Tag Archives: Insurance

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”.

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1 Part of the Eurazeo Mid Cap Company

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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.

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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.

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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.

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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.

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Allianz X to acquire Innovation Group

Allianz X will acquire Innovation Group, supporting its growth and further development

● Innovation Group is a leading global provider of claims and technology solutions to the insurance and automotive industries

● Innovation Group will continue to operate independently, serving all customers

Munich/London, 10 October 2022 — Allianz X announced today it has entered into binding agreements with the shareholders of UK-headquartered Innovation Group to fully acquire the Company. The transaction is subject to approval by the relevant competition and regulatory authorities.

Innovation Group’s subsidiaries include auto and property service solution leaders that offer technology-based business process solutions. Further, Innovation Group operates a pioneering digital claims management platform, Gateway, which is a sophisticated, independent software platform for the automotive sector and, in time, the property sector. Gateway bundles the diverse processes in claims management into one integrated software. It allows digital management of the claims journey, from First Notification of Loss (FNOL) to repair and settlement, providing an entirely collaborative ecosystem for all parties involved in the claims process.

“Innovation Group’s digital solutions bring together all the relevant parties and data to facilitate smooth, efficient, and transparent claims management, from First Notification of Loss to repair and settlement, which is what the market is increasingly demanding,” said Nazim Cetin, CEO of Allianz X. “It’s a future-ready business with lots of potential and we want to help unleash it.”

“Allianz X’s support will accelerate the roll-out of our industry-leading platform, Gateway, open up new opportunities for growth, and enable us to deliver market-leading services for our clients,” said Tim Griffiths, CEO of Innovation Group. “We are delighted to have the backing of Allianz X as we enter the next phase of our development.”

Following the transaction, Innovation Group will maintain its management team and continue to operate independently. The Company will retain its name, brand, and culture, and will continue to offer its full range of services at the highest quality to all clients.

For more information, please contact:

Allianz X

Gregor Wills

+49 89 3800 61313

gregor.wills@allianz.com

Innovation Group (via Instinctif Partners)

Tim McCall / Victoria Hayns

+44 20 7457 2020

Hubert Becker / Christiane Zimmer

+49 22 1420 7524

innnovationgroup@instinctif.com

About Innovation Group

Innovation Group delivers transformational expertise to the world’s leading insurers, brokers, fleet managers and automotive manufacturers, helping them to open new growth frontiers with revolutionary solutions. Clients trust us to transform their claim management processes, manage critical vehicle and property incidents and generate more revenue through value-added services. Innovation Group connects more than 1,200 global clients in the insurance and automotive sectors with an ecosystem of thousands of integrated regional network repairers and suppliers.

About Allianz X

Allianz X invests in digital frontrunners in ecosystems relevant to insurance and asset management. In just a few years, it has grown to a portfolio of more than 25 companies and AuM of over 2 billion euros. Allianz X has counted 11 unicorns among its portfolio so far. The heart and brains behind it all is a talented team of around 40 people. As one of the pillars of the Allianz Group’s digital transformation strategy, Allianz X provides an interface between Allianz Operating Entities and the broader digital ecosystem, enabling collaborative partnerships in insurtech, fintech, and beyond. As an investor, Allianz X supports mature digital growth companies to take the next bold leap and reach their full potential.

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Cinven to acquire Säkra

Cinven

International private equity firm, Cinven, announces that it has reached an agreement to acquire Säkra, a leading insurance broker headquartered in Stockholm, Sweden. Financial details of the transaction are not disclosed. The acquisition of Säkra marks the fourth investment from Cinven’s inaugural Strategic Financials Fund (‘SFF’), which held its final closing in July 2022 with total capital committed of €1.5 billion.

Founded in 1990, Säkra is one of Sweden’s largest insurance intermediaries, providing life and non-life insurance products, as well as pension and wealth management services, to more than 35,000 SME clients and more than 115,000 individual customers. Säkra has more than 60 offices across Sweden and employs approximately 350 people.

Cinven believes Säkra is an attractive investment opportunity for the SFF based on:

  • The company’s high-quality, cash generative business model and attractive, recurring revenue base;
  • Säkra’s strong position in the insurance markets it serves, with strong brand equity and a long-standing client base;
  • Its proven track record of steady and consistent growth, delivering robust performance through the COVID-19 pandemic and prior economic downturns;
  • The opportunity to accelerate the company’s long-term growth profile through a combination of organic growth and incremental bolt-on M&A;
  • The resilient growth prospects of the underlying insurance market through economic cycles; and
  • Säkra’s strong management team, led by CEO, Eva Pantzar Waage, and deep bench of talent, with significant expertise across its specialist areas.

Luigi Sbrozzi, Partner and co-head of the SFF, said:

“Cinven is very pleased to be making this investment in Säkra. It is a highly attractive, resilient specialist insurance intermediary business with strong long-term growth opportunities across all of its segments and a history of consistent growth through various economic cycles. The investment is supported by a resilient underlying market in Sweden and is well-positioned to grow organically, with further upside through its demonstrated M&A trajectory. Säkra offers a high-quality scalable platform, with associated benefits for clients as the business develops and expands over the long-term. We look forward to working with Säkra’s CEO and her colleagues in further developing and growing the business.”

Eva Pantzar Waage, President and CEO at Säkra, added:

“We are delighted to be partnering with Cinven to deliver the next phase of Säkra’s growth. Säkra is a firm with a strong reputation, skilled employees and significant future growth opportunities, with scope to build on the company’s existing strengths through incremental, targeted strategic investments. Cinven’s skills and expertise, including its knowledge of the sector and proven track record of investing in established European financial services businesses, will help accelerate Säkra’s growth going forward.”

The transaction is subject to customary regulatory and antitrust approvals.

The SFF builds on Cinven’s leading financial services investment platform in Europe with an investment strategy focused on areas where Cinven has developed significant investment expertise, such as life and non-life insurance and reinsurance, asset-backed speciality finance, wealth management, insurance distributors and other ‘capital light’ tech-enabled financial service providers.

To date, the SFF has invested in Miller (investment completed in March 2021), a leading specialist insurance and (re)insurance broker, acquired in partnership with GIC; Compre (April 2021), a specialist global consolidator of closed books of non-life insurance policies, acquired in partnership with British Columbia Investment Management Corporation; and International Financial Group Limited (investment agreed in 2022, with completion pending customary regulatory and antitrust approvals), a leading life insurance provider of cross-border, long-term savings products for internationally mobile clients.

Cinven Funds’ previous investments in the European insurance sector include Guardian Financial Services in the UK and Viridium in Germany. Other UK-headquartered financial services investments by the Cinven Funds include Partnership Assurance, NewDay and Premium Credit.

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RiskPoint Group partners with Nordic Capital as minority investor to support continued growth journey

Nordic Capital

RiskPoint Group partners with Nordic Capital as minority investor to support continued growth journey Image

Nordic Capital and RiskPoint Group (“RiskPoint” or the “Group”) announces today that they have entered an agreement for Nordic Capital to acquire an interest in RiskPoint (subject to regulatory approvals). The investment by Nordic Capital in RiskPoint will help accelerate the Group’s global growth ambitions and support the company in achieving its long-term strategy.

RiskPoint Group is a global independent specialty insurance Managing General Underwriter (“MGU”) based in Copenhagen with offices in Stockholm, Oslo, Helsinki, Amsterdam, Frankfurt, Zurich, Madrid, London and New York. The Group offers a wide range of traditional and niche insurance solutions within the areas of Mergers & Acquisitions, Renewable Energy, Liabilities including Financial Lines and Cyber, Off-Shore Upstream, Property & Construction and Accident & Health. The Group was founded in 2007 and has since then enjoyed successful and profitable growth in Europe and the U.S., focusing on providing leading underwriting, claims and operational capabilities. RiskPoint Group has built a unique global team of over 150 employees with a strong commercial mindset and best in class service.

As one of the leading and most experienced Financial Services investors with deep understanding of the sector and an ability to accelerate organic and acquisitive growth, Nordic Capital will support RiskPoint’s continued growth journey in close partnership with the management team.

The ability to enable the execution of strategic long-term goals while retaining the Group’s independence and partnership-controlled business model, was paramount to RiskPoint when finding the right investor. Likewise, the alignment of values and culture between RiskPoint and Nordic Capital were key drivers in the decision-making process.

“This partnership is a great fit for RiskPoint, with a high degree of alignment across the board and a common goal to continue to build our value proposition of being the underwriter of choice for clients and brokers,” says Kenneth Nielsen, CEO of RiskPoint Group.

He continues: “In our pursuit to provide service excellence and expand our geographic footprint, I am proud to partner with Nordic Capital to continue our journey as an independent MGU. This partnership and the alignment between us are founded on the importance and value of our employees and will ensure that our unique company culture can flourish, now and in the future.”

“RiskPoint Group provides a unique business model and a strong value proposition to selected markets globally. We are impressed by the team’s ability to grow and diversify the Group in recent years and expand into strategically important new markets. Furthermore, Nordic Capital has a strong alignment with RiskPoint’s busi ness philosophy and strategy and is very pleased to be partnering with RiskPoint to support the continued growth and its vision of being the underwriter of choice,” says Christopher Ekdahl, Managing Director, Nordic Capital Advisor.

Nordic M&A acted as financial advisor to RiskPoint Group and TigerRisk Capital Markets & Advisory acted as financial advisor to Nordic Capital. The terms of the transaction are not disclosed. The transaction is subject to customary regulatory approvals. RiskPoint’s founders and partner group will remain majority owners.

 

Media contacts:

Nordic Capital
Katarina Janerud, Communications Manager
Nordic Capital Advisors
Tel: +46 8 440 50 50
e-mail: katarina.janerud@nordiccapital.com

 

RiskPoint

Rebecca Spencer Søltoft
Marketing & Communications Specialist
Tel:     +45 4445 1709
Email:  rebecca.soeltoft@riskpoint.eu

 

About RiskPoint Group

RiskPoint Group is a global Managing General Underwriter (MGU) providing best in class insurance solutions to businesses and their advisors under the brands of RiskPoint and RP Underwriting. RiskPoint Group operates globally with locations in 10 countries in Europe and the U.S. Our specialist and seasoned underwriters have in depth industry and product knowledge whilst our professional claims team provide a unique and pro-active approach to assisting our clients when claims occurs. Together we offer a wide range of insurance solutions within the areas of Mergers & Acquisitions, Renewable Energy, Liabilities, including Financial Lines and Cyber, Off-Shore Upstream, Property & Construction and Accident & Health. For more information about RiskPoint Group, please visit: www.riskpoint.eu or www.rpuw.com.

 

About Nordic Capital

Nordic Capital is a leading private equity investor with a resolute commitment to creating stronger, sustainable businesses through operational improvement and transformative growth. Nordic Capital focuses on selected regions and sectors where it has deep experience and a long history. Focus sectors are Healthcare, Technology & Payments, Financial Services, and selectively, Industrial & Business Services. Key regions are Europe and globally for Healthcare and Technology & Payments investments. Since inception in 1989, Nordic Capital has invested more than EUR 20 billion in over 125 investments. The committed capital is principally provided by international institutional investors such as pension funds.  Nordic Capital Advisors have local offices in Sweden, the UK, the US, Germany, Denmark, Finland, Norway and South Korea. For further information about Nordic Capital, please visit www.nordiccapital.com.


“Nordic Capital” refers to, depending on the context, any, or all, Nordic Capital branded entities, vehicles, structures and associated entities. The general partners and/or delegated portfolio managers of Nordic Capital’s entities and vehicles are advised by several non-discretionary sub-advisory entities, any or all of which are referred to as “Nordic Capital Advisors”

 

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Howden Group creates new $30bn force in global broking through landmark TigerRisk deal

Tigerrisk

artnership creates a standout reinsurance and advisory business, bringing full capability and scale to Howden’s diversified and differentiated brokerage, MGA, capital markets and data & analytics proposition

9 June 2022 – Howden Group Holdings (“Howden Group” or the “Group”), a leading international insurance group, today announces the acquisition of TigerRisk Partners, (“TigerRisk”) the leading risk, capital and strategic advisor to the global insurance and reinsurance industry.

