Tag Archives: Insurance

AmTrust Financial Services and Blackstone Credit & Insurance Enter Into Strategic Transaction for AmTrust’s Global MGA and Fee Businesses

Blackstone

Strategic Transaction Unlocks Value for AmTrust and Positions Global MGA and Fee Businesses for Accelerated Growth

AmTrust President Adam Karkowsky to Leave to Become Chairman and CEO of New Multinational MGA Platform

New York, NY – September 15, 2025 – AmTrust Financial Services, Inc. (“AmTrust” or the “Company”), a global specialty property casualty insurer, and Blackstone Credit & Insurance (“BXCI”), today announced a definitive agreement under which AmTrust and funds managed by BXCI will partner in the spin-off of certain of AmTrust’s Managing General Agencies (“MGAs”) and fee businesses in the U.S., United Kingdom, and Continental Europe into a new, independent company.

AmTrust and the newly formed company will enter into a ten-year capacity agreement through which AmTrust will remain underwriter of the existing books of business offered through the MGAs.

The agreement includes seven AmTrust subsidiaries: ANV, Risico, Collegiate, AmTrust Nordic, Arc Legal, Qualis, and Abacus. These businesses provide diverse risk and insurance coverages including cyber excess and surplus (E&S), directors and officers (D&O), transaction risk insurance, professional indemnity, legal expense, mortgage and structured credit, warranty, agricultural workers’ compensation, income protection, accident and health (A&H), and residential and commercial niche property. The new company is expected to have over 700 employees.

Adam Karkowsky, who is currently President of AmTrust, will leave to become Chairman and CEO of the new company. He brings deep insurance leadership experience, having first joined AmTrust in March 2011 and becoming President in December 2018. He has been a member of the Board of Directors of AmTrust Financial Services, Inc. since January 2019. Prior to his current role, Karkowsky held the positions of Chief Financial Officer and Executive Vice President, Strategic Development and Mergers & Acquisitions. He has served in various finance and strategy roles in the private equity and insurance industries.

Karkowsky’s leadership team at the new company will include Joseph Brecher, currently SVP, Head of Alternative Investments at AmTrust, in the role of Chief Financial Officer, and Jacob Decter, currently Chief Strategy Officer, Global Fee Businesses, at AmTrust, in the role of Chief Operating Officer.

The new company will operate under a new brand name, which will be announced at a later date.

Barry Zyskind, Chairman and Chief Executive Officer, AmTrust, said, “We are very pleased to partner with Blackstone to unlock the substantial embedded value that we have built in our global MGA and fee businesses. With this transaction, these businesses will be positioned to further invest in their operations, meaningfully grow their portfolio, and continue to deliver outstanding service to their clients. With our significant retained equity interest, AmTrust looks forward to participating in the future success of the new company. I am confident in the strength and experience of Adam and the leadership team to drive the new company to great heights.”

Adam Karkowsky, President, AmTrust, said, “Bringing these businesses together as a standalone company creates a diversified, multinational MGA platform with significant value creation potential through organic growth, expanded partnerships, and acquisitions. I deeply appreciate the opportunities I have had at AmTrust and am grateful for what we achieved together. I look forward to working with our talented team in the U.S., UK, and Europe, in the delivery of services for our brokers, partners and clients, with the support of our partners AmTrust and Blackstone.”

“AmTrust has built an impressive franchise and we are excited to support the new standalone MGA platform, which should have significant tailwinds,” said Louis Salvatore, Senior Managing Director, BXCI.  “BXCI has extensive experience investing in and supporting insurance services businesses, helping them achieve their full potential. We look forward to partnering with AmTrust and the new company’s executive team to create long-term value.”

Following the close of the transaction, AmTrust will remain a leading multinational insurance company with approximately 6,000 employees providing risk and insurance solutions with a broad offering across industries and classes globally.

Approvals and Closing Timeline
The transaction has been approved by AmTrust’s Board of Directors.  It is expected to close by year-end 2025, subject to customary closing conditions and regulatory approvals.

Advisors
Evercore is serving as financial advisor to AmTrust in connection with the transaction, and Paul, Weiss, Rifkind, Wharton & Garrison LLP is legal counsel. Latham & Watkins LLP is acting as legal advisor to BXCI.
 
About Blackstone Credit & Insurance
Blackstone Credit & Insurance (“BXCI”) is one of the world’s leading credit investors. Our investments span the credit markets, including private investment grade, asset based lending, public investment grade and high yield, sustainable resources, infrastructure debt, collateralized loan obligations, direct lending and opportunistic credit. We seek to generate attractive risk-adjusted returns for institutional and individual investors by offering companies capital needed to strengthen and grow their businesses. BXCI is also a leading provider of investment management services for insurers, helping those companies better deliver for policyholders through our world-class capabilities in investment grade private credit.

About AmTrust Financial Services, Inc.
AmTrust Financial Services, Inc., a multinational insurance holding company headquartered in New York, offers specialty property and casualty insurance products, including workers’ compensation, business owner’s policy (BOP), general liability and extended service and warranty coverage. For more information about AmTrust, visit http://www.amtrustfinancial.com.

Contact
Blackstone
David Vitek
David.Vitek@blackstone.com
(212) 583-5291

AmTrust Financial Services
Mairi Mallon
mairi.mallon@rein4ce.co.uk
+44 (0)7843 076533

Cathy Loos
amtrust@ketchum.com
(212) 729-3753

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Indico Data Achieves Record ARR, 60% New Logo Growth as Global Carriers Leverage Industry’s First Agentic Decisioning Platform

.406 Venture

Surging demand for decision automation in commercial and specialty insurance fuels Indico’s record ARR gains and global expansion

 

Boston, MA – September 2, 2025 – Indico Data, the leading Agentic Decisioning Platform for commercial and specialty insurance, today announced record annual recurring revenue (ARR) alongside 60% year-over-year growth in new carrier customers during the first half of 2025. This momentum underscores the market’s demand for AI-driven solutions that enable faster, more accurate underwriting and claims decisions while maintaining compliance and oversight. The results come at a critical time, as insurers face unprecedented submission volumes, limited underwriting capacity, and escalating operational costs.

