Tag Archives: Insurance

Hg invests in Hyperion in a transaction valued at $5 billion

HG Capital

Transaction and debt raise will provide up to $1.5bn to accelerate strategic growth and Hyperion’s focus on technology and data

Hg, a leading European investor in software and tech-enabled services businesses, today announces that it will make a significant long-term equity investment in Hyperion Insurance Group Limited (“Hyperion”), the international insurance intermediary.  The transaction values the business at an enterprise value of around US$5 billion. In conjunction with an additional debt raise and existing resources, the investment will provide Hyperion with up to $1.5bn to accelerate its growth with both selective acquisitions and investments in data and technology.

Hg will join Hyperion as an aligned, long-term, growth partner alongside General Atlantic, which invested in Hyperion in 2013, and CDPQ, which invested in Hyperion in 2018.  Both General Atlantic and CDPQ remain committed to being partners of Hyperion alongside Hg.  The Hyperion management team and employees will remain the largest shareholder group in the company, with more than 1,000 individuals now owning shares. The transaction establishes a sustainable, long-term capital model with core employee ownership supported by collaborative investment partners, enabling Hyperion to build out Howden as a leading international challenger broker and DUAL as an international specialist MGA.

The full terms of the transaction are not disclosed and closing is subject to obtaining relevant regulatory approvals.

Founded in 1994 and headquartered in London, Hyperion is a leading international insurance distribution group. Through its core activities of retail, speciality & reinsurance broking and through DUAL, one of the world’s leading international MGAs, it facilitates the provision of B2B insurance across a wide geographic footprint. The Group operates across 200+ global offices in 40 countries and employs c.6,000 people to manage c. $9.0 billion of Gross Written Premium (“GWP”) on behalf of its clients.   It is the 5th largest employee-owned business in the UK and has a differentiated position as a leading international insurance intermediary.

The investment continues Hg’s focus on insurance distribution and insuretech. Hyperion will represent Hg’s sixth investment in the wider sector over the last 5 years – with these businesses together totalling over $1 billion of invested client capital.

Hyperion’s broking arm, Howden, recently announced it had reached agreement to acquire A-Plan Group from Hg. Hg helped to drive a focus on embedding data and technology in A-Plan Group’s best-in-class service model over its investment period.  This experience in technology will also benefit Hyperion X, the Group’s digital, data and analytics business.

“I am thrilled to welcome Hg as a long-term partner. During our conversations on A-Plan Group it was clear that Hg and Hyperion share an understanding of what building a business to last means for employees and clients.  This, the quality of the Hg team, their support for our core employee ownership and our culture of empowerment, and the desire of the Hg partners to contribute to our digital and data strategy, makes them an excellent partner to join General Atlantic and CDPQ as we continue our journey.”

David Howden, Chief Executive Officer of Hyperion

“It is a privilege for Hg to back David and his fantastic team through this investment in Hyperion. The company is a unique and special business, driven by its outstanding culture and quality of talent, and it has a significant growth opportunity across the global insurance sector in the coming years.  We got to know David during the recent sale by Hg of A-Plan Group to Hyperion, and it became clear that our long-term investment approach and specialism in technology were a great match for him and his team. In addition to providing capital, Hg’s deep knowledge of software and data will help Hyperion stay at the forefront of technology adoption across the insurance sector.”

Andrew Land, Partner at Hg

“This long-term investment in Hyperion reflects Hg Saturn’s strategy of backing entrepreneur-led growth businesses in software and tech-enabled services that are sector champions. In Saturn’s recent investments in Visma, P&I, Argus Media, Sovos and now Hyperion, we developed a trusted relationship with the founder or CEO over a long period, enabling us to offer them the investment structure they needed to meet their long-term plans. David and his team have built one of the global leaders in insurance distribution and we are excited in supporting them for many years to come.”

Nic Humphries, Senior Partner at Hg

“I am delighted that Hg have chosen to become a partner alongside General Atlantic and CDPQ.  It is a privilege to work with three partners who embrace our core ambition to build a sustainable and successful business, and who will help us to deliver on our strategy over the coming years at this very exciting time in the industry.  The Hg team bring not only significant capital, but also considerable expertise and I look forward to welcoming them to the Board.”

