insurance company with a focus on MGA’s and run-off business. The CEO of Maas Lloyd, Elbert-jan Offereins, said the following: “The acquisition of HIG by the consortium fits perfectly with our long-term (growth) ambitions. By bundling our forces, we can strengthen our position in the market and serve our clients in a better manner going forward. Through this acquisition, Maas Lloyd fall back into Dutch hands, which is the first time since its inception in 1984”. The investors of the consortium have acquired 100% of the outstanding shares of HIG. The name Hampden Insurance Group shall be changed to Halcyon Insurance Group going forward and shall remain active as a holding company for Maas Lloyd and other daughter companies.

The consortium is led by Capital A, an investment company active in the Netherlands. Friso Janmaat, the managing partner of Capital A, said the following on the transaction: “Acquiring an insurance company has been on our wish list for a long time. We believe in the strategy that HIG has and trust that they can expand their current activities in the Dutch non-life insurance market with our help.”

HIG will continue to operate with the same workforce, which means that no changes will take place with regards to the main points of contact for business.

Maas Lloyd

N.V. Schadeverzekeringsmaatschappij Maas Lloyd is a non-life insurance company that has been offering run-off services since 2002 and started up business as an active commercial insurer since 2019. Maas Lloyd does so focused on SME companies and private individuals, mainly through MGA’s.

Capital A

Capital A is one of the most established private equity investors in the Netherlands, with a focus on investing in fast (both autonomous and acquisitive) growing companies. Originally started at ABN AMRO in the 1980’s as an investment fund focused on SMEs, Capital A continued independently in 2018 with support from investors such as ABN AMRO, Five Arrows, Alpinvest, Bregal, LGT, entrepreneurs of former portfolio companies and the Capital A team itself. From offices in Amsterdam and Antwerp, Capital A manages approximately EUR 1 billion in assets under management and has a portfolio of more than 30 growth companies that are predominantly active in Europe.

Categories: News

Tags:

Oyster Raises $3.6 Million Seed Funding to Modernize Personal Insurance

New Stack Ventures

New Stack Ventures leads round alongside Conversion Capital, GFC

Today, we’re excited to announce that Oyster has raised $3.6 million in Seed funding to launch a modern personal insurance platform for seamless point-of-sale and post-purchase experiences.

We’re grateful to be supported by an incredible group of angels and investors, led by New Stack Ventures alongside Global Founders Capital, Conversion Capital, Cambrian Ventures, Kearny Jackson, Valia Ventures, Interlace Ventures, V1 VC, Polymath Capital, Position Ventures, Kevin Mahaffey (Founder of Lookout), Garrett Koehn (President of CRC Insurance), Gokul Rajaram (executive at DoorDash), Eugene Marinelli (Founder of Blend), Joe Schmidt (Partner at a16z), and Tanay Jaipuria (Partner at Wing).

Together, we’re working to build a better customer experience from the ground-up in the world of personal insurance, anchored by a strong belief in the potential of technology.

Insurance doesn’t work for consumers

Over the last two decades, the world has seen a boom in the investment of technology that powers finance. The development and success of entirely new capabilities, like instant stock trading, to new purchasing paradigms, like buy-now-pay-later, teaches us two lessons: (1) across industries, consumer expectations are rising when it comes to the way they interact with everyday facets of their lives; and (2) the successful application of technology can have a transformational impact on both an entire industry and the way consumers interact with that industry.

Today, insurance is one of the remaining financial sectors that has yet to see the same kind of impact from all of the technological advances of the last two decades. Understanding of insurance remains low amongst consumers, every process from discovery to application to claims remains arduously manual and opaque, and incumbents in an inherently risk-averse industry have been unsuccessful in changing the status quo.

For many of our most valuable possessions, a service that protects against theft, damage, and loss is invaluable. However, the decoupling of the insurance-buying journey from the actual purchase of the item drives issues of discoverability, unclear coverages and processes, pricing and underwriting inefficiencies, and higher loss ratios, which all ultimately lead to a poor customer experience and widespread coverage gaps.

 

Introducing Oyster

Oyster was founded to solve these problems from first principles, bringing innovation to the P&C insurance industry through technology and underwriting.

Oyster’s omni-channel platform allows merchants to offer insurance to their customers at the point-of-sale. With a focus on point-of-sale underwriting, technology, and partnerships with retailers, we’re solving each of these issues while simultaneously helping customer-centric merchants offer better protection to their customers, open new revenue streams, and most importantly, provide a differentiated customer experience in an increasingly competitive market.

The new investment will propel the launch of our point-of-sale insurance platform and expand our merchant partnership network to make personal insurance accessible to more consumers at the point-of-sale. At the same time, we’re ensuring that personal property in any category can be covered by rolling out a comprehensive suite of insurance products that cover bikes, eBikes, jewelry, collectibles, phones, electronics and more.

Retailers such as Bulls Bikes, Jewels by Grace, Zooz Bikes, Bario Neal, Area 13 Ebikes, The New Wheel, and more rely on Oyster to provide a seamless insurance experience both online and in-store for their customers. But the journey for Oyster has just begun. We have a lot of challenging problems to solve, and if we can do so, an immense opportunity to change the way people interact with insurance.

The insurance industry is still in the early innings of digital transformation. As such, we’re accelerating the speed of innovation in order to provide the best-in-class products and services to our customers and partners. If you’re interested in building a future of insurance that is powered by technology and data, reach out to us and share your big ideas.

Categories: News

Tags:

Oyster Raises $3.6 Million Seed Funding to Modernize Personal Insurance

New Stack Ventures

New Stack Ventures leads round alongside Conversion Capital, GFC

Today, we’re excited to announce that Oyster has raised $3.6 million in Seed funding to launch a modern personal insurance platform for seamless point-of-sale and post-purchase experiences.