In the first six months of 2025, Indico has expanded its customer base and added a number of top-tier carriers across North America and the UK, while existing customers expanded beyond initial deployments to encompass submission intake, clearance, policy issuance, and claims workflows. Indico welcomed these new customers on the heels of significant product milestones, including the launch of the industry’s first Agentic Decisioning Platform purpose-built for insurance, the release of out-of-the-box ingestion and data enrichment agents, and the attainment of Guidewire ClaimsCenter certification, enabling seamless integration with one of the industry’s leading core systems.

Indico’s leadership has been further validated by Gartner, which recognized the company in two influential 2025 Hype Cycle reports — the Hype Cycle for P&C Insurance in the Digital Underwriting category, and the Hype Cycle for Artificial Intelligence in the Composite AI category.

As the global insurance industry navigates a persistent hard market, economic pressure, and scarcity of skilled underwriting talent, carriers are re-engineering their operations to make faster, more accurate, and more transparent decisions. Indico’s Agentic Decisioning platform addresses these challenges directly, enabling customers to cut manual intake work by up to 100% in high-confidence cases, reduce quote-to-bind cycles from weeks to days, and increase underwriter capacity by automating low-value administrative tasks.

“Insurers are no longer experimenting with AI — they’re operationalizing it at scale,” said Tom Wilde, CEO of Indico Data. “Our record growth and customer expansion in H1 2025 show that Indico has become core decision infrastructure for leading carriers worldwide. The launch of our Agentic Decisioning Platform marks a new phase in insurance transformation, where speed, accuracy, and auditability are built into every decision.”

With additional agentic capabilities set to launch in the second half of 2025, Indico plans to extend its platform deeper into policy servicing and claims operations, while continuing to expand its out-of-the-box workflow library for faster time to value.

About Indico Data
Indico Data turns chaotic submissions into confident decisions. Built for underwriting and claims operations, our Agentic Decisioning Platform uses Generative and Agentic AI to ingest and enrich complex submissions and claims — accelerating triage, eliminating manual work, and surfacing the right risks instantly. Where legacy tools stop at extraction, Indico delivers speed, accuracy, and full transparency across every decision point. Learn more at www.indicodata.ai.

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Cove Raises an additional $16 Million to ExpandAI-Native Insurance Platform and Offer Strategic Exit Options to Agency Partners

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San Francisco, CA – August, 2025 – COVU, the AI-native operating system for insurance, today announced it has raised $16 million in new capital, including equity and growth financing. This brings the company’s total funding to around $50 million to date, fueling its mission to transform how insurance is delivered, serviced, and experienced through agencies and partners.
The funding will accelerate platform development, expand operational infrastructure, and offer independent agency partners more options: whether they want to scale their operations or step away through a structured, supported transition.

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“We’re not here to sell software,” said Ali Safavi, CEO of COVU. “We’re building the infrastructure that powers the future of insurance. Our goal is to help agencies operate with more intelligence, more efficiency, and more care, while preserving the advisor relationship that customers trust.”
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A Modern Operating System for Independent Insurance

COVU supports insurance agencies with a full-service platform that combines AI-native technology, licensed support staff, and centralized customer operations. This allows agencies to streamline servicing, boost profitability, and modernize their customer experience without building infrastructure on their own.
The platform includes:

  • AI-powered customer support and automation.
  • End-to-end servicing delivered by licensed professionals
  • Direct carrier access and appetite matching
  • Compliance, staffing, and operational oversight
  • Growth and M&A enablement for partners ready to expand or exit

COVU’s role is not to replace agencies, but to power them. The company operates behind the scenes, delivering outcomes instead of tools, and protecting the advisor-customer relationship at every step.

Acquisition as a Continuation of Partnership

COVU has completed seven agency acquisitions to date. Each one originated as a servicing partnership. When a partner chooses to exit, COVU offers a seamless, non-disruptive path that ensures continuity for clients, staff, and carrier relationships.

“We believe deeply in the agency model,” Safavi added. “We help our partners grow and evolve, but we also support them when they’re ready for a transition. That flexibility is critical to modernizing this industry with care and respect.”

Accelerating the Future of Insurance Operations

With this capital, COVU will continue to expand its AI-native platform and servicing infrastructure, onboard new carrier partners, and support both organic and M&A-driven growth for agencies across the country.
As the industry faces growing complexity and capacity constraints, COVU provides agencies and carriers with a clear path forward. A modern insurance experience, delivered with technology, trust, and operational excellence.

About COVU

COVU is the AI-native operating system for insurance. Built for independent agencies, the platform provides licensed servicing staff, centralized operations, embedded AI workflows, and access to top carriers. Whether growing, operating, or exiting, agencies trust COVU to simplify insurance, protect their customer relationships, and power their future.
Media Contact:

Sumukh Lohani
press@covu.com
COVU, Inc.

548 Market St, PMB 24487, San Francisco, California 94104

covu.com/press

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Astorg partners with ATTIKON, a Leading German Commercial Insurance Brokerage Platform

Astorg

Luxembourg/Frankfurt/London – Astorg, a leading pan-European private equity firm, is pleased to announce its investment in ATTIKON Finanz AG (“ATTIKON” or “the company”), a leading German commercial insurance brokerage platform. The founders, the management team and other significant shareholders, including Sigla, will remain invested in the company. Through this partnership, Astorg will support ATTIKON’s growth and expansion, collaborating closely with the founders and the management team.

Press Release

 

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Founded in 2019 through the combination of two regional brokers, ATTIKON has rapidly grown into one of Germany’s foremost multi-specialist commercial insurance brokers for small and medium-sized enterprises (“SMEs”). The company offers a comprehensive portfolio across property, liability, and specialty lines such as cyber and directors and officers (“D&O”) liability insurance. ATTIKON has built a particularly strong presence in the residential real estate segment, where it ranks among the top three brokers nationwide.