Dominic Collins, Chairman of Hyperion

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Hg announces the sale of A-Plan Group

HG Capital

Hg announces the sale of A-Plan Group (“APG”), one of the UK’s largest specialist insurance intermediaries, to Howden, the international insurance broking group. The terms of the transaction are not disclosed and the acquisition remains subject to regulatory approval.

Hg partnered with APG in 2015, recognising the business’ best-in-class customer success model – a personal, service-oriented approach, leading to very high levels of customer satisfaction alongside strong organic growth.  Since then Hg has worked with management to transform APG from a predominantly branch-based, personal lines insurance broker, to a business with a national footprint across multiple lines of business, supported by industry-leading data and analytics capabilities.

APG has more than doubled its revenues under Hg’s ownership and now has 1.3 million policies compared with 600,000 at acquisition. Renewal rates are strong and NPS scores remain exceptionally high and are supported by excellent customer service. APG has also implemented a new cloud IT broking platform, achieving efficiencies and providing data insights to drive new business growth and improve customer retention. APG has also undertaken a significant M&A programme which has led to a more diverse and scaled position in the UK insurance market. Investment in talent across APG’s key functions and broad equity ownership across APG’s employee base has also been a key driver for growth.

“We would like to thank Carl and the team for the great partnership and exceptional performance over the last 5 years.  The company has delivered excellent organic growth, whilst also executing 56 accretive M&A transactions and building an MGA capability.

Using our technology expertise, Hg has also worked with management to put software and data at the heart of the business which has greatly improved efficiency and performance.  The team’s biggest achievement, however, has been to maintain A-Plan’s strong culture, which has been responsible for its industry-leading customer satisfaction and loyalty, as well as its trusted insurer relationships throughout this period of rapid change.”

Thorsten Toepfer, Partner at Hg

“We have had a great journey with Hg, together building on a long-term track record of sustainable growth that we are very proud of. Today we employ over 2,000 staff, a number which has almost doubled during Hg’s investment.

We are delighted by the prospect of working with Howden; it’s a business that is so evidently aligned with us on the central importance of looking after its people, clients and insurers but will also support us in M&A as we deliver on Howden’s ambition for UK regional insurance distribution.”

Carl Shuker, CEO of A-Plan Group

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Active Assurances strengthens its health division with the acquisition of the portfolio of Cabinet Wilhelm SA

Activa Capital

One year afterthe acquisition of AFI Assurances, Active Assurances, the specialist digital insurance broker, is pursuing its development strategy and announces the acquisition of the healthcare insurance portfolio of Cabinet WILHELM SA. This transaction enables the Group to accelerate its development in the healthcare market.

Cabinet WILHELM is a French broker based in Lons (Southwestern France), specialised in the digital sellingof health, accident and life insurance products to B2C customers. The Company was created and managed by its founder, Gilbert Wilhelm, and developed with the support of its main shareholder, the Swiss Life Group. The firm was a pioneer in the distribution of health insurance policiesvia the internet and quickly built up a strong reputation and recognized know-how in this field.

With this operation, Frédéric Bacmann, Chief Executive Officer and founder of AFI Assurances, consolidates the Group’s healthcare portfolio by exceeding 35,000 policies in its portfolio. This operation is financed byequity from Active Assurances,backed by Activa Capital, BPIfrance and Idinvest Partners.

This operation underlines once more Activa Capital’s ability to support entrepreurial managers in the transformation of growing SMEs and the structuring of external growth operations.

Thomas Riottot, Co-founder of Active Assurances Groupe,declared: «We are delighted with this operation, which will strengthen AFI Assurances’ development in its market. We remain on the lookout for other build-ups operationsthat will enable us to accelerate our develpment. »

Frédéric Bacmann, Founding Director of AFI Assurances,stated: «With this operation, we are integrating new sales staff motivated by the Group’s development project and by our know-how in the distance selling of health insurance policies. »

Participants

Buyers

Active Assurances Groupe :Didier Naccache, Thomas Riottot, Denis Salmoiraghi, Frédéric Bacmann, Nolwenn OrealActiva Capital : Alexandre Masson, David Quatrepoint, Timothée HéronLawyers: Jean-Baptiste LeJariel–FORTEM Avocats