We’re grateful to be supported by an incredible group of angels and investors, led by New Stack Ventures alongside Global Founders Capital, Conversion Capital, Cambrian Ventures, Kearny Jackson, Valia Ventures, Interlace Ventures, V1 VC, Polymath Capital, Position Ventures, Kevin Mahaffey (Founder of Lookout), Garrett Koehn (President of CRC Insurance), Gokul Rajaram (executive at DoorDash), Eugene Marinelli (Founder of Blend), Joe Schmidt (Partner at a16z), and Tanay Jaipuria (Partner at Wing).

Together, we’re working to build a better customer experience from the ground-up in the world of personal insurance, anchored by a strong belief in the potential of technology.

Insurance doesn’t work for consumers

Over the last two decades, the world has seen a boom in the investment of technology that powers finance. The development and success of entirely new capabilities, like instant stock trading, to new purchasing paradigms, like buy-now-pay-later, teaches us two lessons: (1) across industries, consumer expectations are rising when it comes to the way they interact with everyday facets of their lives; and (2) the successful application of technology can have a transformational impact on both an entire industry and the way consumers interact with that industry.

Today, insurance is one of the remaining financial sectors that has yet to see the same kind of impact from all of the technological advances of the last two decades. Understanding of insurance remains low amongst consumers, every process from discovery to application to claims remains arduously manual and opaque, and incumbents in an inherently risk-averse industry have been unsuccessful in changing the status quo.

For many of our most valuable possessions, a service that protects against theft, damage, and loss is invaluable. However, the decoupling of the insurance-buying journey from the actual purchase of the item drives issues of discoverability, unclear coverages and processes, pricing and underwriting inefficiencies, and higher loss ratios, which all ultimately lead to a poor customer experience and widespread coverage gaps.

 

Introducing Oyster

Oyster was founded to solve these problems from first principles, bringing innovation to the P&C insurance industry through technology and underwriting.

Oyster’s omni-channel platform allows merchants to offer insurance to their customers at the point-of-sale. With a focus on point-of-sale underwriting, technology, and partnerships with retailers, we’re solving each of these issues while simultaneously helping customer-centric merchants offer better protection to their customers, open new revenue streams, and most importantly, provide a differentiated customer experience in an increasingly competitive market.

The new investment will propel the launch of our point-of-sale insurance platform and expand our merchant partnership network to make personal insurance accessible to more consumers at the point-of-sale. At the same time, we’re ensuring that personal property in any category can be covered by rolling out a comprehensive suite of insurance products that cover bikes, eBikes, jewelry, collectibles, phones, electronics and more.

Retailers such as Bulls Bikes, Jewels by Grace, Zooz Bikes, Bario Neal, Area 13 Ebikes, The New Wheel, and more rely on Oyster to provide a seamless insurance experience both online and in-store for their customers. But the journey for Oyster has just begun. We have a lot of challenging problems to solve, and if we can do so, an immense opportunity to change the way people interact with insurance.

The insurance industry is still in the early innings of digital transformation. As such, we’re accelerating the speed of innovation in order to provide the best-in-class products and services to our customers and partners. If you’re interested in building a future of insurance that is powered by technology and data, reach out to us and share your big ideas.

Categories: News

Tags:

CVC agrees the sale of APRIL Group

CVC Capital Partners

After refocusing its activities around insurance distribution and carrying out an in-depth transformation of its business model since its acquisition by CVC Capital Partners Fund VII in 2019, enabling the group to return to a high level of performance, the APRIL Group announces that it has signed a long-term strategic partnership with global investment firm KKR. By teaming up with KKR, APRIL, which is already one of the leading insurance brokers in Europe, is preparing to accelerate its development and digitalization in the markets for borrowers, health and personal protection, niche property and casualty, international health insurance and wealth management in France and internationally.

With a turnover of €544 million in 2021, double-digit growth dynamics for 2022 and a nearly 20-point rise in its NPS, the APRIL Group has completed its transformation, achieving its objectives more than a year in advance. Building on this upward trajectory and its position as the French leader in wholesale insurance, the group has decided to take its ambitions to the next level and secure the means to become a key player at an international level.

To support this new stage of growth, the APRIL Group will now be supported by KKR, which, as a majority shareholder, will bring its global expertise in insurance and financial services.

The transaction will be subject to the usual legal and regulatory approvals.

Quotes

After a great collaboration with CVC… our aim is to continue the history of this great company and to make it a French champion

Eric Maumy President & CEO, APRIL Group

“The APRIL Group was created 35 years ago by a visionary entrepreneur. After a great collaboration with CVC Capital Partners, April recovered its original strength. Our aim is to continue the history of this great company and to make it a French champion on a global scale. This next chapter will be enabled by the management team, our 2,300 employees, and KKR, for the benefit of our partners and policyholders,” states Eric Maumy, President & CEO of APRIL Group.

Over the past three years, the APRIL Group has reinvented itself:

  • Organic growth of +8% in 2021 thanks to substantial work on products in France and worldwide across all its markets – loan insurance, health / personal protection, casualty niche insurance, international medical insurance – and entering a new market, property insurance, through the acquisition of Magnacarta;
  • Improvement in customer experience, as recognised by 24-point NPS;
  • Returned to its position as an industry leader, with all actors mobilised around the liberalisation of the loan insurance market;
  • Strengthened digital and technological capabilities, with the creation of the dedicated APRIL X hub and the acquisition of ELOA and Comparadise;
  • 800 employees recruited in three years;
  • International expansion, with offices opened in Germany and Dubai.

Categories: News

Tags: