Tag Archives: Insurance

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.

PRESS CONTACTS:

FTI Consulting:
Ed Berry
07703 330 199
edward.berry@fticonsulting.com

Howden Group:
Sam Horril
07706 352108
samuel.horril@howdengrp.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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Ardian invests in Odealim alongside TA Associates

Ardian
  • 01 June 2022 Buyout France, Paris
  • Ardian, a world-leading private investment house, announces today it has signed an agreement with TA Associates (“TA”), a global growth private equity firm, to become a co-controlling shareholder of Odealim, a leader in real estate insurance and credit brokerage in France. The Group, managed by Xavier Saubestre (Chairman and CEO) and Xavier Paturel (CEO), has revenues of over €160m.

TA, Odealim’s majority shareholder since 2018, will reinvest in the transaction alongside Raise Investissement, an existing minority shareholder, and the management team. The investment, made by the Buyout team at Ardian, will enable the company to move into the next phase of its development and consolidate its position as an integrated leader in the real estate sector through the continuation of its organic growth, diversification and geographic expansion, notably through strategic acquisitions.

Founded in 1998, the company became the leading insurance brokerage specialist for real estate professionals (primarily property managers, institutional investors, co-ownerships, etc.) by developing insurance solutions for their properties (including multi-risk building insurance, structural damage policies and unpaid rent guaranties).

Backed by TA, the Group has grown revenues from €30m in 2018 to €160m today and increased its geographic coverage across France, through multiple acquisitions, including Ripert de Grissac and Pisano in Marseille, Brun, Assurgérance and BVD in Lyon, Fidentialp in Grenoble and Bâti-assure in Tours.

More recently, Odealim has also diversified into mortgage brokerage and mortgage insurance by investing in Digital Insure (2020), an insurtech focused on mortgage insurance, and via the acquisition of real estate mortgage broker Artémis Courtage (2021). Through those two acquisitions, the Group further strengthened its position across the real estate vertical and developed the opportunity for cross-selling synergies between its activities.

Thanks to this new investment, the company will be positioned to continue its strong organic growth, further integrate the recently acquired companies, and capitalize on its extensive M&A pipeline. Ardian and TA, both with proven track-records in financial services, will support the Group in further consolidating its positions in existing markets, notably in construction (policies covering structural damage, decennial liability etc.), as well as in new sectors of activities like the institutional real estate market.

“We have followed Odealim closely for several years and have been impressed by the development project led by Xavier Saubestre and Xavier Paturel. We are convinced of the company’s future growth prospects as the French leader in insurance and financing brokerage for real estate professionals. Odealim has demonstrated an impressive organic growth during this period and strong resilience throughout the COVID-19 pandemic, as well as in the current inflationary market context.” Yann Bak, Managing Director in the Ardian Buyout team

“Odealim is a key player in insurance and real estate financing brokerage in France. The Group benefits from a recurring business model, significant organic growth prospects, and is a natural consolidator in its different sectors of activity. We are extremely pleased to continue being part of the Odealim story alongside the management team and Raise, and to welcome Ardian, an experienced investor in insurance brokerage.” Patrick Sader & Jeremy Drean, Managing Director & Principal, TA Associates

“The investment from Ardian, alongside TA, will enable us to continue delivering on our ambitious expansion plans. I am proud of how far we have come with TA whom I would like to thank for their renewed trust. Our teams are working to offer to our clients and partners a high level of expertise and proximity. I would also like to thank Odealim’s executive committee members, who have been involved in this project for several years and have made it a successful, innovative and dynamic company.” Xavier Saubestre, Chairman and CEO, Odealim

Parties to the transaction

  • Odealim

    • Xavier Saubestre, Xavier Paturel

  • Ardian

    • Yann Bak, Edouard Level, Jean-Baptiste Hunaut, Anaïs Robin

  • TA Associates

    • –

  • RAISE Investissement

    • Alexandra Dupont, Aymeric Marraud des Grottes

  • Sell-side advisors

    • Financial advisors: Lazard
    • Legal corporate & structuring advisors: Latham & Watkins
    • Financial due diligence: Deloitte
    • Legal & Labor due diligences: Latham & Watkins
    • Tax due diligences: Deloitte Avocats