Vendors

Gilbert Wilhelm, FounderLawyers: Xavier Perinne–AFFINA Legal

About Active Assurances
Active Assurances is an insurance broker specialised in the on-line sale of automotive insurance policies. Based in Boulogne-Billancourt, in autonomous partnership with leading insurance companies, Active Assurances develops, distributes, and manages automotive insurance policies. For further information, visitactiveassurances.frAbout AFI AssurancesFounded in 1996 by Frédéric Bacmann, AFI Assurances is an insurance broker specialised in health and life insurance. The company selects for its customers the best insurance contract amongst the 200 insurance or mutual products available on line. To know more about AFI Assurances, please consult the websiteafiassurances.fr
About Activa Capital
Activa Capital is an independent private equity firm, owned by its partners, characterized by a proactive build-up strategy. It currently manages more than €300 million on behalf of institutional investors by investing in French SMEs and ETIs with high growth potential and an enterprise value of between €20 and €100 million. Activa Capital assists them to accelerate their development and international presence. To find out more about Activa Capital, visit activacapital.com
Press contacts:
Alexandre MassonManaging Partner+33 1 43 12 50 12alexandre.masson@activacapital.com
Christophe Parier Managing Partner +33 1 43 12 50 12christophe.parier@activacapital.com
Christelle PiattoCommunications Manager+33 1 43 12 50 12christelle.piatto@activacapital.com
ThomasRiottotCEO –Active Assurances Groupe+33 6 75 70 37 23tr@activeassurances.fr

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Onex Invests Follow-On Capital in Ryan Specialty Group

Onex

Toronto,September 1,2020–

Onex Corporation (“Onex”) (TSX: ONEX) today announced it has made an incremental investment of approximately $110 million in Ryan Specialty Group,LLC (“RSG”)to support its strategic acquisition of All Risks, Ltd. (“All Risks”). This preferred equity investment was made by Onex as a follow-on to its investment in RSG in 2018.Founded in2010, RSGis al eading international specialty insurance organization which provides wholesale brokerage and highly specialized managing general underwriting services to retail insurance brokers and insurance carriers.The company is approaching $12 billion in premium in2020.Formed in 1964,All Risks has grown from a one office excess and surplus lines brokerage acility to a national wholesale broker, managing general agency, and program administrator.Over the past25years, continued reinvestment in talent has resulted in an 18% average annua organic growth rate.The company has offices across the country and over 850 employees and isprojecting $2.6 billion in premium in 2020.“UnderPat Ryan’s leadership,RSG continuesto impress us with its abilityto profitably growboth organically and inorganically,” said Bobby Le Blanc, President of Onex. “The company continues to attract and retain top-tier talent and execute on its strategic vision. Onex is excited about the new partnership between RSG and All Risks and looks forward to continuing to support RSG’s future growth plans.”

About Onex

Founded in 1984, Onex invests and manages capital on behalf of its shareholders, institutional investors and high net worth clients from around the world. Onex’ platforms include: Onex Partners, private equity funds focused on larger opportunities in North America and Europe; ONCAP, private equity funds focused on middle market and smaller opportunities in North America; Onex Credit, which manages primarily non-investment grade debt through collateralized loan obligations, senior loan strategies and other private credit strategies; and Gluskin Sheff’s wealth management services including its actively managed public equity and public credit funds. In total, Onex has approximately $35.6 billion of assets under management, of which approximately $6.6 billion is its own shareholder capital. With offices in Toronto, New York, New Jersey and London, Onex and its experienced management teams are collectively the largest investors across Onex’ platforms.The Onex Partners and ONCAP businesses have assets of $45 billion, generate annual revenues of $25 billion and employ approximately 165,000 people worldwide. Onex shares trade on the Toronto Stock Exchange under the stock symbol ONEX.

For more information on Onex, visit its website at www.onex.com. Onex’ security filings can also be accessed at www.sedar.com.

Forward-Looking Statements

This press release may contain, without limitation, statements concerning possible or assumed future operations, performance or results preceded by, followed by or that include words such as “believes”, “expects”, “potential”, “anticipates”, “estimates”, “intends”, “plans” and words of similar connotation, which would constitute forward-looking statements. Forward-looking statements are not guarantees. The reader should not place undue reliance on forward-looking statements and information because they involve significant and diverse risks and uncertainties that may cause actual operations, performance or results to be materially different from those indicated in these forward-looking statements. Except as may be required by Canadian securities law, Onex is under no obligation to update any forward-looking statements contained herein should material facts change due to new information, future events or other factors. These cautionary statements expressly qualify all forward-looking statements in this press release.

For Further Information

Claire Glossop IraniDirector, Client & Product Solutions Tel: 416.362.7711

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Bowmark-backed insurance broker Aston Lark makes two strategic acquisitions

Bowmark

Bowmark-backed Aston Lark, the leading independent insurance broker, has acquired PHM and Incepta Risk Management. PHM is an employee benefits intermediary focused on private medical insurance and group risk benefit packages for corporate clients. Incepta is a Lloyd’s broker offering underwriting and open market broking to direct and wholesale customers. The combined Gross Written Premium for the acquired businesses is around £14 million per year.

Peter Blanc, Aston Lark Group CEO, said: “Employee benefits, and private medical insurance in particular, is a key growth area for Aston Lark. We are delighted to bring on board PHM which shares the Aston Lark passion for customer service. Similarly, the Incepta team will make a great contribution to the Aston Lark family. We are well known for our regional presence, but we see the London market becoming increasingly important to the group and a key element of our future growth strategy.”

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Ardian announces its acquisition of Finaxy, a french leader in insurance brokerage, from Equistone

Ardian

Paris, July 30th, 2020 – Ardian, a world leading private investment house, today announces that it has acquired a majority stake in Finaxy, a French multi-specialist B2B and B2C insurance broker, from Equistone Partners Europe, a leading European mid-market private equity firm.

Founded in 2009 under the leadership of Erick Berville, Finaxy has become a top 10 insurance broker in France following Equistone’s acquisition of a majority stake in the Group in 2014. With a strategic positioning focused on B2C niches and specific B2B business expertise, the Group has successfully leveraged its know-how to build a third offering dedicated to insurers and bank insurers. Since its inception, the Group has delivered strong organic growth and an active buy-and-build strategy, with 27 acquisitions in France, two of which took place in 2020.

In the current challenging market environment, Ardian Expansion has remained focused on growing companies both organically and through build-ups. With the support of Ardian, Finaxy plans to accelerate its buy-and-build strategy and strengthen its leading multi-specialist positioning.

Alexis Lavaillote, Managing Director in the Ardian Expansion team, said: ”Knowing this sector quite well, we were convinced by Finaxy’s multi-specialist positioning and its potential for organic growth across its three businesses. Under the leadership of Erick Berville, Finaxy has also been a key player in the consolidation of a still fragmented market and we will continue to support and accelerate this external growth policy. We are delighted to support Erick and his teams who, beyond their performance, have demonstrated agility and a strong entrepreneurial culture.”

Erick Berville, Founder and CEO of Finaxy, added: “The Group Management and I would like to thank Equistone for the past six years. This close teamwork has enabled us to achieve common goals while respecting Finaxy’s human and entrepreneurial values, and to smartly position the group for strong and ambitious development. We have chosen to continue this journey with Ardian and we are delighted to welcome them. We share this DNA and it will enable us to pursue and accelerate our organic and external growth momentum. You can’t stop dreaming while you’re on the move.”

Guillaume Jacqueau, Managing Partner at Equistone, concluded: “We are proud to have worked with Finaxy for more than six years and to have played our role as a strategic partner. Finaxy’s teams have done a remarkable job in expanding the product offering and developing new niche markets through organic and external growth. The Group has become one of France’s leading independent brokers and we are convinced that Finaxy is well positioned to continue consolidating its leading position in the future.”

ABOUT FINAXY GROUP

Created at the beginning of 2009 by Erick Berville, FINAXY Group is today one of the French leaders in insurance brokerage. FINAXY Group is one of the leading French insurance brokers and has joined the closed club of the top 75 brokers in the world, positioning itself as a “multi-specialist” broker. Structured around three specialized divisions (Corporate, Consumer (niche markets) and Solutions (major strategic partnerships)), the Group is developing its activity in specific market sectors with high added value. FINAXY Group continues to base its development half on organic growth and half on external growth.

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ABOUT ARDIAN

Ardian is a world-leading private investment house with assets of US$100bn 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 670 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 around 1,000 clients through five pillars of investment expertise: Fund of Funds, Direct Funds, Infrastructure, Real Estate and Private Debt.

ABOUT EQUISTONE

Equistone is an independent investment firm wholly owned and managed by its executives. The company is one of Europe’s leading investors in mid-market buyouts with a strong, consistent track record spanning over 40 years, with more than 400 transactions completed in this period. Equistone has a strong focus on change of ownership deals and aims to invest between €25m and €200m+ of equity in businesses with enterprise values of between €50m and €500m. The company has a team of over 40 investment professionals operating across France, Germany, the Netherlands, Switzerland and the UK, investing as a strategic partner alongside management teams. Equistone is currently investing its sixth buyout fund, which held a final closing at its €2.8bn hard cap in March 2018.
Equistone Partners Europe is authorised and regulated by the Financial Conduct Authority and Equistone Partners Europe SAS is duly registered with the Autorité des Marchés Financiers.

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LIST OF PARTIES INVOLVED

  • Ardian

    • Alexis Lavaillote, Arthur de Salins, Stéphan Torra, Leslie Parmast

  • Buyers Due Diligence

    • M&A: Raphaël Financial Advisory (Benoit O’Mahony, Maxime Berthoux, Tristan Cossec)
    • Strategic: BCG (Philippe Removille, Benjamin Sarfati, Benjamin Entraygues, Chloélia Auffret)
    • Digital: BCG Platinion (Nicolas Levillain)
    • Financial: KPMG (Benjamin Tarac, Sophie Bougerolle)
    • Tax, legal and social: KPMG (Xavier Houard, Florence Olivier, Albane Eglinger, Frédéric Martineau)
    • Corporate lawyer: Latham & Watkins (Olivier du Mottay, Bénédicte Bremond, Alexandre Magnier)

  • Equistone

    • Guillaume Jacqueau, Grégoire Châtillon, Julie Lorin

  • Seller Due Diligence

    • M&A: Lazard (François Guichot-Pérère, Jean-Philippe Bescond)
    • Seller lawyer: Goodwin (Thomas Maitrejean, Chloé Vu Thien)
    • Management lawyer: Jeausserand (Erwan Bordet)
    • Management Advisor: Callisto (Charles de Rozières, Tancrède Caulliez)
    • Strategic DD: Roland Berger (Christophe Angoulvant)
    • Financial DD: EY (Cyril de Beco, Damien Buot de l’Epine, Sandra Guerin)
    • Legal and social DD: EY
    • Tax DD: Arsene Taxand

PRESS CONTACTS

ARDIAN / Headland

VIKTOR TSVETANOV

VTsvetanov@headlandconsultancy.co.uk +44 207 3435 7469

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Insurtech Leader Policygenius Announces $100M Series D Round, Led by KKR

KKR

Investment will accelerate growth with plans to roll out new financial protection products this year

NEW YORK, Jan. 30, 2020 /PRNewswire/ — Policygenius, the leading online marketplace for comparing and purchasing insurance, announced today $100 million in Series D funding led by global investment firm KKR. Existing major investors in the company, including Norwest Venture Partners, Revolution Ventures, Susa Ventures, AXA Venture Partners, MassMutual Ventures and Transamerica Ventures, also participated in the round. Since raising its $30 million Series C round in early 2017, Policygenius has grown annualized revenues to $60 million, a 10 times increase. Policygenius will use the investment for hiring and for broader consumer financial protection products it will unveil in 2020.

Jennifer Fitzgerald and Francois de Lame, co-founders of Policygenius

Founded by Jennifer Fitzgerald and Francois de Lame in 2014, Policygenius provides a digital experience for consumers to navigate the entire insurance buying process. Policygenius has built integrations with the most trusted insurance carriers and industry-leading technology for quoting, underwriting and fulfillment.

Since its founding, Policygenius’ proprietary technology and in-house operations have delivered impressive growth. Policygenius is the fastest-growing life insurance distributor with $45 billion in life coverage issued to date. In 2019, Policygenius launched a new property and casualty insurance offering, which scaled to more than $10 million in revenue in less than 12 months. Collectively, consumers can shop for several types of insurance, including life, home, auto, disability and renters. Buoyed by this growth, the company added about 180 new employees and opened a second headquarters in Durham, North Carolina in 2019.

“Our technology platform delivers a seamless and easy experience for comparing, buying and switching insurance, at scale, nationwide. But what we’re exceptionally proud of is how Policygenius removes the complex and often misleading aspects of the insurance purchasing business entirely,” Jennifer Fitzgerald, CEO and co-founder at Policygenius, said. “With the support of our investors, we look forward to expanding our reach and product portfolio to broader financial wellness.”

“With increased competition in the insurance sector, we believe there’s a need for platforms where customers can easily manage their relationships across a number of insurance policies and carriers throughout their lifetime,” Allan Jean-Baptiste, at KKR, said. “Policygenius has created a model to provide for exactly this, set apart by its sophisticated proprietary technology, and the traction of its marketplace platform among carriers and consumers alike.”

“We are thrilled to be working with Jennifer, Francois and their dedicated team as they continue to transform consumer financial protection,” added KKR’s Jake Heller.

KKR will be making its investment through its Next Generation Technology Fund II, which held its final close earlier this month.

Allan Jean-Baptiste and Jake Heller will represent KKR on Policygenius’ Board of Directors.

About Policygenius
Policygenius is the nation’s leading online insurance marketplace, with headquarters in New York City and Durham, North Carolina. We’ve helped more than 30 million people shop for all types of insurance like they shop for everything else — online. We launched in 2014 and are one of the early insurtech pioneers. We were named one of Inc. Magazine’s Best Workplaces for 2018 and 2019 and ranked in the top ten of 2019’s Crain’s Fast 50. You can see more about open career opportunities with Policygenius by visiting: https://www.policygenius.com/careers/.

About KKR
KKR is a leading global investment firm that manages multiple alternative asset classes, including private equity, energy, infrastructure, real estate and credit, with strategic partners that manage hedge funds. KKR aims to generate attractive investment returns for its fund investors by following a patient and disciplined investment approach, employing world-class people, and driving growth and value creation with KKR portfolio companies. KKR invests its own capital alongside the capital it manages for fund investors and provides financing solutions and investment opportunities through its capital markets business. References to KKR’s investments may include the activities of its sponsored funds. For additional information about KKR & Co. Inc. (NYSE: KKR), please visit KKR’s website at www.kkr.com and on Twitter @KKR_Co.

Media Contacts

Policygenius
Brooke Niemeyer
Associate Director of Media Relations
brooke.niemeyer@policygenius.com

KKR
Kristi Huller or Cara Major
212.750.8300
Media@KKR.com

(PRNewsfoto/Policygenius)

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SOURCE Policygenius

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3i portfolio company ACR Capital Holdings signs implementation agreement for the sale of ACR

3I

3i Group plc (“3i”) today announces that its portfolio company ACR Capital Holdings Pte. Ltd. has signed an implementation agreement for the sale of its wholly owned subsidiary Asia Capital Reinsurance Group Pte. Ltd. (“ACR”) to Catalina Holdings (Bermuda) Ltd, an industry leader in the legacy (re)insurance space.

The transaction is subject to the receipt of regulatory and other approvals. Proceeds to 3i are expected to be approximately $155m. The transaction is expected to complete in the first half of 2020.

ACR was established in November 2006 as Asia’s first reinsurer with a focus on providing non-life risk solutions to the pan-Asian region. Headquartered in Singapore, it has a regional presence across Asia, including Singapore, Japan, South Korea, Malaysia and Hong Kong.

During 3i’s investment period, 3i supported ACR’s establishment and creation in Singapore and its subsequent development into an Asia-based reinsurance company with a worldwide client base.

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The Hilb Group Announces Definitive Agreement to Be Acquired By The Carlyle Group

Carlyle

RICHMOND, Va. — The Hilb Group, LLC (“Hilb”), a leading national insurance broker, announced today that it has signed a definitive agreement with global investment firm The Carlyle Group (NASDAQ: CG) for investment funds affiliated with Carlyle to acquire a majority interest of Hilb. Hilb’s existing management team and employee shareholders are expected to remain significant shareholders. Hilb is currently a portfolio company of Abry Partners, a Boston-based private equity firm.

Founded in 2009, Hilb employs more than 900 associates and operates 91 branch offices serving all 50 states. Abry Partners invested in Hilb in 2015 and worked closely with management to grow the business into one of the Top 30 insurance brokers in the U.S. according to Business Insurance magazine. The firm was recognized as one of the fastest growing private companies by Inc. magazine in 2018, and ranked a Top 10 fastest growing broker in 2017 by Business Insurance magazine and a Top 100 P/C Agency by Insurance Journal magazine in 2019.

Richard Spiro, Chief Executive Officer at Hilb, said, “This investment by Carlyle is a strong endorsement of our growth strategy and represents the next exciting chapter for Hilb. Carlyle’s additional capital and resources will significantly benefit our company and associates as we grow our business organically and through targeted M&A opportunities. Working with Abry enabled us to accelerate our development and we are equally excited to have new partners to fuel future growth. We have a rich pipeline of partnership opportunities and look forward to continuing our expansion with Carlyle.”

Brent Stone, Partner at Abry, said, “During the four years of our ownership, we helped build Hilb into a national insurance brokerage by investing in the company’s operations and strengthening its management team, including recruiting Ricky as CEO. The company’s annual revenues dramatically increased under our ownership and we successfully completed more than 60 strategic add-on acquisitions during that time. We are very pleased with the outcome of this investment for our investors and also for Hilb’s management team and employees. Hilb is very well positioned for ongoing growth and performance as a portfolio company of Carlyle and we wish them success.”

John Redett, Managing Director and Co-Head of Carlyle Global Financial Services, said, “We have long admired the Hilb franchise and are extremely impressed with what Ricky Spiro and the Hilb management team have accomplished during the past several years. We look forward to our partnership, and to supporting Hilb in its next chapter of growth and innovation as it expands into new geographies and product lines to serve the increasingly complex needs of its clients.”

Nathan Ott, Principal at Abry, commented, “Hilb has made significant progress since our acquisition and has developed a proven track record of growth across a variety of geographic regions and product lines. The company is led by a best-in-class management team and is poised to achieve its next level of growth.”

Equity capital for the investment will come from Carlyle Partners VII, an $18.5 billion fund that focuses on buyout transactions in the U.S., and Carlyle Global Financial Services Partners III, L.P., a dedicated financial services buyout fund.

The transaction is expected to be completed in the fourth quarter of 2019, subject to customary closing conditions, including regulatory approvals. Financial details of the transaction were not disclosed.

J.P. Morgan and Sica | Fletcher served as financial advisors to Abry and Hilb, and Kirkland & Ellis LLP served as legal counsel. Simpson Thacher & Bartlett LLP served as legal counsel and Latham & Watkins LLP provided financing and regulatory counsel to The Carlyle Group. Funds managed by Ares Capital Management LLC, Crescent Capital Group, Owl Rock Capital, Antares, and Barings will provide debt financing for the transaction.

About Abry Partners
Abry is one of the most experienced and successful sector-focused private equity investment firms in North America. Since their founding in 1989, the firm has completed over $82.0 billion of leveraged transactions and other private equity or preferred equity placements. Currently, the firm manages over $5.0 billion of capital across their active funds. For more information on ABRY, please visit www.Abry.com.

About The Carlyle Group
The Carlyle Group (NASDAQ: CG) is a global investment firm with deep industry expertise that deploys private capital across four business segments: Corporate Private Equity, Real Assets, Global Credit and Investment Solutions. With $223 billion of assets under management as of June 30, 2019, 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. The Carlyle Group employs more than 1,775 people in 33 offices across six continents.

About The Hilb Group
The Hilb Group is a leading middle market insurance agency headquartered in Richmond, Virginia and is a portfolio company of Boston-based private equity firm, Abry Partners. The Hilb Group seeks to grow through targeted acquisitions in the middle market insurance brokerage space. The company now has 91 offices in 21 states. Please visit our website at www.hilbgroup.com.

Contacts:
For Abry and Hilb, Chris Tofalli
Chris Tofalli Public Relations, LLC
914-834-4334
chris@tofallipr.com

For Carlyle, Christa Zipf
+1 (212) 813-4578
Christa.Zipf@carlyle.com

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Health IQ Secures $55 Million In Series D Funding to Expand Its Special Rate Life Insurance for People Who Live a Healthy Lifestyle

Aquila Capital

MOUNTAIN VIEW, Calif.–(BUSINESS WIRE)–May 8, 2019–Health IQ Insurance Services (Health IQ), the nation’s fastest growing life insurance company, today announced it has secured $55 million in Series D funding led by Greenspring Associates, Aquiline Technology Growth, Hanwha Asset Management, as well as additional financing from existing investors such as Andreesen Horowitz and others. Health IQ’s mission is to improve the world’s health by rewarding runners, cyclists, weightlifters, well-managed diabetics, and other Americans living a healthy lifestyle with lower rates. Since pioneering the use of science and data to measure the impact of healthy lifestyles, Health IQ has experienced rapid growth.

