Altas Acquires Significant Interest in Hub International

Altas Partners

On November 28, 2018, Altas Partners (“Altas”) completed a substantial equity investment in Hub International Limited (“Hub” or the “Company”), a leading full-service insurance brokerage. The transaction values Hub at more than $10 billion of total enterprise value. Altas will own its equity interest in Hub alongside Company management and employees, who are significant shareholders, and Hellman & Friedman, a leading private equity firm with offices in New York, San Francisco and London.

Hub has distinguished itself as the premier mid-market insurance brokerage, building on the company’s proven formula and enjoying a long and consistent track record of success in the North American marketplace. Hub remains focused on bringing global resources to the local market via its network of regional brokerage offices. The firm continues to prioritize arming its producers and support teams with market-leading products and resources, while cultivating a culture of specialization to provide the level of expertise that Hub’s customers demand. Hub is making significant investments in delivering best-in-class customer experiences, including technology that accelerates the pace at which Hub can complete transactions and provide cost-efficient solutions meeting the evolving needs of customers.

About Hub International
Headquartered in Chicago, Illinois, Hub International Limited is a leading full-service global insurance broker providing property and casualty, life and health, employee benefits, investment and risk management products and services. With more than 11,000 employees in offices located throughout North America, Hub’s vast network of specialists provides peace of mind on what matters most by protecting clients through unrelenting advocacy and tailored insurance solutions. For more information, please visit https://www.hubinternational.com 

About Altas Partners 
Altas Partners is an investment firm with a long-term orientation focused on acquiring significant interests in high-quality, market-leading businesses in partnership with outstanding management teams. Key elements of the firm’s approach include responsible capital structures, active ownership through strategic and operational support and an emphasis on sustainable value creation. Altas invests on behalf of endowments, foundations, public pension funds and other institutional investors.

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AIG and The Carlyle Group Announce Completion of Carlyle’s 19.9 Percent Investment in Fortitude Re

Carlyle

Fortitude Re Launches Brand

NEW YORK – American International Group, Inc. (NYSE: AIG) and The Carlyle Group (NASDAQ: CG) announced today that Carlyle completed its acquisition of a 19.9% stake in Fortitude Group Holdings, LLC, whose group companies operate as Fortitude Re (formerly DSA Re). The transaction was first announced on August 1, 2018, and closed following receipt of regulatory approvals and satisfaction of other customary closing conditions.

Fortitude Re’s new name represents the company’s focus on and expertise in managing long-dated, complex risks. Fortitude Re has also launched its website, http://www.Fortitude-re.com, which provides more information about the organization and its leadership.

James Bracken, Chief Executive Officer of Fortitude Re, said, “We are hard at work building Fortitude Re for long-term success. The closing of Carlyle’s investment and brand launch are two key milestones on that journey.”

Brian Schreiber, Managing Director and Co-Head of Carlyle Global Financial Services Partners, said, “We look forward to working with our partners at AIG and Fortitude Re to grow the business and extend Carlyle’s asset management platform.”

* * * * *

About AIG

American International Group, Inc. (AIG) is a leading global insurance organization. Founded in 1919, today AIG member companies provide a wide range of property casualty insurance, life insurance, retirement products, and other financial services to customers in more than 80 countries and jurisdictions. These diverse offerings include products and services that help businesses and individuals protect their assets, manage risks and provide for retirement security. AIG common stock is listed on the New York Stock Exchange and the Tokyo Stock Exchange.

Additional information about AIG can be found at www.aig.com | YouTube: www.youtube.com/aig | Twitter: @AIGinsurance www.twitter.com/AIGinsurance | LinkedIn: www.linkedin.com/company/aig. These references with additional information about AIG have been provided as a convenience, and the information contained on such websites is not incorporated by reference into this press release.

AIG is the marketing name for the worldwide property-casualty, life and retirement, and general insurance operations of American International Group, Inc. For additional information, please visit our website at www.aig.com. All products and services are written or provided by subsidiaries or affiliates of American International Group, Inc. Products or services may not be available in all countries, and coverage is subject to actual policy language. Non-insurance products and services may be provided by independent third parties. Certain property-casualty coverages may be provided by a surplus lines insurer. Surplus lines insurers do not generally participate in state guaranty funds and insureds are therefore not protected by such funds.

About The Carlyle Group

The Carlyle Group (NASDAQ: CG) is a global alternative asset manager with $212 billion of assets under management across 339 investment vehicles as of September 30, 2018. Carlyle’s purpose is to invest wisely and create value on behalf of its investors, many of whom are public pensions. Carlyle invests across four segments – Corporate Private Equity, Real Assets, Global Credit and Investment Solutions – in Africa, Asia, Australia, Europe, the Middle East, North America and South America. Carlyle has expertise in various industries, including: aerospace, defense & government services, consumer & retail, energy, financial services, healthcare, industrial, real estate, technology & business services, telecommunications & media and transportation. The Carlyle Group employs more than 1,625 people in 31 offices across six continents.

AIG Forward-Looking Statements

Certain statements in this press release constitute forward-looking statements. These statements are not historical facts but instead represent only AIG’s belief regarding future events, many of which, by their nature, are inherently uncertain and outside AIG’s control. It is possible that actual results will differ, possibly materially, from the anticipated results indicated in these statements. Factors that could cause actual results to differ, possibly materially, from those in the forward-looking statements are discussed throughout AIG’s periodic filings with the SEC pursuant to the Securities Exchange Act of 1934.

The Carlyle Group Forward-Looking Statements

This press release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These statements include, but are not limited to, statements related to our expectations regarding the performance of our business, our financial results, our liquidity and capital resources, contingencies, our distribution policy, and other non-historical statements. Such forward-looking statements are subject to various risks, uncertainties, assumptions and other important factors that could cause actual outcomes or results to differ materially from those indicated in these statements including, but not limited to, those described under the section entitled “Risk Factors” in our most recent Annual Report on Form 10-K filed with the SEC, as such factors may be updated from time to time in our periodic filings with the SEC, which are accessible on the SEC’s website at www.sec.gov. We undertake no obligation to publicly update or review any forward-looking statements, whether as a result of new information, future developments or otherwise, except as required by applicable law.

Contacts:

AIG

Investors: Liz Werner; +1-212-770-7074; elizabeth.werner@aig.com
Media: Daniel O’Donnell; +1-212-770-3141; daniel.odonnell@aig.com

The Carlyle Group

Investors: Daniel Harris; +1-212-813-4527; daniel.harris@carlyle.com Media: Christa Zipf; +1-212-813-4578; christa.zipf@carlyle.com

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Cinven enters exclusive discussions to acquire AXA Life Europe

Cinven

The transaction creates Irish and cross-border consolidation platform

International private equity firm, Cinven, today announces that the Sixth Cinven Fund has entered into exclusive discussions to acquire AXA Life Europe (‘ALE’), a leading European life insurance company, for a consideration of €925 million.

ALE primarily manages guaranteed, unit-linked life insurance products (known as ‘Variable Annuities’) for its customer base across Germany, the UK, France, Spain, Italy and Portugal. ALE manages c.248,000 policies, c.€8 billion of assets and has c.€5 billion of reserves of which c.70% is related to German policies. It has been closed to new business since 2017. Furthermore, ALE is a reinsurer of AXA’s Japanese variable annuity portfolio.

ALE is headquartered in Dublin (Ireland), one of the largest cross-border life assurance centres in Europe and is regulated by the Central Bank of Ireland.

Building on Cinven’s expertise in the European life insurance sector, Cinven’s Financial Services team believes that ALE represents an attractive investment opportunity with significant value creation potential due to:

  • A fragmented market: the European Variable Annuity and life insurance market remains fragmented and represents a compelling consolidation opportunity for ALE, particularly in Ireland and the Isle of Man. Cinven’s strategy for ALE builds on the strategies being executed by its Financial Services team in Germany, through its investment in Viridium, and in Italy, through its investment in Eurovita;
  • M&A opportunities: a number of European insurers are planning to dispose of their existing guaranteed back-book portfolios which have become strategically non-core to them, creating an attractive M&A pipeline in the Irish life insurance market as well as the opportunity for ALE to become a consolidator of Variable Annuity back-book portfolios in Europe;
  • The scope for operational improvements: as a non-core disposal from the AXA Group, given the primary nature of the transaction, there is also scope to optimise ALE’s operations;
  • Asset management optimisation: ALE’s asset management and hedging strategies will be further optimised while maintaining strong Solvency II ratios following the carve-out; and
  • Industry-leading management team: Cinven will be partnering with the incumbent, industry-leading management team led by CEO, Eoin Lynam.

Furthermore, customers will benefit from enhanced risk management and underlying asset quality.

This transaction represents the 12th investment by the Sixth Cinven Fund and follows the Sixth Cinven Fund’s agreement to acquire Viridium Group and to provide it with equity funding to acquire Generali Leben, creating a leading German life insurance business with c.5 million policies and c.€55 billion of assets under management.

Caspar Berendsen, Partner at Cinven, commented:

“Over time we have managed to build a strong relationship with ALE and its management team and believe the opportunity for ALE is compelling. Cinven’s acquisition of ALE is a ‘repeat play’ of the consolidation platforms we have created though Guardian Financial Services in the UK, Eurovita in Italy, and Viridium in Germany. Cinven’s investment strategy in this case focuses on the consolidation of closed life funds with Variable Annuity offerings, primarily across Ireland and the Isle of Man. We have ambitious plans for this business and look forward to working alongside Eoin and his team to create value over the coming years.”

Andrea Bertolini, Principal at Cinven, added:

“Cinven continues to make investments in the closed life fund segment, bringing operational and financial excellence to this niche area. Cinven has fast become the leading private equity investor in this segment through investments in the UK, Germany and Italy. We will work in close partnership with the excellent management team to ensure no service interruptions for policy holders and in addition, identify value-accretive potential acquisition targets, creating benefits for all stakeholders of the businesses.”

Eoin Lynam, CEO of ALE, said:

“We have followed Cinven’s investments across various geographies in the European life insurance markets and it’s clear that they have a fantastic grasp of the opportunities available to ALE. We are closely aligned in terms of the future strategy for the business and share a collective vision of the value creation plan, alongside ensuring that all stakeholders benefit from retaining a robust financial base and further enhanced asset and risk management strategies.”

Completion of this transaction is subject to customary conditions, including completion by AXA of the informing of and consultation with the relevant works councils, as well as regulatory approvals by the Central Bank of Ireland and customary anti-trust approvals. The transaction is expected to be completed by the end of 2018 or early 2019.

Advisors to the transaction included: JP Morgan, financial advice; Milliman, actuarial and hedging; Deloitte, finance, operational and information technology due diligence; Deloitte, tax; Clifford Chance, legal (transaction and other); A&L Goodbody, legal (regulatory); Marsh, insurance.

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AIG and The Carlyle Group Announce Strategic Partnership with DSA Re

Carlyle

  • Carlyle to acquire 19.9% of DSA Re from AIG and enter into a strategic asset management relationship with DSA Re
  • Carlyle and AIG will partner to position DSA Re as a platform to provide solutions for insurance liabilities globally

NEW YORK, August 1, 2018 – American International Group, Inc. (NYSE: AIG) and The Carlyle Group (NASDAQ: CG) announced today a strategic partnership to build DSA Re into a standalone provider of reinsurance, claims handling, and run-off management solutions for long-dated, complex risks to the global insurance industry.

DSA Re currently reinsures $36 billion of AIG’s Legacy Life and Annuity and General Insurance liabilities. DSA Re’s diversified risk portfolio, strong claims operation, and efficient administration capabilities provide the foundation for a platform that can be scaled over time. Utilizing Carlyle’s expertise in separating and standing up companies, AIG and Carlyle plan to build DSA Re into a platform that complements DSA Re’s financial strength with its strategically differentiated capabilities.

As part of the transaction, Carlyle will acquire a 19.9% stake in DSA Re and enter into a strategic asset management relationship whereby DSA Re and AIG will, in aggregate, allocate $6 billion of assets into various Carlyle managed strategies across corporate private equity, real assets, and private credit.

Brian Duperreault, AIG’s President and Chief Executive Officer, said, “AIG launched DSA Re to help us efficiently manage our legacy liabilities, honor our policy obligations and maximize financial flexibility. This partnership with Carlyle meets these objectives while allowing AIG to free up capital and participate in the build-out and growth of the business. We look forward to working closely with Carlyle to position DSA Re for long-term success.”

Kewsong Lee, Carlyle’s Co-Chief Executive Officer, stated, “This strategic partnership extends Carlyle’s investment capabilities into the $15 trillion global insurance industry. Carlyle is excited to deliver our global investment platform across a variety of asset classes to DSA Re, and will work to generate attractive returns for the DSA Re portfolio for many years to come. We have a terrific partner in AIG, and will work closely together to help DSA Re become independent and positioned for growth over time.”

James Bracken, Chief Executive Officer of AIG Legacy and DSA Re, added, “DSA Re’s experienced team, capabilities, diversified risk portfolio and strong capital position, along with Carlyle’s investment expertise and success in building strong franchises, provide a foundation to build a competitive provider of tailored run-off solutions.”

Brian Schreiber, Managing Director and Co-Head of Carlyle Global Financial Services Partners, further noted, “We see tremendous opportunities for Carlyle and DSA Re as insurers look to improve investment yields and drive higher returns on capital. Our partnership will help DSA Re effectively serve this growing market by offering reinsurance solutions to the insurance industry globally across all lines of business.”

The transaction is expected to close in approximately 60 days, subject to required regulatory approvals and other customary closing conditions.

AIG established DSA Re in February 2018 as a Bermuda-based, composite reinsurer of its Legacy insurance portfolio, consolidating its non-core insurance lines under a specialized team with expertise in run-off, while continuing to ensure it meets its obligations to policyholders.

Goldman Sachs & Co. LLC was the financial advisor and Sidley Austin LLP was the legal advisor to AIG for this minority interest equity sale.

Citi was the financial advisor and Debevoise & Plimpton LLP was the legal advisor to The Carlyle Group.

###

About AIG
American International Group, Inc. (AIG) is a leading global insurance organization. Founded in 1919, today AIG member companies provide a wide range of property casualty insurance, life insurance, retirement products, and other financial services to customers in more than 80 countries and jurisdictions. These diverse offerings include products and services that help businesses and individuals protect their assets, manage risks and provide for retirement security. AIG common stock is listed on the New York Stock Exchange and the Tokyo Stock Exchange.

Additional information about AIG can be found at www.aig.com | YouTube: www.youtube.com/aig | Twitter: @AIGinsurance www.twitter.com/AIGinsurance | LinkedIn: www.linkedin.com/company/aig. These references with additional information about AIG have been provided as a convenience, and the information contained on such websites is not incorporated by reference into this press release.

AIG is the marketing name for the worldwide property-casualty, life and retirement, and general insurance operations of American International Group, Inc. For additional information, please visit our website at www.aig.com. All products and services are written or provided by subsidiaries or affiliates of American International Group, Inc. Products or services may not be available in all countries, and coverage is subject to actual policy language. Non-insurance products and services may be provided by independent third parties. Certain property-casualty coverages may be provided by a surplus lines insurer. Surplus lines insurers do not generally participate in state guaranty funds, and insureds are therefore not protected by such funds.

About The Carlyle Group
The Carlyle Group (NASDAQ: CG) is a global alternative asset manager with $201 billion of assets under management across 324 investment vehicles as of March 31, 2018. Carlyle’s purpose is to invest wisely and create value on behalf of its investors, many of whom are public pensions. Carlyle invests across four segments – Corporate Private Equity, Real Assets, Global Credit and Investment Solutions – in Africa, Asia, Australia, Europe, the Middle East, North America and South America. Carlyle has expertise in various industries, including: aerospace, defense & government services, consumer & retail, energy, financial services, healthcare, industrial, real estate, technology & business services, telecommunications & media and transportation. The Carlyle Group employs more than 1,575 people in 31 offices across six continents. www.carlyle.com

AIG Forward-Looking Statements

Certain statements in this press release constitute forward-looking statements. These statements are not historical facts but instead represent only AIG’s belief regarding future events, many of which, by their nature, are inherently uncertain and outside AIG’s control. It is possible that actual results will differ, possibly materially, from the anticipated results indicated in these statements. Factors that could cause actual results to differ, possibly materially, from those in the forward-looking statements are discussed throughout AIG’s periodic filings with the SEC pursuant to the Securities Exchange Act of 1934.

Carlyle Forward-Looking Statement

This press release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These statements include, but are not limited to, statements related to Carlyle’s future expectations and other non-historical statements. Such forward-looking statements are subject to various risks, uncertainties and assumptions.  Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in these statements including, but not limited to, those described under “Risk Factors” in Carlyle’s Annual Report on Form 10-K for the year ended December 31, 2017 filed with the SEC, as such factors may be updated from time to time in Carlyle’s periodic filings. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this release and in Carlyle’s filings with the SEC. Carlyle undertakes no obligation to publicly update or review any forward-looking statements, whether as a result of new information, future developments or otherwise, except as required by applicable law.  This release does not constitute an offer for any Carlyle fund.

Contacts:

AIG
Investors: Liz Werner; +1-212-770-7074; elizabeth.werner@aig.com
Media: Daniel O’Donnell; +1-212-770-3141; daniel.odonnell@aig.com

The Carlyle Group
Investors: Daniel Harris; +1-212-813-4527; daniel.harris@carlyle.com
Media: Jordan DeJarnette; +1-202-729-5025; jordan.dejarnette@carlyle.com

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Cinven to acquire and combine Viridium Group and Generali Lebensversicherung AG

Cinven

Transformational acquisition creating clear leader in German life insurance consolidation market

International private equity firm, Cinven, today announces that the Sixth Cinven Fund has agreed to acquire the Viridium Group (‘Viridium’ or ‘the Group’), a leading life insurance consolidation platform in Germany, and to provide equity funding for Viridium to acquire Generali Lebensversicherung AG (‘Generali Leben’), a life insurer with c. 4 million policies and c. €40 billion of assets under management, in a transformational acquisition.

Headquartered in Neu-Isenburg, Viridium currently manages c. 1 million insurance policies and c. €15 billion of assets. Generali Leben is one of the Life subsidiaries of Generali Deutschland AG, the second largest German primary insurance Group, and is focused on traditional life guaranteed insurance products. The combination of Viridium and Generali Leben will create a clear leader in the German life insurance consolidation market, with c. 5 million policies and assets under management of c. €55 billion, and generate significant operational synergies.

Cinven’s Financial Services team believes the combination of Viridium and Generali Leben is an attractive investment for the Sixth Cinven Fund given:

  • The German life insurance market remains highly fragmented with a significant number of acquisition opportunities for a leading consolidator such as Viridium;
  • Viridium operates a well-invested and scalable administration platform, with IT infrastructure that has been specifically designed to administer the full spectrum of German life insurance policies;
  • Generali Leben policyholders will benefit from the cost advantages of the Viridium model over the long-term, as a core part of the Viridium Group and from the comprehensive co-operation with Generali Deutschland;
  • The combination of Viridium and Generali Leben will enable the realisation of material operational synergies due to their unique expertise and their successful investment in superior IT infrastructure, allowing for scale effects;
  • Viridium will adopt all existing agreements and the c. 300 employees, currently already managing the closed book of Generali Leben, will become part of the Viridium Group;
  • Viridium’s significant asset and risk management capabilities will benefit the Generali Leben policyholders by ensuring that the business remains robustly capitalised over time. The combined entity will also benefit from improved diversification at Group level; and
  • These synergies, together with the full focus on best in class service makes combination a highly attractive platform for both policyholders and employees.

Generali Deutschland and Viridium will establish an innovative comprehensive partnership to serve the interests of customers and all stakeholders. Generali Deutschland AG will also retain a minority stake of 10.1% in Generali Leben and a Supervisory Board position and has an option to purchase a stake of up to 10% in Viridium at completion. Hannover Re, one of the largest reinsurance groups in the world, will reinvest as part of the transaction to maintain its stake in the combined Viridium and Generali Leben entity.

Caspar Berendsen, a Partner at Cinven, commented:

“We know Viridium and its management team extremely well, with our Financial Services and German teams having worked alongside them to successfully execute Viridium’s consolidation strategy over the past four years. The Group has acquired and integrated several sizeable life insurance businesses already, and now the acquisition of Generali Leben represents a transformational step-change for the business. In almost quadrupling its assets under management, the enlarged business will provide considerable further benefits for all stakeholders.”

Rory Neeson, a Partner at Cinven, added:

“Cinven has a long and proven track record of successfully investing in the life insurance consolidation sector in Europe through its investments in Guardian Financial Services, Viridium and Eurovita. This transaction represents an attractive opportunity for the Sixth Cinven Fund to create a clear leader in the German life insurance consolidation market. The combined Group will have a diversified portfolio of traditional guaranteed and unit-linked insurance policies and it will be the proven scale consolidator in its market with a unique integration track record. We expect the enlarged Viridium Group to continue to benefit from further M&A opportunities in future.”

Dr. Heinz-Peter Roß, Chief Executive of Viridium, added:

“We are delighted that Cinven is continuing to invest in Viridium, enabling us to acquire Generali Leben, as we continue to grow the business through the consolidation of life insurance businesses currently owned by other German insurers. We have demonstrated our ability to manage these businesses for the benefit of all stakeholders through our well-invested administration platform, as well as improving returns through more efficient asset management and implementing robust risk management.”