  • Buy-side advisors

    • Financial advisors: Nomura, Mirabaud Advisors
    • Legal corporate & structuring advisors: Weil, Gotshal & Manges
    • Commercial due diligence: Roland Berger
    • Financial due diligence: KPMG
    • Digital due diligence: Magellan Consulting
    • Legal, Labor & Tax due diligences: KPMG Avocats
    • ESG due diligence: Indefi

ABOUT ODEALIM

Created from the consolidation of several regional insurance brokers, active on real estate markets, Odealim is the first specialist in real estate insurance brokerage on the French market today.
With a strong geographical footprint and a powerful network of partner insurers, Odealim can guarantee to its customers, professionals and individuals, a real support and customized solutions.

www.odealim.com

ABOUT ARDIAN

Ardian is a world-leading private investment house with assets of US$130bn managed or advised in Europe, the Americas and Asia. The company is majority-owned by its employees. It keeps entrepreneurship at its heart and focuses on delivering excellent investment performance to its global investor base.
Through its commitment to shared outcomes for all stakeholders, Ardian’s activities fuel individual, corporate and economic growth around the world.
Holding close its core values of excellence, loyalty and entrepreneurship, Ardian maintains a truly global network, with more than 880 employees working from fifteen offices across Europe (Frankfurt, Jersey, London, Luxembourg, Madrid, Milan, Paris and Zurich), the Americas (New York, San Francisco and Santiago) and Asia (Beijing, Singapore, Tokyo and Seoul). It manages funds on behalf of more than 1,300 clients through five pillars of investment expertise: Fund of Funds, Direct Funds, Infrastructure, Real Estate and Private Debt.

www.ardian.com

ABOUT TA ASSOCIATES

TA is a leading global growth private equity firm. Focused on targeted sectors within five industries – technology, healthcare, financial services, consumer and business services – the firm invests in profitable, growing companies with opportunities for sustained growth, and has invested in more than 550 companies around the world. Investing as either a majority or minority investor, TA employs a long-term approach, utilizing its strategic resources to help management teams build lasting value in high quality growth companies. TA has raised $47.5 billion in capital since its founding in 1968. The firm’s more than 100 investment professionals are based in Boston, Menlo Park, London, Mumbai and Hong Kong.

www.ta.com

Media Contacts

ARDIAN

HEADLAND

ardian@headlandconsultancy.co.uk +44 (0) 020 3805 4822

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White Mountains to Sell NSM to Carlyle

HAMILTON, Bermuda and New York, NY, May 9, 2022 /PRNewswire/ — White Mountains Insurance Group, Ltd. (NYSE: WTM) (“White Mountains”) announced today that it has signed a definitive agreement to sell NSM Insurance Group (“NSM”) to investment funds affiliated with global investment firm Carlyle  (NASDAQ: CG).  The transaction values NSM at $1.775 billion.

White Mountains expects the transaction will result in a gain of approximately $280 to its adjusted book value per share and will increase undeployed capital from approximately $0.4 billion to approximately $1.7 billion.

“The NSM team has done a tremendous job building a market-leading specialty insurance distribution platform.  It has been our pleasure to partner with them along the way,” said Manning Rountree, Chief Executive Officer of White Mountains.  “This transaction is a win for both White Mountains shareholders and NSM management and employees.  We want to thank Geof, Bill, Marc, Jonathan and the entire NSM team for all of their hard work.  NSM is well positioned going forward, and we wish them continued success.”

“We thank Manning, Morgan, Chris and the rest of the White Mountains team for their valuable contributions and support throughout our partnership,” said Geof McKernan, Chief Executive Officer of NSM.  “Together, we achieved strong organic growth, completed six strategic acquisitions, added high quality talent and built a specialized, diversified and scaled insurance distribution platform.  We could not be happier with this outcome and are excited to partner with Carlyle as we embark on NSM’s next stage of growth.”

“Leveraging Carlyle’s deep experience supporting companies in the insurance services sector, we are thrilled to partner with NSM’s exceptional founder-led management team to help the business execute numerous upside growth drivers, including continued operational improvement, accretive M&A opportunities, and strategic investments in technology and data & analytics,” said John Redett, Head of Global Financial Services at Carlyle.

The transaction is expected to close during the second half of 2022.  The closing is subject to regulatory approvals and other customary closing conditions.  The closing is not subject to a financing condition.