“Consumers are responding well to our lower rates. Our company has reached $21 billion in client coverage and is adding an additional $2 billion every few weeks. Since our last funding announcement in 2017 our coverage amount has tripled. Health IQ has grown from seven billion to 21 billion in coverage,” said Health IQ CEO Munjal Shah.

Since first selling policies in 2016, Health IQ has been able to use its science and proprietary data to increase the discount that consumers get when buying life insurance. In the last three years, the company’s savings for clients has increased from 4% up to 41%. Today the average life insurance client that works with Health IQ will save $4,289 with rate savings and up to $6,279 through underwriting savings over the course of a 30-year policy.

“At Greenspring, we’re always looking for market leaders and companies that demonstrate momentum. That’s why we’re investing in Health IQ, one of the nation’s fastest growing new life insurance companies. We’re excited to be part of Health IQ’s growth going forward,” said Jim Lim at Greenspring Associates, an $8.8 billion firm that supports promising companies throughout their lifecycles.

Over the last three years Health IQ has further innovated by offering new products like special rate life insurance for well managed diabetics, special rate disability insurance, and other products.

“What drew us to Health IQ was its data advantage. This is an insurance company that is using science and data to more accurately price insurance for its clients. We believe the next generation of insurance will be this form of accurate pricing. We call this new trend ‘Precision Insurance,’” said Max Chee of Aquiline Technology Growth (ATG), which is the early and growth stage fund managed by Aquiline Capital Partners, a New York and London-based private equity firm investing in the financial services and technology sectors.

Mr. Chee added, “As focused insurance technology investors, we see Health IQ as highly differentiated from other Insurtech companies. In canvassing the market, we found Health IQ’s innovation in bringing fair prices to consumers highly compelling. Aquiline is excited to support Health IQ and utilize our insurance industry expertise to help the company further innovate and expand as they continue their mission to offer unique products to health-conscious individuals.”

To date Health IQ has raised $139.5 million from a diverse and respected group of investors: Charles River Ventures, First Round Capital, Greylock Partners, Menlo Ventures, Ribbit Capital, Felicis Ventures, Foundation Capital, Andreessen Horowitz, Greenspring Associates, Aquiline Technology Growth, and others.

ABOUT HEALTH IQ

Health IQ is an insurance company on a mission to improve the world’s health by rewarding runners, cyclists, weightlifters, swimmers, yogis, well-managed diabetics, and other Americans living a healthy lifestyle. Health IQ gives these individuals credit for their healthy lifestyle through lower rates. Since pioneering the use of science and data to measure the impact of healthy lifestyles, Health IQ has become the fastest growing life insurance company in the nation. Health IQ has grown from zero to $21 billion in coverage in the last three years. The company was founded for the health conscious by the health conscious. The company’s three founders were each touched by a personal health challenge and overcame them by adopting a healthier lifestyle. The founders wanted to inspire and encourage others to embrace a healthy lifestyle by giving them financial rewards. For more information visit www.healthiq.com.

ABOUT GREENSPRING ASSOCIATES

Greenspring Associates was founded in 2000 to focus solely on venture capital investments. Through a comprehensive platform, the Firm serves as a lifecycle partner for entrepreneurs and fund managers, investing across multiple stages, sectors and geographies. An established investor in financial and insurance technology companies including Bright Health, MoneyLion, Branch International and YieldStreet, Greenspring Associates manages approximately $8.8 billion in committed capital across a variety of specialized venture strategies. For more information on Greenspring Associates and a full list of its prior investments, please visit its website at www.greenspringassociates.com.

ABOUT AQUILINE TECHNOLOGY GROWTH

Aquiline Technology Growth (ATG) seeks to invest in early- and growth-stage technology companies that are bringing innovation to the financial services ecosystems. ATG is managed by Aquiline Capital Partners, a private equity firm based in New York and London investing in businesses globally across the financial services and technology sector. The ATG team has experience in technology and financial services and is supported by its colleagues at Aquiline, strategic partners, and an active group of industry Executive Advisors. For more information on ATG, visit www.atgvc.com.

ABOUT HANWHA ASSET MANAGEMENT

Hanwha Asset Management is a global asset management company with US$80B in AUM and has been investing in growth stage deals globally. It has backed notable startups such as Zymergen, N26, Raisin, Yanolja, and Grab.

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