Headquartered in Düsseldorf, ATTIKON serves more than 30,000 clients through five metropolitan hubs in Germany with a team of around 230 professionals.

ATTIKON’s focused platform, strong foothold in attractive niche segments, proven M&A execution, and resilient business model positions it to continue delivering strong growth. Astorg’s investment will support ATTIKON in accelerating its acquisition strategy, enhancing digitization across the platform, and expanding into complementary services such as managing general agent (MGA) capabilities.

The investment will be part of Astorg’s Mid-Cap portfolio, representing the seventh investment of the fund to date, the second in Germany, the fifth primary, and the first in the Business Services sector.

Astorg is partnering on this transaction with Sigla, whose founders and managing partners are longstanding significant shareholders in ATTIKON. Having invested in the company nearly from its inception, Sigla brings deep expertise in the insurance brokerage sector.

Florian Luther, Partner and Head of DACH Mid-Cap, and Kevin Bernges, Managing Director at Astorg, said:

“ATTIKON has built a remarkable platform in just a few years, combining deep sector expertise with a proven ability to integrate and grow acquired businesses. Operating in Europe’s largest and most resilient commercial insurance market, the company is well placed to capture sustained growth opportunities. We look forward to partnering with the excellent management team to accelerate ATTIKON’s strategy, enhance its digital capabilities, and further expand its leadership position in the German commercial insurance market.”

Lionel de Posson, Partner and Co-Head of Astorg’s Mid-Cap fund, added:

“Supporting ambitious companies through buy-and-build strategies has long been a core part of Astorg’s DNA, as demonstrated by our strong track record with investments such as Normec, IQ-EQ, and, more recently, IPCOM and Steliau. We are excited to bring this expertise to support ATTIKON’s growth and consolidation strategy.”

Thomas Michels, CEO of ATTIKON Finanz AG, said:

“Partnering with Astorg gives us not only the resources to accelerate our growth, but also a like-minded partner who shares and actively supports our strategic vision. Together, we aim to strengthen our position, enhance the value we deliver to our clients and employees, and advance towards our goal of becoming one of Germany’s leading brokerage groups.”

Astorg was advised by Rothschild & Co (M&A), Willkie Farr & Gallagher and Kirkland & Ellis (legal), EY (financial, tax, cybersecurity, and tech & ops), Oliver Wyman (commercial), Howden (insurance) and ERM (ESG).

*ENDS*

Astorg

Astorg is a leading pan-European private equity firm with over €23 billion of assets under management. Astorg works with entrepreneurs and management teams to acquire market leading global companies headquartered in Europe or the US, providing them with the strategic guidance, governance and capital they need to achieve their growth goals. Enjoying a distinct entrepreneurial culture, a long-term shareholder perspective and a lean decision-making body, Astorg has valuable industry expertise in healthcare, software and technology, business services and technology-based industrial companies.

Headquartered in Luxembourg, Astorg has offices in London, Paris, New York, Frankfurt, and Milan.

For more information about Astorg: www.astorg.com | Follow Astorg on LinkedIn.

ATTIKON

ATTIKON Finanz AG focuses on the acquisition and further development of specialized brokerage companies. ATTIKON is already among the top 20 brokers in the corporate and commercial sectors and continues to grow. New brokerage firms are systematically integrated into the group, with strategic consideration given to all aspects—from IT to human resources, finance, and even the company name.

Further information can be found at: www.attikon.de

Sigla

Sigla is a newly established, sector-focused private equity firm. We invest across Europe in countries we
know well and where we understand local markets and can bring our networks to bear. Sigla targets a limited range of specific investment themes within the Healthcare and Business Services sectors, where Sigla has deep expertise. Sigla invests in high quality businesses with best-in-class managers and with a combination of strong levels of resilience as well as distinct value creation levers, especially when they involve opportunities to digitalise and to consolidate. Sigla was founded by its three Managing Partners and Nordstjernan AB, a Swedish foundation-owned and family-controlled investment house with +130 years of legacy in direct investing and in entrepreneurship.

For more information about Sigla: www.sigla-capital.com | Follow Sigla on LinkedIn.

 

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Diot-Siaci announces new ownership structure with Ardian, the Burrus Group and management

Ardian

The Diot-Siaci Group, an independent European leader in corporate insurance brokerage, and Ardian, a world-leading private investment firm, announce the signing of a definitive agreement after exclusive negotiations regarding the Group’s new ownership structure. Upon completion of the transaction, Ardian will become Diot-Siaci’s lead financial shareholder, alongside the Burrus Group, a long-standing shareholder, and the management team. The new capital structure will establish joint control governance between Ardian and the Burrus Group.

As a long-standing shareholder of the Group since 2015, Ardian is now increasing its stake in Diot-Siaci to become its main financial shareholder by acquiring the shares held by Ontario Teachers’ Pension Plan (Ontario Teachers’), Bpifrance, Cathay Capital and other minority shareholders.

A reinforced ambition: international growth and market consolidation

Building on their shared history and renewed mutual trust, Diot-Siaci’s management team is demonstrating its full commitment to the transaction through a significant reinvestment in the company’s capital. The management team welcomes Ardian’s full support in accelerating Diot-Siaci’s growth, particularly in major industrial risks, marine insurance, personal insurance, human resources consulting, credit insurance, international mobility, and reinsurance across its key markets in Continental Europe, the United Kingdom, Asia, the Middle East, and Africa.

With this transaction, the Group reinforces its global capabilities and strengthens its position among the world’s leading industry players. Diot-Siaci’s dynamism, combined with Ardian’s expertise, will help bolster the Group’s long-term growth trajectory.

Ardian and the Burrus Group will jointly control the company to support Diot-Siaci as it enters a new phase of development

The new capital structure is accompanied by the establishment of joint control governance between Ardian and the Burrus Group, which aims to support this ambitious new phase of growth.

The Group will continue to be Co-Chaired by Pierre Donnersberg and Christian Burrus, and led by Cédric Charpentier, Chief Executive Officer.

This transaction remains subject to approval by the relevant regulatory and competition authorities.

“We are thrilled to be joining forces with the Burrus Group, Pierre Donnersberg and the entire management team led by Cédric Charpentier to support Diot-Siaci in the next stage of its development. Together, we have ambitious plans to make Diot-Siaci the leading independent insurance and reinsurance brokerage group with European roots.” Thibault Basquin, Co-head & CIO of Buyout and Member of the Executive Committee, Ardian

“In addition to the commitment from our Buyout fund, we have successfully raised more than €700 million in less than two months from institutional partners to co-invest in this deal, including several sovereign wealth funds and international investors. This demonstrates the confidence of these leading investors in Ardian’s ability to support blue-chip companies in their ambitious growth strategies.” Olivier Personnaz, Managing Director and Head of Buyout Equity Capital Markets, Buyout, Ardian

In this regard, Mubadala is renewing its confidence in the Group by increasing its investment alongside Ardian.

“Diot-Siaci is a company we know intimately, and whose entrepreneurial vision and long-term ambitions we fully share. In a sector undergoing major reorganization, Diot-Siaci has all the assets to play a leading role in the consolidation of the sector.” Edouard Level, Director, Buyout, Ardian

“We’re proud to have supported Diot-Siaci following the merger between Siaci Saint Honoré and Diot four years ago. Since our entry in 2021, its revenues have multiplied by 1.6 times to reach EUR1 billion and, today we can say Diot-Siaci is a leader in the European corporate insurance broker market which we have helped expand into Middle East and Africa. It is another great example of our partnership with management teams in our financial and insurance services portfolio of investments, where we have a demonstrated track record of success over the last three decades.” Inaki Echave, Head of EMEA Private Capital, Ontario Teachers’

“Ardian’s arrival in our capital demonstrates the market’s confidence in the continued development of our Group and its teams, and will enable us to pursue our strategy of strong international growth.” Cédric Charpentier, CEO, Diot-Siaci

“This new shareholding structure gives us the means to go even further and continue our growth in high-potential areas of the world.”Pierre Donnersberg & Christian Burrus, Co-Chairs, Diot-Siaci

Participants

  • Ardian

    • Thibault Basquin, Olivier Personnaz, Edouard Level, Jean-Baptiste Hunaut, Claire Chavaillard, Jack Czapalski, Martin Blanc, Gregory Buscayret, Juliette Cassan, François-Aïssa Touazi, Helen Lee-Bouygues, Aris Toranian, Jason Yao, Isabelle Fan, Colin Wang
    • Andy Wu, Mengqi Zhao
    • M&A advisor: Evercore (Charles Andrez, Raoul Mansour, Charlotte Lefort, Adrien Prothery)
    • Commercial and Operational Due diligence: BCG (Jean-Christophe Gard, Benjamin Entraygues, Nadine Moore, Florian Vergnaud, Jocelyn Lescouezec)
    • IT Due diligence: BCG (Philippe Savary, Bastien Goetschel)
    • Financial Due diligence: PwC (Céline Appel, François-Xavier Bornet, Amine Mimita, Salah Ben Kacem, Arthur Couderc, Jules Passemard, Rayanne Manfoumby)
    • Legal Due diligence: PwC (Eric Hickel, Olesya Monegier du Sorbier, Maximilien Jatteau, Lucie Jacquesy)
    • Social Due diligence: PwC (Aurélie Cluzel-d’Andlau, Fanny Marchiset)
    • Tax Due diligence: PwC (Caroline Chaize-Lang, Sarah Dezes, Emma Stearns)
    • Legal advisor: Weil Gotshal & Manges – M&A/PE Practice (David Aknin, Pierre-Alexandre Kahn, Romain Letard, Messan Dogbevi, Floriane Egraz), Banking & Finance Practice (Tom Richards, Tanya Jain, Kai Zhang, Ashley Ken)
    • Tax Practice (Edouard de Lamy, Axelle Trintignac), Antitrust Practice (Marc Lordonnois, Martin Ellie, Ornella Polito)

  • Ontario Teachers’

    • Ontario Teachers’ investment team: Francois Stoessel, Julia Codron-Konieczny, Hechmi Kilani
    • Financial advisor: Morgan Stanley (David Benichou, Thomas Denizeau, Fabien Marchese)
    • Legal advisor: M&A/PE (Gaëtan Gianasso, Julia Lefevre, Blaise Olympio), Banking & Finance (Aurelien Lorenzi), Tax (Xavier Renard, Hugo Matricon), Antitrust (Mathilde Saltiel)

  • Bpifrance Investissement

    • Stephen Fargis, Aurélien Auvray, François de Forton

  • Diot-Siaci

    • M&A advisors: Messier (Jeremy Langlois), NewCo (Jean-Louis Duverney-Guichard)
    • Financial Due diligence: 8Advisory (Guillaume Catoire)
    • Commercial Due diligence: Roland Berger (Christophe Angoulvant, Alain le Pomellec)
    • Legal, Social, Tax, IT / IP Due diligence: EY (Géraldine Roch, Sandrine Lèbre, Vincent Natier, Cédric Lantonnois van Rode, Sandrine Cullaffroz)
    • Financing advice: Malborough Partners (Benjamin Weyl, Alexandre von Rakowski)
    • Legal advice: Scotto & Partners (Adrien Badelon, Coralie Oger, Emilie Renaud, Alban Tourneux), Valther (Bruno Fiacre, Adina Mihaescu), Mayer Brown (Benjamin Homo), Orrick (Laurent Olleon),
    • Freshfields (Stéphanie Corbières, Marie Roche, Petya Katsarska, Jérôme Philippe)

ABOUT ARDIAN

Ardian is a world-leading private investment firm, managing or advising $180bn of assets on behalf of more than 1,850 clients globally. Our broad expertise, spanning Private Equity, Real Assets and Credit, enables us to offer a wide range of investment opportunities and respond flexibly to our clients’ differing needs. Through Ardian Customized Solutions we create bespoke portfolios that allow institutional clients to specify the precise mix of assets they require and to gain access to funds managed by leading third-party sponsors. Private Wealth Solutions offers dedicated services and access solutions for private banks, family offices and private institutional investors worldwide. Ardian’s main shareholding group is its employees and we place great emphasis on developing its people and fostering a collaborative culture based on collective intelligence. Our 1,050+ employees, spread across 19 offices in Europe, the Americas, Asia and Middle East are strongly committed to the principles of Responsible Investment and are determined to make finance a force for good in society. Our goal is to deliver excellent investment performance combined with high ethical standards and social responsibility.
At Ardian we invest all of ourselves in building companies that last.

ardian.com

ABOUT DIOT-SIACI

Diot-Siaci is a leading insurance and reinsurance consulting and brokerage group in France and Europe, with strong positions in Asia, the Middle East and Africa. It designs and develops innovative, tailor-made solutions for its clients, including large corporations, mid-sized companies, SMEs and professionals, in both personal insurance and property and liability insurance, in line with its CSR commitments. Diot-Siaci has a stable and independent shareholder base, enabling it to support its clients in their development and transformation. It meets their needs across the entire value chain in property and liability insurance, social protection (health, personal protection, retirement), HR consulting and international mobility, credit insurance, surety and financing, captive management and reinsurance. With more than 7,000 employees and revenue of over €1 billion in 2024, the group operates worldwide through its own offices and its Diot-Siaci Global Partners network.

diot-siaci.com

ABOUT ONTARIO TEACHERS

Ontario Teachers’ Pension Plan Board (Ontario Teachers’) is a global investor with net assets of $266.3 billion as at December 31, 2024. Ontario Teachers’ is a fully funded defined benefit pension plan, and it invests in a broad array of asset classes to deliver retirement security for 343,000 working members and pensioners.

otpp.com

Press contact

Ardian

Headland

ardian@headlandconsultancy.com

Diot-Siaci

Havas

diot-siaci@havas.com+33 (0) 6 09 01 68 25

OTPP

KEKST CNC

otpp@kekstcnc.com

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Elysian Capital III LP supports Activate Group Holdings Limited to acquire Avant Group

Elysian Capital

Elysian Capital is pleased to announce further investment in Fund III portfolio company, Activate Group Holdings Limited (“Activate”) to support the acquisition of Avant Consult Ltd (“Avant Group”).

Activate provides accident management services to insurance groups and corporate fleet operators through its MRN and Sopp+Sopp brands, undertaking the vehicle repairs either in house through its own network of repair centres or externally through its network of third-party repair centres. Elysian Capital is supporting management in their expansion of the Group through both organic and acquisitive growth.

Avant is a well-established collision repair specialist known for its manufacturer programme expertise, bodyshop management technology, and award-winning repair network. As part of the deal Activate Group has acquired Avant Group’s three key brands: Avant Consult, Avant Repair Network and Bodynet.

The move brings together two highly complementary businesses with shared strengths in the insurance, fleet and repair sectors – with a combined track record of managing hundreds of thousands of motor claims each year.

Avant’s leadership team will remain in place. Mark Johnstone will continue to head up the business, joining the Activate Group Executive Team as Managing Director of AvantGroup.

Hannah Wilcox, Activate Group CEO said:

“This marks a significant milestone for Activate Group. Avant Group’s particular expertise enhances our existing proposition and supports our ambition to deliver the UK’s most advanced, end-to-end accident and repair solutions. Together, we’re giving insurers, fleets and partners even more reasons to choose our services.”

Mark Johnstone added:

“Joining Activate Group is the next natural step in our growth. We’re proud of the service and culture we’ve built, and the strong relationships we have with our clients and repair partners. Becoming part of Activate Group gives us the opportunity to grow faster, expand our reach and bring even more value to our clients, partners and people, and we’re excited about what we can now achieve together.”

Elysian Capital and Activate were advised by: Squire Patton Boggs (legal); Eight Advisory (financial and tax); and Aon (Insurance). The shareholders of Avant were advised by Brown Butler (corporate finance); and Weightmans (legal).

Contact

Elysian Capital LLP

Manfield House

1 Southampton Street

London

WC2R 0LR

T: +44 (0) 207 925 80 50

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Ascot Group Limited and Antares Capital Announce Casualty Sidecar Partnership

Antares
HAMILTON, Bermuda and CHICAGO, July 31, 2025 /PRNewswire/ — Ascot Group Limited (together with its affiliates, “Ascot”), a global specialty (re)insurance company and Antares Capital (together with its affiliates, “Antares”), a leading alternative credit manager with $83+ billion in capital under management and administration, today announced a strategic partnership to launch Wayfare Reinsurance Limited, a Bermuda-based reinsurance sidecar, together with Canro Re Limited, a Bermuda-based segregated account company (collectively, “Wayfare Re”). Wayfare Re will be capitalized through equity investments from Antares and Ascot at a transaction size of approximately $500 million.Wayfare Re will provide Ascot with dedicated underwriting capacity in support of its casualty offerings in the U.S. and Bermuda (re)insurance markets. Antares will serve as the exclusive private credit asset manager for Wayfare Re, managing a portion of the assets through its direct lending strategy, which focuses on extending senior secured loans to leading, sponsor-backed middle market U.S. companies.

For Ascot, the partnership is a testament to its unique position in the insurance and reinsurance markets, its reputation as a leading underwriting franchise, and its long-term client and distribution partner relationships. Ascot continues to see growth opportunities, and the partnership provides Antares with access to Ascot’s world-class underwriting and operational capabilities.

“We’re excited to announce this multi-year commitment with Antares, a leading private credit investor for nearly three decades with extensive capabilities in structuring bespoke capital solutions,” said Charles Craigs, Managing Principal of Leadline Capital Partners™ (“Leadline”), Ascot’s dedicated third-party capital unit.

“The launch of this innovative structure is reflective of an increased appetite from capital markets firms to partner with quality underwriting organizations to drive stakeholder value. It is also a key achievement in the continued build out of Leadline, increasing Ascot’s capital resilience and thus enabling the company to be a more perfect partner for its insurance and reinsurance clients,” said Jonathan Zaffino, CEO and President of Ascot Group.

For Antares, the partnership reflects continued momentum for its Insurance Solutions business, which delivers tailored solutions to meet the specialized needs of insurance companies. The transaction demonstrates Antares’ strong track record in structuring insurance-optimized investment vehicles and its extensive experience partnering with insurers to deliver capital and tax efficient solutions across their balance sheets.

“Wayfare Re represents a modern, scalable partnership that combines Antares’ private credit expertise with Ascot’s outstanding casualty underwriting capabilities,” said Ben Concessi, Chief Strategy and Transformation Officer at Antares. “Ascot’s longstanding underwriting track record and access to unique portfolios of risk, as well as the strength of their team, make them the optimal partner for this venture. Furthermore, this transaction underscores the strength of our Insurance Solutions business and our commitment to being a long-term partner to insurance companies in unlocking capacity and driving growth through innovative investment solutions.”

Aon Securities LLC acted as sole structuring agent and placement agent for the transaction. Willkie Farr & Gallagher LLP and Appleby (Bermuda) Limited served as legal counsel for Ascot.

Debevoise & Plimpton LLP served as legal counsel for Antares.

About Ascot Group

Ascot is a leading global specialty insurance and reinsurance group offering property and casualty solutions to clients, with a nearly 25-year track record of consistency and stability and $12 billion in total assets at year-end 2024. The company operates through an ecosystem of interconnected global platforms in offices across the United States, Bermuda and London, bound by a common mission to be a perfect partner for a less-than-perfect world.

Affiliates within the Ascot Group are rated A (Excellent) by A.M. Best Company and A+ by Fitch Ratings Inc.

Visit www.ascotgroup.com or follow the company on LinkedIn to learn more about its products and people.

About Antares Capital

Founded in 1996, Antares has been a leader in private credit for nearly three decades. Today with approximately ~$83 billion of capital under management and administration as of March 31, 2025, Antares is an experienced and cycle-tested alternative credit manager. With one of the most seasoned teams in the industry, Antares is focused on delivering attractive risk-adjusted returns for investors and creating long term value for all of its partners. The firm maintains offices in Atlanta, Chicago, Los Angeles, New York, Toronto and London. Visit Antares at www.antares.com or follow the company on LinkedIn at https://www.linkedin.com/company/antares-capital-lp.

Antares Capital is a subsidiary of Antares Holdings LP, (collectively, “Antares”). Antares Capital London Limited is an appointed representative of Langham Hall Fund Management LLP, an entity which is authorized and regulated by the Financial Conduct Authority of the UK.

SOURCE Ascot Group

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Japan Post Insurance Invests $2 Billion in Global Atlantic Vehicle

KKR
  • Latest milestone in strategic partnership to accelerate Japan Post Insurance’s global growth strategy
  • Reinforces both KKR and Global Atlantic’s deep commitment to Japan, and serving the needs of the expanding global insurance market

TOKYO & NEW YORK–(BUSINESS WIRE)– Japan Post Insurance Co., Ltd. (“Japan Post Insurance”), KKR & Co. Inc. (together with its subsidiaries, “KKR”), and Global Atlantic, a leading provider of retirement security and investment solutions, and a wholly-owned subsidiary of KKR, today announced the signing of definitive agreements under which Japan Post Insurance will invest $2 billion (approx. JPY 300 billion) in a new vehicle (the “Vehicle”) sponsored by Global Atlantic.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20250729224140/en/

Japan Post Insurance’s commitment is over 50% of the Vehicle,1 which is expected to have access to Global Atlantic’s insurance, reinsurance and strategic activity, and to commence operations in the first half of 2026, subject to customary regulatory approvals.

This transaction marks an additional investment by Japan Post Insurance in a vehicle sponsored by Global Atlantic and is a part of the strategic partnership that Japan Post Insurance, KKR, and Global Atlantic announced in June 2023. Both KKR and Global Atlantic’s track record of providing differentiated investment capabilities and insurance expertise to serve the international insurance market is expected to significantly advance Japan Post Insurance’s global growth strategy and further diversify its revenue sources.

This strategic partnership reinforces KKR and Global Atlantic’s commitment to Japan, a core market where KKR has operated in for two decades, while advancing their global insurance strategy. The collaboration also enhances their ability to deliver tailored asset management and reinsurance solutions for insurance clients worldwide. Building on Global Atlantic’s strong track record in retirement security and investment solutions, Japan Post Insurance’s investment will support Global Atlantic’s continued expansion across the U.S. and international markets to address growing retirement needs in rapidly aging populations globally.

Japan Post Insurance’s investment will be made over time. Japan Post Insurance expects that this investment will have minimal impact on its consolidated financial results for the fiscal year ending March 31, 2026. Japan Post Insurance will promptly make a market disclosure if it becomes clear that this investment will have an impact on its business performance.

Kunio Tanigaki, Director and Representative Executive Officer, President and CEO of Japan Post Insurance, said, “This investment is a part of our phased approach to our strategic alliance agreement with KKR and Global Atlantic, which we signed in June 2023 with the aim of expanding into new areas of collaboration. In the two years that have passed since establishing this alliance, we have deepened our mutual understanding and come to appreciate the significant presence of KKR and Global Atlantic in the U.S. market, and are pleased to invest in this new vehicle sponsored by Global Atlantic. We believe that this investment will enable Japan Post Insurance to diversify our revenue sources by capturing revenues from the robust U.S. annuity market and reinsurance markets globally and continue to build on our win-win relationship with KKR and Global Atlantic.”

Joe Bae and Scott Nuttall, Co-CEOs of KKR, said, “We are proud to deepen our relationship with Japan Post Insurance, one of Japan’s leading insurance institutions, through their investment in Global Atlantic’s vehicle. This collaboration reflects the strength of our global insurance platform and our shared commitment to growth as we pursue the opportunity together.”