White Mountains will file a current report on Form 8-K with the U.S. Securities and Exchange Commission containing a summary of terms and conditions of the proposed transaction.

J.P. Morgan Securities LLC acted as exclusive financial advisor, and Cravath, Swaine & Moore LLP served as legal counsel, to White Mountains and NSM.  Holland & Knight LLP also acted as legal advisor to NSM management.  Morgan Stanley & Co. LLC acted as financial advisor, and Wachtell, Lipton, Rosen & Katz acted as legal advisor to Carlyle.

About NSM Insurance Group

NSM is a full-service MGA and program administrator for specialty property & casualty insurance. The company places insurance in niche sectors such as specialty transportation, social services, real estate and pet.  On behalf of its insurance carrier partners, NSM typically manages all aspects of the placement process, including product development, marketing, underwriting, policy issuance and claims.  For more information, visit www.nsminc.com.

About White Mountains

White Mountains is a Bermuda-domiciled financial services holding company traded on the New York Stock Exchange and the Bermuda Stock Exchange under the symbol WTM.  Additional financial information and other items of interest are available at the Company’s web site located at www.whitemountains.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 $325 billion of assets under management as of March 31, 2022, Carlyle’s purpose is to invest wisely and create value on behalf of its investors, portfolio companies and the communities in which we live and invest. Carlyle employs nearly 1,900 people in 26 offices across five continents. Further information is available at www.carlyle.com. Follow Carlyle on Twitter @OneCarlyle.

Media Contacts

For White Mountains:
Rob Seelig
+1 (603) 640-2212
ir@whitemountains.com

For Carlyle:
Brittany Berliner
+1 (212) 813-4839
Brittany.Berliner@carlyle.com

 

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995

This press release may contain “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements, other than statements of historical facts, included or referenced in this release which address activities, events or developments which White Mountains expects or anticipates will or may occur in the future are forward-looking statements. The words “could”, “will”, “believe”, “intend”, “expect”, “anticipate”, “project”, “estimate”, “predict” and similar expressions are also intended to identify forward-looking statements. These forward-looking statements include, among others, statements with respect to White Mountains’s:

  • change in book value or adjusted book value per share or return on equity;
  • business strategy;
  • financial and operating targets or plans;
  • incurred loss and loss adjustment expenses and the adequacy of its loss and loss adjustment expense reserves and related reinsurance;
  • projections of revenues, income (or loss), earnings (or loss) per share, EBITDA, adjusted EBITDA, dividends, market share or other financial forecasts of White Mountains or its businesses;
  • expansion and growth of its business and operations; and
  • future capital expenditures.

These statements are based on certain assumptions and analyses made by White Mountains in light of its experience and perception of historical trends, current conditions and expected future developments, as well as other factors believed to be appropriate in the circumstances. However, whether actual results and developments will conform to its expectations and predictions is subject to risks and uncertainties that could cause actual results to differ materially from expectations, including:

  • the risks that are described from time to time in White Mountains’s filings with the Securities and Exchange Commission, including but not limited to White Mountains’s Annual Report on Form 10-K for the fiscal year ended December 31, 2021;
  • claims arising from catastrophic events, such as hurricanes, earthquakes, floods, fires, terrorist attacks or severe winter weather;
  • recorded loss reserves subsequently proving to have been inadequate;
  • the market value of White Mountains’s investment in MediaAlpha;
  • the trends and uncertainties from the COVID-19 pandemic, including judicial interpretations on the extent of insurance coverage provided by insurers for COVID-19 pandemic related claims;
  • business opportunities (or lack thereof) that may be presented to it and pursued;
  • actions taken by ratings agencies, such as financial strength or credit ratings downgrades or placing ratings on negative watch;
  • the continued availability of capital and financing;
  • deterioration of general economic, market or business conditions, including due to outbreaks of contagious disease (including the COVID-19 pandemic) and corresponding mitigation efforts;
  • competitive forces, including the conduct of other insurers;
  • changes in domestic or foreign laws or regulations, or their interpretation, applicable to White Mountains, its competitors or its customers; and
  • other factors, most of which are beyond White Mountains’s control.