The transaction significantly enhances the scale and depth of Howden’s reinsurance and capital markets offering and creates the much-needed fourth global player in the reinsurance market.  This builds on the Group’s global integrated approach and continued commitment to deliver more choice for clients and act as the natural long-term home for talent in the market.

At a time of continuing market disruption, the combination also enhances the credibility, relevance, scale and capability of Howden’s full service offering across insurance, reinsurance, MGA and capital markets. This further consolidates the Group’s position as a global insurance intermediary creating a $30bn GWP business with an enterprise value of over $13bn, employing 12,000 people across 45 countries.

Howden RE’s global distribution network and complementary data-driven reinsurance expertise in international Specialty Treaty, Fac and the MGA sector will accelerate the growth potential of TigerRisk’s leading US focused reinsurance, capital markets, advisory and technology and analytics offering.  The combined reinsurance business will be able to meet the rapidly changing demands of large global clients, domestic and regional insurers, MGAs and reinsurers.  The partnership represents approaching $400m of combined reinsurance revenues and provides clients with access to 450 experts in a business across more than 30 offices and a track record of delivery in local markets.

The acquisition represents Howden’s continued investment in the US, focusing on MGA and reinsurance, to support its existing retail, wholesale and MGA clients and follows its recent move to enhance DUAL, its leading specialist general agency and underwriting management group in the US, through the purchase of Align Financial Holdings.  The transaction is backed by Howden’s long-term investors, including General Atlantic (investor since 2013), CDPQ (investor since 2018), and Hg (investor since 2021).

“TigerRisk has been the standout business and innovator in the reinsurance and capital markets space for many years and the decision to join forces with Howden is a unique opportunity and a game-changer for us and the industry.  Importantly, its evolution mirrors our own journey; from a standing start it has empowered employees through ownership and by taking an entrepreneurial and client first approach, it has delivered phenomenal organic growth and become a genuine market challenger of the highest quality.”

“Not only does the combination create an unrivalled digitally driven reinsurance and capital markets business underpinned by a complementary product offering and strong cultural fit, it brings full capability to our diversified and differentiated client offer, creating a fresh alternative of real scale for clients and talent. I am so excited about unlocking the potential of the two businesses and I can’t think of a better place for TigerRisk to continue its incredible long-term journey.”

David Howden, CEO, Howden Group

Rod Fox, Executive Chairman and Co-Founder of TigerRisk Partners, who will now become Executive Chair of Howden Tiger, said:

“All I can say is ‘Wow!’ This combination is transformational – we will become the difference the market is looking for.

The combined entities will have the culture, deep experience and the scale to really benefit our clients and world-class team members. It is a fantastic opportunity that we have been able to make a reality. We have built TigerRisk from the ground up – and this combination allows us to take our global capabilities to the next level while maintaining our entrepreneurial and ‘can-do’ attitude.

People want choice, and it is clear that as part of Howden Group all of our existing and future clients, as well as the experienced professionals looking to join our team, will benefit from our distinctively different approach.

I was immediately impressed with David and his team’s boldness. Together, we will be very bold.”

“I have been a big admirer of what TigerRisk has built and its achievements; the areas of the market in which it leads are incredibly complementary to our own strengths.  The combination of our talent, expertise and distribution, underpinned by friendship and trust, means the solutions we can offer clients will be astonishing.  Our ambition has always been to take a leading position in our chosen markets.  This partnership immediately creates the global leader in Fac, Capital Markets, MGA, Analytics and Specialty Treaty – the pre-eminent reinsurance and capital markets provider for reinsurance buyers.”

Elliot Richardson, Chair, Howden RE

The transaction is subject to regulatory approvals.