“We are delighted to expand our strategic partnership with Japan Post Insurance and pursue new opportunities for growth and collaboration,” said Billy Butcher and Manu Sareen, Co-Heads of Global Atlantic. “Japan Post Insurance’s commitment to deploy capital alongside Global Atlantic validates the growing value of our global platform. The investment will accelerate our ability to pursue growth opportunities we see in the U.S., Japan, and other international markets, and support the needs of our clients, policyholders and partners.”

About Japan Post Insurance

Japan Post Insurance is a Japanese life insurance company that offers a wide range of life insurance products, mainly for individuals, such as endowment insurance and whole life insurance. Following the privatization and division of Japan Post, it was established as a Japan Post Group company on October 1, 2007. As a member of the Japan Post Group, it offers products for individuals through its branch Japan Post Service Department and the nationwide post office network owned by Japan Post Co., Ltd., as well as corporate services through its branch corporate sales department.

About KKR

KKR is a leading global investment firm that offers alternative asset management as well as capital markets and insurance solutions. KKR aims to generate attractive investment returns by following a patient and disciplined investment approach, employing world-class people, and supporting growth in its portfolio companies and communities. KKR sponsors investment funds that invest in private equity, credit and real assets and has strategic partners that manage hedge funds. KKR’s insurance subsidiaries offer retirement, life and reinsurance products under the management of Global Atlantic Financial Group. References to KKR’s investments may include the activities of its sponsored funds and insurance subsidiaries. For additional information about KKR & Co. Inc. (NYSE: KKR), please visit KKR’s website at www.kkr.com. For additional information about Global Atlantic Financial Group, please visit Global Atlantic Financial Group’s website at www.globalatlantic.com.

About Global Atlantic

Global Atlantic is a leading provider of retirement security and investment solutions with operations in the U.S. and Bermuda. As a wholly-owned subsidiary of KKR (NYSE: KKR), a leading global investment firm, Global Atlantic combines deep insurance expertise with KKR’s powerful investment capabilities to deliver long-term financial security for millions of individuals. With a broad suite of annuity, preneed life insurance, reinsurance, and investment solutions, Global Atlantic, through its issuing companies, helps people achieve their financial goals with confidence. For more information, please visit www.globalatlantic.com.

Global Atlantic is the marketing name for The Global Atlantic Financial Group LLC and its subsidiaries, including Forethought Life Insurance Company and Accordia Life and Annuity Company. Each subsidiary is responsible for its own financial and contractual obligations. These subsidiaries are not authorized to do business in New York.

Forward-Looking Statements

This document contains forward-looking statements. Such forward-looking statements may be identified by words such as “may,” “will,” “should,” “expect,” “anticipate,” “estimate,” “target,” “intend,” “continue,” “believe,” or the negative of these terms or other similar expressions. These forward-looking statements are based on current assumptions and expectations. Actual events or performance may differ materially from those suggested or intended by the forward-looking statements, as they are subject to various risks, uncertainties and uncertainties, including whether the Vehicle will generate the expected benefits. Japan Post Insurance is under no obligation to change or revise such information in light of new information, future events or other circumstances. Past performance is not a guarantee of future performance.

1 Japan Post Insurance expects to hold a 10% stake in the vehicle in terms of voting rights, after obtaining regulatory approvals.

For KKR:
Wei Jun Ong or Kenny Juarez
media@kkr.com

For Global Atlantic:
Jenn Bernstein
Jennifer.Bernstein@gafg.com

Source: KKR

 

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Athora to acquire Pension Insurance Corporation Group

CVC Capital Partners

Pension Insurance Corporation Group Limited (“PICG”), ultimate parent company of Pension Insurance Corporation plc (“PIC”), the specialist insurer of UK defined benefit pension schemes, today announces that Athora Holding Limited (“Athora”) has agreed to acquire PICG for approximately £5.7 billion. Athora is a leading pan-European savings and retirement services group with €76 billion of assets under management and administration, on behalf of 2.8 million policyholders.

The transaction means that for the first time in its 20-year history, PIC will be held by a single strategic owner. PIC will become the UK insurance business of Athora and continue operating under the PIC (and penguin) brand. Athora has existing insurance businesses in the Netherlands, Italy, Belgium and Germany. Athora is backed by permanent capital owners, including a strategic minority investment by Apollo Global Management and Athene Holding Limited, and long-term institutional investors such as a wholly owned subsidiary of the Abu Dhabi Investment Authority (“ADIA”).

The transaction creates a total Group with assets of over €130 billion, backing the pensions of more than three million savers and retirees across Europe. PIC will be 45% of Athora’s total assets under management and administration, and will be the largest and fastest growing business in the Group.

PIC has a portfolio of £50.9 billion backing the pensions of 400,000 people. It has £30 billion invested in the UK. To date it has invested £13.8 billion in UK housing and infrastructure, which help provide the secure, inflation-linked cashflows which match its pension liabilities over future decades. PIC has so far paid more than £16 billion in pensions, with a 99% customer satisfaction rating.

The acquisition reinforces PIC’s strategy of providing very high customer service levels and increases its ability to invest in UK housing and infrastructure as Athora supports PIC through the next phase of its growth. This will allow PIC to provide its best pricing across a larger number of pension risk transfer deals.

PICG’s current shareholders are Reinet Fund S.C.A., F.I.S. (“Reinet”) which holds 49.5% of the issued shares, a wholly owned subsidiary of ADIA, with 18.4% of the issued shares, funds managed by CVC Capital Partners (“CVC”), with 17.4%, and funds managed by HPS Investment Partners with 10.2%, as well as employees and other shareholders, who hold c.4% of the issued shares. The transaction, which is subject to regulatory approval, is expected to close in early 2026.

Tracy Blackwell, CEO of PIC, said: “PIC has had an amazing growth story over the past two decades and is now one of Britain’s preeminent pension businesses. This success has been based on a simple purpose, which is to pay the pensions of our current and future policyholders. Athora’s investment is validation of what we have always believed: that PIC’s reputation, strategy, fortress balance sheet, purpose, and most importantly our people combine to make this a unique business in a huge and growing market.