Consequently, all of the forward-looking statements made in this press release are qualified by these cautionary statements, and there can be no assurance that the actual results or developments anticipated by White Mountains will be realized or, even if substantially realized, that they will have the expected consequences to, or effects on, White Mountains or its business or operations. White Mountains assumes no obligation to publicly update any such forward-looking statements, whether as a result of new information, future events or otherwise.

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CVC Credit supports Markerstudy Group’s buy and build growth strategy

CVC Capital Partners

Incremental debt facilities provided by CVC Credit supported two acquisitions which will transform Markerstudy’s product offering and customer base

CVC Credit is pleased to announce that it has further supported Markerstudy Group (“Markerstudy”) by providing incremental facilities for the add-on acquisitions of Clegg Gifford Co Ltd (“Clegg Gifford”), a UK-based Lloyd’s broker which provides personal and commercial insurance products; and, BGL Insurance (“BGLi”) a digital-focused, personal lines insurance broker in the UK.

CVC Credit has supported Markerstudy since January 2021, when it financed Pollen Street Capital’s and Qatar Insurance Corporation’s investment in the business.

Founded in 2001, Markerstudy is one of the fastest growing general insurance players in the UK with close to six million policyholders, it is known for its investment in technology, underwriting expertise and sophisticated product development.

The acquisitions of Clegg Gifford and BGLi will help to grow Markerstudy’s product offering and customer base, develop in-house insurance capacity, and provide access to the Lloyds market. By leveraging Clegg Gifford’s strong reputation in the commercial space and BGLi’s strong digital and data capabilities, Markerstudy will be able to provide a more enhanced service for its customers.

Chris Fowler, Partner in CVC Credit’s Private Credit business, said: “We are delighted to continue to support Markerstudy and its sponsors in the latest phase of the business’s acquisitive growth strategy. We are also pleased to enact CVC Credit’s commitment to good ESG practices through the inclusion of a ratings-linked ESG margin ratchet as part of the financing arrangement, which will incentivise Markerstudy to continue to drive ESG standards across the business.”

Michael England, Partner at Pollen Street Capital, said, “Markerstudy has sustained its successful buy and build track record with the acquisitions of BGLi and Clegg Gifford and it is well-positioned to scale further through M&A. It is great to have the continuing support of CVC Credit who, thanks to their existing knowledge of Markerstudy and broad experience of the insurance sector, were able to move swiftly to help ensure the seamless agreement of these transactions.”

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True Wind Capital Makes Growth Investment in Sterling Capital Brokers, A Leading Canadian

Truewind

Tech-Enabled Benefit Consulting Platform

Partnership Will Enable Sterling to Accelerate Growth Initiatives and Invest in Innovation

SAN FRANCISCO & TORONTO – February 22, 2022 – True Wind Capital (“True Wind”), a San Francisco-based private equity firm focused on investing in leading technology companies, today announced a significant growth investment in Sterling Capital Brokers (“Sterling”), one of Canada’s leading independent benefit consulting firms that provides proprietary technology solutions to high-growth businesses and multinational enterprises. Terms of the transaction were not disclosed.

Founded in 2014, Sterling offers a comprehensive suite of bespoke employee benefit insurance solutions, including payroll integration, automatic billing reconciliation, and streamlined digital onboarding, to 1,000+ clients across Canada. Sterling’s proprietary platform provides competitive, cost-effective plans that dramatically reduce the administrative burden for both clients and carriers and seamlessly integrates into leading HRIS & payroll platforms. Sterling’s senior management team, including co-founders Stefan Ionescu and David Haines, and President John Griffin, will continue to lead the business from its Toronto, Ontario headquarters.

John Griffin, President at Sterling Capital Brokers, commented, “This investment from True Wind, our first institutional capital partner, will enable Sterling to accelerate our platform enhancements to deliver smarter, more integrated solutions to meet the large and growing demand for customizable and affordable insurance benefit options for Canadian businesses. We believe our innovative and easy to use technology platform has set an industry standard and we are excited to draw on True Wind’s considerable expertise and resources.”

Aaron Matto, a Partner at True Wind, said, “We are thrilled to partner with Sterling, which has built a differentiated suite of tech-enabled services that not only enables customized benefit solutions but also lowers costs and simplifies the administrative process for all constituents. We look forward to supporting Stefan, David, John and Sterling’s talented team by leveraging our proven capabilities in scaling technology-enabled businesses through both organic initiatives and strategic acquisitions.”