About Howden Group Holdings
Howden Group Holdings is a leading international insurance group with employee ownership at its heart.  Founded in 1994, the Group comprises Howden, the international insurance broker, and DUAL, one of the world’s largest MGAs.  We are a group of global experts with a local touch and a digital backbone.  Alongside our long term, aligned growth equity investors, employees make up the single largest shareholder group.

Howden Group Holdings’ businesses operate in over 45 countries across Europe, Africa, Asia, the Middle East, Latin America, the USA, Australia and New Zealand and employs over 12,000 people.

For more information, please visit www.howdengroupholdings.com

About TigerRisk Partners
TigerRisk Partners LLC is a leading risk, capital and strategic advisor to the insurance and reinsurance industries founded in 2008. TigerRisk Capital Markets & Advisory (“TCMA”), a broker dealer registered with the U.S. Securities and Exchange Commission, a member of FINRA and a member of SIPC, is a wholly owned subsidiary providing clients strategic advice on mergers, acquisitions, and capital markets products and transactions.

Headquartered in Stamford, CT, TigerRisk has offices in Stamford, New York, Bermuda, London, Hong Kong, Minneapolis, Chicago, and Raleigh. For more information, visit www.TigerRisk.com.

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AnaCap invests in Further, a leading global niche healthcare insurance and services solutions provider

Anacap

AnaCap Financial Partners (“AnaCap”), a leading specialist mid-market private equity investor in technology enabled financial services, announces that it has signed an agreement to invest in Further Underwriting International (“Further”), a leading digitally enabled specialist in the design and development of niche health insurance products and service solutions.

Founded in 2012 and headquartered in Madrid, Further has successfully established itself as a leading, high growth company in its specialty area, with business in over 30 countries through partnerships with more than 300 insurers and employer groups.

With rapid advances in healthcare solutions and a constantly changing landscape in healthcare delivery and consumer needs, Further’s ability to design and deliver ground-breaking solutions in complex areas of healthcare positions it perfectly to continue supporting its partners in an environment of increasing complexity. Further’s unique combination of empathetic customer care and digital enablement means it is ideally placed to respond to these new challenges with a clear mission to level the playing field and provide truly global solutions within the diversity, equity, and inclusion space.

The partnership with AnaCap will enable Further to accelerate its global growth strategy with expansion into new geographies, product categories and partnerships, as well as pursuing acquisition opportunities.

AnaCap will partner with Further, leveraging its expertise at the intersection of the insurance, healthcare and technology sectors, while providing both organic operational and inorganic growth support.

The European insurance market is well known to AnaCap and this transaction builds on AnaCap’s successful track record of investing in technology-enabled insurance businesses, which spans companies such as Simply Business (UK), Oona Health (parent of DSS, Denmark and Sweden) and MRH Trowe (Germany).

Frank Ahedo, Chief Executive Officer at Further, commented: “We are delighted to secure this operational and financial support and begin an exciting partnership with AnaCap. It was very important for us to partner with a business that has a strong entrepreneurial mindset and an understanding of tech-enabled financial services, particularly in the insurance sector, as well as a shared passion for our mission.

We have found in AnaCap an ideal partner to support our continued global growth and together we are taking Further’s success story to the next level.”

Tassilo Arnhold, Private Equity Partner at AnaCap, added: “We are very excited to partner with Frank and his team at Further. This partnership ensures AnaCap continues to collaborate with exceptional entrepreneurs and management teams where our prior experience in scaling health InsurTech businesses can be additive. Our investment will help Further to continue expanding in a large, unserved market with unique and socially beneficial products, building on strong business fundamentals and a robust organic growth track record.”

Robert Massey, Managing Director in AnaCap’s Private Equity Portfolio Value Creation Team, concluded: “Further presents an exciting opportunity to partner with a strong team of entrepreneurs. Our focus will be on the scaling of the business and accelerating growth through selected acquisition opportunities and joint ventures. This partnership will support the expansion of an exciting company with a unique and highly defensible market position and solid existing relationships with re-insurer partners. We look forward to working closely with everyone at Further.”

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