“With Athora backing us through our next phase of growth as their UK insurance business, we will be able to provide more options to the trustees of defined benefit pension schemes and invest more in UK housing and infrastructure. The pension risk transfer market is vital to the wellbeing of millions of UK pensioners and the allocation of tens of billions of pounds of investment into the UK’s economy. This acquisition and the potential for growth that it represents is the strongest possible recognition of the value and importance of the pension risk transfer market, the sector that PIC helped to create and continues to lead.

“Finally, I want to thank our exiting shareholders who have been absolutely brilliant in getting us to this point. I very much look to the next chapter in PIC’s story.”

Mike Wells, CEO of Athora, said: “We are delighted to have agreed this transaction. We have followed PIC’s progress for several years and been consistently impressed by the very high-quality business the PIC team has built. As our UK subsidiary, PIC will be the largest business within the Athora Group and we intend to invest in the business and its people to support that growth in the UK pension risk transfer market. We have great confidence in the long-term strengths of the UK: its retirement market, regulatory and policy framework, and economic prospects.”

Dillie Malherbe, Director: Reinet Investments Manager, said: “We have been invested in PICG since 2012, and have helped oversee a 900% increase in the size of the business since then, by size of financial investments. What has consistently impressed me about PIC is that, despite that amazing growth trajectory, it has maintained a relentless focus on outcomes for its policyholders. I want to thank Tracy, our fellow shareholders, and everyone at PIC for all their efforts over the past 13 years.”

Hamad Shahwan Aldhaheri, Executive Director of the Private Equities Department at ADIA, said: “As a shareholder in PICG since 2018, our investment supported the growth of the company as it strengthened its position as one of the leading players in the UK pension risk transfer market. Following this transaction, we will maintain exposure to the company via our existing shareholding in Athora, and believe that PIC has strong prospects for the future. We wish the company continued success as part of Athora.”

Quotes

We are pleased to have utilised the longer duration capital of CVC’s Strategic Opportunities platform to partner with the team at PIC over the past eight years.

Peter RutlandManaging Partner at CVC

Peter Rutland, Managing Partner at CVC, said: “We are pleased to have utilised the longer duration capital of CVC’s Strategic Opportunities platform to partner with the team at PIC over the past eight years, during which time the company has scaled substantially and firmly established itself as a leading player in the UK pension insurance market. We wish the company every continued success under Athora’s ownership.”

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Trucordia to Receive $1.3 Billion Strategic Investment from Carlyle

Carlyle

Transaction positions company for accelerated growth through improved capital structure and simplified governance 

LINDON, Utah and NEW YORK, NY – June 4, 2025—Trucordia today announced it will receive a $1.3 billion strategic investment from global investment firm Carlyle’s Global Credit platform. The transaction will reduce Trucordia’s leverage and simplify its governance structure by repurchasing units from existing minority investors.

The transaction, which is expected to close this month and values Trucordia at $5.7 billion, provides the company with long-term financial flexibility to pursue a variety of strategic outcomes.

“This investment and partnership with Carlyle will meaningfully strengthen Trucordia’s long-term financial and ownership structure and accelerate our transformational growth strategy,” said Felix Morgan, CEO of Trucordia. “Alongside momentum from the recent rollout of our platform operating model, leadership appointments, and latest acquisitions, I’ve never been more excited about what the future holds for Trucordia.”

Trucordia is a top 20 U.S. insurance brokerage offering a broad array of commercial and personal lines, life, and employee benefits insurance solutions. Trucordia is underpinned by a strong performance driven-culture, organic growth, and strategic acquisitions.

“The investment from Carlyle will reduce Trucordia’s leverage, fortify our balance sheet, and enhance our financial flexibility,” said Trucordia Chief Financial Officer Brandon Gray. “We are well positioned to continue making the right investments in our business moving forward.”

“Trucordia has quickly established itself as a category leader with an experienced management team and a clear strategic vision,” said Andreas Boye, Partner and Head of Carlyle Credit Opportunities in North America. “We believe the company is well-positioned to capitalize on long-term growth opportunities in the insurance distribution sector, and we’re thrilled to support their continued success.”

Gary Jacovino, Partner on Carlyle’s Credit Opportunities team, added, “We are excited to strengthen our partnership with Trucordia as the organization continues to deliver an industry-leading client experience while pursuing scalable growth. We value building lasting partnerships with industry-leading management teams and support their vision for sustained success.”

The investment was led by Carlyle’s Credit Opportunities team, within the firm’s Global Credit platform. The strategy seeks to provide highly structured and privately negotiated solutions across the capital structure to family, founder, and management-owned companies, sponsor-backed companies, and special situations, with a focus on long-term value creation. Carlyle’s Global Credit platform has $199 billion in assets under management as of March 31, 2025.

J.P. Morgan acted as sole advisor and placement agent to Trucordia in connection with the transaction.

Orrick, Herrington & Sutcliffe LLP served as legal counsel to Trucordia.

Latham & Watkins LLP served as legal counsel to Carlyle.

About Trucordia

Trucordia, formerly PCF Insurance Services, is the group name for a top 20 U.S. insurance brokerage headquartered in Lindon, Utah. The Trucordia group of companies offers a broad array of commercial and personal lines, life and health, and employee benefits insurance solutions. Trucordia is an integrated organization united by a passion to deliver extraordinary opportunities and exceptional experiences for its clients, partners, and each other. With more than 5,000 team members across the U.S., Trucordia is a notable leader in the insurance brokerage space, ranking #19 on Business Insurance’s 2024 Top 100 Brokers and #13 on Insurance Journal’s 2024 Top Property/Casualty Agencies. Visit trucordia.com for more information.

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 Carlyle AlpInvest. With $453 billion of assets under management as of March 31, 2025, 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 more than 2,300 people in 29 offices across four continents. Further information is available at www.carlyle.com. Follow Carlyle on X @OneCarlyle and LinkedIn at The Carlyle Group.

For additional information: 

Trucordia Media Relations

communications@trucordia.com  

(385) 273-2270 

 

Carlyle

Kristen Ashton

Kristen.ashton@carlyle.com

(212) 813-4763

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