Gibson, Dunn & Crutcher LLP and McCarthy Tétrault LLP served as legal advisors to True Wind Capital. Borden Ladner Gervais LLP served as legal advisor to Sterling Capital Brokers.

About True Wind Capital
True Wind Capital is a San Francisco-based private equity firm focused on investing in leading technology companies. True Wind has a broad investing mandate, with deep industry expertise across software, data analytics, tech-enabled services, internet, financial technology, and hardware. Founded in 2015, True Wind has completed 12 platform investments and 20 add-on acquisitions. For more information, please visit https://www.truewindcapital.com.

About Sterling Capital Brokers
Sterling Capital Brokers was founded in 2014 and is headquartered in Toronto, Ontario. Sterling is Canada’s largest independent benefit consulting firm that specializes in servicing small to large sized businesses and multinational enterprise clients across Canada. Sterling offers comprehensive benefit consulting and customized plan management technology services that provide its clients with rapid and bespoke solutions.

Media Contacts:
For True Wind Capital:
Nathaniel Garnick/Genna Pirrong
Gasthalter & Co.
(212) 257-4170

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Cinven to acquire life insurer International Financial Group Limited

Cinven

Cinven, the international private equity firm, today announces that it has reached an agreement to acquire International Financial Group Limited (‘IFGL’), a leading life insurance provider of cross-border, long-term savings products for internationally mobile clients. IFGL has £19 billion of assets under administration and operates through three principal brands: RL360, Ardan International and Friends Provident International. Financial details of the transaction are not disclosed.

IFGL was established in October 2013 to support the management buyout of RL360 from Royal London Group. Since then, IFGL has demonstrated a consistent track record of profitable growth, including through its buy-and-build strategy, having acquired Clerical Medical International in 2015, Ardan International in 2016 and Friends Provident International Limited from Aviva in 2020.

Headquartered in the Isle of Man, IFGL has a global footprint and employs more than 550 people. It provides insurance-wrapped investment solutions to an international client base and focuses on enabling individuals to meet their long-term savings objectives. IFGL’s products are distributed by independent financial advisers around the world.

Cinven believes that IFGL is an attractive investment opportunity based on:

  • Its high quality, cash and capital-generative business model, that delivers predictable long-term profits, with significant downside protection;
  • Its proven financial track record of consistent and profitable growth, including a robust performance through the COVID-19 pandemic;
  • A leading market position, underpinned by an established and well-respected new business franchise that is well diversified geographically;
  • Its successful M&A track record, with further buy-and-build potential;
  • The significant opportunity to widen its product offering to a broader range of international clients;
  • Its clear strategy to continue using technology to drive sales and optimise IFGL’s operating model; and
  • An exceptional management and leadership team led by CEO, David Kneeshaw.

IFGL represents the third investment from Cinven’s long-term Financial Services-focused strategy.

Luigi Sbrozzi, Partner at Cinven, commented:

“Cinven is delighted to be investing in IFGL. IFGL is an established insurer with a strong market position. It has a large back book, which sits alongside an established new business franchise that is well diversified geographically. The Cinven team knows the market well through its previous life insurance investments, including Guardian in the UK and Viridium in Germany, and has a strong track record of working with companies in the sector to achieve strong growth, in particular, through buy-and-build as well as further product development and internationalisation.”

David Kneeshaw, Group, CEO, IFGL, said:

“This investment by Cinven will accelerate the Group’s ambitious plans for growth. Cinven shares our vision for the future and we are now ideally placed to expand significantly through both organic and new market growth and through further M&A activity. We now look ahead to what will be a hugely exciting new period for IFGL.”

The investment in IFGL builds on Cinven’s strong Financial Services franchise in Europe. Notably, Cinven Funds currently own several investments in the insurance sector, including: Compre, a specialist global consolidator of closed books of non-life insurance policies; Miller, a leading specialist insurance and reinsurance broker; and Viridium, a German specialist consolidator of closed life insurance books. Cinven Funds also own investments in other segments of the European Financial Services sector, including True Potential, NewDay and Premium Credit. Previous investments in the European insurance sector include Guardian Financial Services in the UK and other financial services investments by Cinven Funds include Partnership Assurance and Avolon.

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