Completion of this transaction is subject to approval by the German Federal Financial Supervisory Authority (BaFin) and the respective anti-trust authorities.

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Cinven Fund 5 to sell specialist life insurance provider, Viridium Group

Cinven

Successful German life insurance consolidation further strengthens Cinven’s Financial Services track record

International private equity firm, Cinven, today announces that the Fifth Cinven Fund has agreed to sell Viridium Group (‘Viridium’ or ‘the Group’), a leading consolidation platform for life insurance companies and portfolios in the German market for an undisclosed consideration.

The Fifth Cinven Fund acquired Viridium (formerly Heidelberger Leben Group) in March 2014 for an enterprise value of approximately €300 million. This transaction created the initial platform for Cinven’s strategy to consolidate the German life insurance market, building on its successful consolidation of the UK life insurance market through its investment in Guardian Financial Services.

At acquisition, Viridium had a portfolio of c. 600,000 policies and €5.2 billion of assets. Over the past four years, Cinven has actively supported the transformation of Viridium into the largest and most advanced life insurance consolidation platform in Germany:

  • Cinven has worked closely with Viridium’s management team to consolidate the German market, acquiring Skandia’s Germany and Austria businesses from Old Mutual Group in October 2014 and subsequently acquiring the life insurance business of Protektor Lebensversicherungs-AG in July 2017, renamed to Entis. As a result of these acquisitions, Viridium now manages a combined total of c. 1 million insurance policies and c. €15 billion of assets;
  • An advanced, modular and scalable IT platform has been developed and implemented in order to integrate large scale portfolio migrations; and
  • The management team has been further strengthened with appointments of a new Chairman, CEO, COO, CIO and Chief Actuary to enable the Group to capitalise on, and subsequently integrate, market consolidation opportunities.

Cinven has a strong track record in the Financial Services sector, particularly in life insurance consolidation. In the UK, Cinven successfully realised its investment in Guardian Financial Services to Admin Re in 2016. In Italy, Cinven is currently executing a life insurance consolidation strategy through its investment in Eurovita, which was formed through the acquisitions and subsequent combination of ERGO Previdenza, Old Mutual Wealth Italy and Eurovita Assicurazioni.

In Germany, Cinven’s other current investments include STADA, the European manufacturer of prescription generics and over-the-counter pharmaceutical products; and Synlab, the European clinical laboratory services company. This transaction follows Cinven’s successful German realisations in the past 18 months including CeramTec, the global manufacturer of high performance ceramics (March 2018); HEG; the European provider of hosting and domain services to consumers and SMEs (April 2017); and SLV, the lighting manufacturer and distributor (January 2017).

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Activa Capital and Bpifrnance invest in leading French insurance broker Activa Assurances

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Activa Capital

Activa Capital and Bpifrance announce the acquisition of a stake in Active Assurances, a French insurance broker specialised in the digital distribution of insurance products.
Thanks to its use of digital technology, Active Assurances has become, in under five years, the leading independent partner of insurance comparison websites in France.
Working in partnership and yet totally autonomously with leading insurance companies, Active Assurances develops products, distributes them on-line, manages the policies, cash flows, and sometimes handles claims.
Since 2016, Active Assurances has extended its expertise to the distribution and management of white-label insurance policies for large brokers, insurers, and mutual insurance companies.
With headquarters in Boulogne-Billancourt, the company also has an offshore management centre with 100 employees, which allows it to maintain a sustained level of efficient service.
By joining the founding shareholders in Active Assurances, Activa Capital and Bpifrance will help support the company during its strong transformation and development stage.
This is the 7th transaction for Activa Capital Fund III.
“We are pleased to welcome Activa Capital, whose expertise will allow us to carry out external growth operations and accompany our fast development,” said Didier Naccache, President of Active Assurances. “With Activa Capital and Bpifrance, we will continue to grow our historic activity while launching new products and distribution channels.”
“This acquisition is in perfect keeping with Activa Capital’s strategy, which is to invest in companies that have reached a turning point in their growth in order to help them transform their businesses,” added Alexandre Masson and Christophe Parier, Partners at Activa Capital.
“Active Assurance’s position as a pure digital player, its commercial dynamism and operational rigor, as well as the determination of management to pursue growth with new products and build-up transactions, were all factors in our decision to back the company,” said Ménelé Chesnot and Matthieu Rabeisen, Bpifrance.

Deal Participants
Founders
Active Assurances: Didier Naccache, Thomas Riottot, Denis Salmoiraghi
M&A: Cambon Partners (Guillaume Eymar, Vincent Ruffat)
Corporate Lawyer: Linklaters (Marc Petitier, Maud Fillon)
Tax Lawyer: Arsène Taxand

Investors
Activa Capital: Christophe Parier, Alexandre Masson, David Quatrepoint, Timothée Héron
Bpifrance: Ménelé Chesnot, Matthieu Rabeisen
Financial Due Diligence: 8 Advisory (Christian Berling, Clément Evain)
Strategic Due Diligence: Monitor Deloitte (Cyril Gay Belan, Samuel Galbois, Adrien Lafargue)
Legal, Fiscal, and Financing Advisors: McDermott Will & Emery (Henri Pieyre de Mandiargues, Félix Huon, Herschel Guez, Anne Febvre, Antoine Vergnat, Pierre-Arnoux Mayoly), Lamartine Conseil (Thierry Filippi, Bérengère Coussolle)
Senior financing
Senior debt: co-arrangers BNP Paribas (Anne-Laure Herbinet) and Banque Populaire Rives de Paris (Olivier Grisard, Chekib Ben Salah)

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, visit www.activeassurances.fr .

About Activa Capital
Activa Capital is a leading French mid-market private equity firm. Activa Capital manages over €500m of private equity funds on behalf of a wide range of institutional investors. Activa Capital partners with ambitious mid-sized French companies, valued at €20m to €200m, seeking to accelerate their growth and their international footprint. Learn more about Activa Capital at activacapital.com or on Twitter @activacapital.

About Bpifrance
Equity investments are operated by Bpifrance Investissement. Bpifrance, a subsidiary of the French state and the Caisse des Dépôts and the entrepreneurs’ trusted partner, finances businesses from the seed phase to IPO, through loans, guarantees and equity investments. Bpifrance also provides operational services and strong support for innovation, export, and external growth in partnership with Business France. Bpifrance offers to businesses a large range of financing opportunities at each key step of their development, including offers adapted to regional specificities. With its 48 regional offices (90% of decisions are made locally)

Bpifrance represents a strategic tool for economic competitiveness dedicated to entrepreneurs. Bpifrance acts as a back-up for initiatives driven by the French State and the Regions to tackle 3 goals:
• Contributing to SME’s growth
• Preparing tomorrow’s competitiveness
• Contributing to the development of a positive entrepreneur ecosystem.
With Bpifrance, businesses benefit from a powerful, efficient and close representative, to answer all their needs in terms of financing, innovation and investment.

http://www.bpifrance.fr Twitter: @bpifrance / @bpifrancepresse

Activa Capital Media Contacts Steele & Holt Media Contacts
Alexandre Masson Daphné Claude
Partner
+33 1 43 12 50 12 +33 6 66 58 81 92 alexandre.masson@activacapital.com daphne@steeleandholt.com
Christelle Piatto Claire Guermond
Communications Manager
+33 1 43 12 50 12 +33 6 31 92 22 82
christelle.piatto@activacapital.com claire@steeleandholt.com
Bpifrance Media Contact
Nicolas Jelhy
+33 1 41 79 95 12
nicolas.jehly@bpifrance.fr

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Arachas makes second acquisition since being backed by Sovereign

Sovereign Capital

Sovereign Capital, the UK private equity Buy & Build specialist, is pleased to announce that portfolio company Arachas Corporate Brokers (“Arachas”), a leading insurance brokerage operating in Ireland, has acquired Kidd Insurances (“Kidd”). This is the second acquisition Arachas has made since Sovereign backed the management buy-out of the business earlier this year and makes the group the third largest commercial insurance broker in Ireland. Sovereign will continue to work with the management team to further grow and develop the business through a strategy of Buy & Build. The transaction is subject to approval from the Central Bank of Ireland.

Kidd Insurances is one of Ireland’s longest established Insurance brokers serving both the retail customer and broker community with its specialist affinity insurance product range. The transaction closely follows Arachas’ acquisition of Capital Cover Group. The combined group will employ approaching 230 staff across its offices in Dublin, Cork and Waterford.

Neil Cox, Partner, Sovereign Capital commented: “We are delighted to have supported Arachas’ acquisition of Kidd which is a high quality, long established operator.  The transaction both develops the Group’s product offering and further consolidates its position in the Irish market. We look forward to working with the management team to further expand the Group.”

Donal Cronin, CEO of Arachas said: “We are delighted to have acquired Kidd. They mirror our philosophy of providing the very best in customer service and focus on niche Insurance solutions with their unique product range. In partnership with Sovereign, we will continue to develop the business through strong organic growth and further acquisitions of like-minded brokers.”

Other portfolio investments held by Sovereign in the financial services and insurance sectors include Kindertons, the nationwide provider of outsourced accident management services for motor insurers and insurance brokers. Since being backed by Sovereign, Kindertons’ revenue has tripled to over £150m.

For further information please contact: Julie Sieger, Sovereign Capital, on +44 (0)20 7340 8800 or email:juliesieger@sovereigncapital.co.uk

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Investment update: Zego raises £6M Series A to provide gig economy worker insurance

Balderton

We’re very excited to see Clerkenwell, London-based pay-as-you go insurance provider Zego announcing their £6m in series A funding today, led by Balderton and joined by original investor Local Globe and angel investors in the insurance sector. Rob Moffat will be taking a seat on the Zego board.

Zego is preparing to launch new products specially designed for flexible workers employed in the sharing economy.

Zego co-founders Harry, Sten and Stuart

Zego was founded by former Deliveroo managers last year, and the team has grown from seven to 33 employees since the start of 2017. They’re planning to use the funding to hire more specialists for their engineering team, as well as staff to build key business functions.

Read coverage of the announcement on Techcrunch here.

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Unigestion Direct Opportunities invests in cyber insurance company Ascent Underwriting

Unigestion

Unigestion has made an investment in leading cyber insurance company Ascent Underwriting, representing the third direct private equity investment this year, and the sixth in total, from Unigestion’s Direct Opportunities 2015 (UDO 2015) fund.

Ascent is the leading cyber insurance and specialty focused Managing General Agent in the Lloyds of London market. Unigestion made the investment alongside Preservation Capital Partners, the financial services focused private equity firm with a broad network and extensive experience in the insurance sector. The investment, which is subject to regulatory approval, will allow Ascent to further strengthen its presence in the fast growing cyber insurance market and support its ambition to enter complementary product lines through acquisitions.

This latest deal comes just after Unigestion invested in TeamSport, the UK’s largest indoor go-karting operator, together with Duke Street, in October of this year. TeamSport has achieved impressive growth in recent years, through a combination of like-for-like sales improvements, new site openings and enhanced performance from acquired tracks, underpinned by the company’s superior customer experience. Unigestion will benefit from Duke Street’s experience with similar roll-outs in the UK leisure sector (including, amongst others, Wagamama). Under Duke Street and Unigestion’s ownership, TeamSport will continue to strengthen its position in the fragmented UK market, but also look to expand in continental Europe.

Finally, earlier this year Unigestion completed an investment in Eduko, a nursery school platform seeking to consolidate the UK’s early years education space. Together with its operating partner, Playground Nurseries, Unigestion is supporting management in its vision to offer a high quality educational experience focused on the millennial parent.

UDO 2015 is Unigestion’s EUR 255 million direct private equity fund, which is backed by established limited partners in the UK, continental Europe and Asia. In addition, certain limited partners have the ability to provide significant additional capital to UDO portfolio companies.

Federico Schiffrin, Partner at Unigestion based in New York, commented:

“Our latest investments validate our vision of finding unique opportunities in the small and middle markets sourced by investors locally in Europe, the US and Asia, and partnering with leading specialist teams with deep knowledge and networks in their respective markets.”

Pieter-Jan Frederix, Principal at Unigestion based in London, commented:

“Although operating in different industries, the fund’s recent investments share the same characteristics as other companies in the UDO portfolio. We always look to invest in businesses that benefit from long term trends, offer a product or service with proven appeal and provide downside protection, either through the cash flow profile of the company, the defensive nature of the end market, or the type of investment security. As the sole institutional co-underwriter in each of these transactions, we worked closely together with our investment partners and management teams throughout the process and we look forward to continuing these relationships as the companies enter their next stage of growth and development.”

-ENDS-

FOR MORE INFORMATION, PLEASE CONTACT:

Lynn Pattinson
Head of Corporate Communication, Media & Branding
lpattinson@unigestion.com
Tel: +41 (0) 22 704 44 57

Alex Hogan
Communication Manager
ahogan@unigestion.com
Tel: +44 (0) 20 7529 5243
Mob: +44 (0)7469 890 614

Read more about Unigestion


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