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

Aquila Capital

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

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

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

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

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

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

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

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

ABOUT HEALTH IQ

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

ABOUT GREENSPRING ASSOCIATES

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

ABOUT AQUILINE TECHNOLOGY GROWTH

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

ABOUT HANWHA ASSET MANAGEMENT

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

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Oakley Capital agrees to invest in spanish digital insurance brokers

oakleycapital

Oakley Capital (“Oakley”), a leading Western Europe-focused private equity firm, has agreed to form a joint venture with Admiral Group plc (“Admiral”) to acquire two of Spain’s most well-regarded digital brokers for insurance and other financial products, Rastreator Comparador Correduría de Seguros S.L. (“Rastreator”) Asesor Seguros Online S.L. and Asesor Consumer Services S.L. (together “Acierto.com”). Completion of the transaction is subject to merger control clearance by the EU Commission as well as the approval of the Directorate-General for Insurance and Pension Funds in Spain.

Rastreator, a digital insurance broker, was founded in 2009 and allows users to buy insurance, financial products, travel, offers, telephone services, energy, finance and cars by comparing quotations. The business is currently 75% owned by Admiral, a British insurance company specialising in the direct sale of car insurance, and 25% by Mapfre, a Spanish multinational company dedicated to the insurance and reinsurance sectors.  In 2018, Rastreator generated revenues of €29 million.

Founded in 2007, Acierto.com is a digital insurance broker which enables consumers to compare prices from over 30 car, motorcycle, health, life and home insurance companies. Currently, Acierto.com is majority-owned by its two founders, Carlos and Mario Brüggemann, who will retain a stake in the combined group following the transaction.  In 2018, Acierto generated revenues of €13 million.

This transaction continues Oakley’s successful track record of investing in digital platforms across Europe. Having previously invested in Verivox, Germany’s leading energy price comparison website, and Facile, the price comparison market leader in Italy, Oakley has considerable expertise in the price comparison market.  The Spanish market is at an early stage in its development, and therefore presents a similar growth opportunity to that experienced by Verivox and Facile as the market develops.

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Onex Invests in Convex

Onex

Toronto, April 30, 2019 – Onex Corporation (“Onex”) (TSX: ONEX) today announced Onex
Partners V and a consortium of co-investors have committed to invest $1.8 billion in Convex
Group Limited (“Convex”), of which approximately $1.6 billion has been funded.
Convex is a de novo specialty property and casualty insurance company headquartered in Bermuda
with an office in London. The company will write insurance and reinsurance with a focus on
underwriting complex specialty risks across a diversified range of business lines. The company is
led by Stephen Catlin, Paul Brand and a team of well-respected insurance industry experts.
“We’re very excited to partner with Stephen, Paul and the rest of the Convex team. They have a
reputation for disciplined underwriting and strong relationships as well as a multi-decade track
record of delivering market outperformance,” said Bobby Le Blanc, a Senior Managing Director
of Onex.

Todd Clegg, a Managing Director of Onex continued, “Consolidation within the insurance sector
has created opportunity for an independent carrier with a focused, specialist proposition, capable
of serving clients with complex risk exposures. The Convex platform is designed to satisfy this
demand.”

“Onex has a track record of successful investing in the insurance industry and a consistent view of
the market opportunity making it the ideal partner for us,” said Stephen Catlin, Chairman and Chief
Executive Officer of Convex. “With Onex’ support, Convex is uniquely positioned to provide a
high touch, client-service focused approach and leverage innovative and proprietary technology to
enhance the value we bring to our clients.”
The funded investment includes $750 million from Onex Partners V, $780 million from
co-investors, including PSP Investments, and $50 million from the Convex management team.
Onex’ portion of the equity investment as a Limited Partner in the Fund is $124 million.

About Onex
Onex is one of the oldest and most successful private equity firms. Through its Onex Partners and
ONCAP private equity funds, Onex acquires and builds high-quality businesses in partnership with
talented management teams. At Onex Credit, Onex manages and invests in leveraged loans,
collateralized loan obligations and other credit securities. Onex has $31 billion of assets under
management, including $6.4 billion of Onex proprietary capital, in private equity and credit
securities. With offices in Toronto, New York, New Jersey and London, Onex and the team are
collectively the largest investors across Onex’ platforms.
Onex’ businesses have assets of $51 billion, generate annual revenues of $32 billion and employ
approximately 217,000 people worldwide. Onex shares trade on the Toronto Stock Exchange
under the stock symbol ONEX. For more information on Onex, visit its website at
www.onex.com. Onex’ security filings can also be accessed at www.sedar.com.
Forward-Looking Statements

This news release may contain forward-looking statements that are based on management’s current
expectations and are subject to known and unknown uncertainties and risks, which could cause
actual results to differ materially from those contemplated or implied by such forward-looking
statements. Onex is under no obligation to update any forward-looking statements contained
herein should material facts change due to new information, future events or otherwise.

For further information:
Emilie Blouin
Director, Investor Relations
Tel: +1 416.362.7711

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Viridium Group completes acquisition of Generali Lebens- versicherung

Cinven

  • Viridium Group portfolio grows by around 3.8 million contracts
  • Full continuity for all policyholders of Generali Lebensversicherung guaranteed
  • Viridium Group CEO Dr Heinz-Peter Roß: “We will be concentrating single-mindedly on integration”

Viridium Group (“Viridium”), the leading specialist in the efficient management of life insurance portfolios, has completed the acquisition of Generali Lebensversicherung AG (“Generali Leben”) with effect from 30 April 2019. All the employees who have been servicing the portfolio of Generali Leben already have moved from Generali to Viridium Group. This means with the new portfolio company around 300 employees at its Hamburg and Munich locations have now become part of Viridium Group.

Full continuity is guaranteed for the policyholders of Generali Leben. Their contracts will con- tinue unchanged, and the contractually promised guarantees and benefits will be retained. The contacts in customer service and their contact data will also not change. Long-term service and cooperation contracts with Generali Deutschland AG (“Generali Deutschland”), amongst others on the management of the collective corporate pension business, will also guarantee continuity and stable business operations. The claims of brokers will remain unaffected.

The subsequent rebranding of Generali Leben is planned for autumn 2019 after a transition period. Written notification of this will be provided to customers in due time.

Generali Deutschland continues to hold a stake of 10.1% in Generali Leben.

Dr Heinz-Peter Roß, CEO of Viridium Group, commented: “We are delighted that from now on Viridium is privileged to take over responsibility for the customers of Generali Leben and their contracts. Over the coming months, we will be concentrated strongly on integration so that customers at Generali Leben can benefit from the advantages of our uniform, efficient plat- form.”

Following the acquisition, Viridium’s portfolio will amount to almost 4.8 million insurance con- tracts, and its portfolio companies will manage assets totalling approximately €60 billion (pro forma numbers as of the end of 2018). Viridium has subsequently significantly expanded its leading position in the efficient management of life insurance portfolios.

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Palomar Holdings, Inc. Announces Pricing of Initial Public Offering

LA JOLLA, Calif., April 16, 2019 (GLOBE NEWSWIRE)—Palomar Holdings, Inc. (“Palomar”) today announced the pricing of its initial public offering of its common stock at a price of $15.00 per share. Palomar is offering 5,625,000 shares of its common stock, plus up to an additional 843,750 shares that the underwriters have the option to purchase. The shares are expected to begin trading on the Nasdaq Global Select Market on April 17, 2019 under the ticker symbol “PLMR” and the offering is expected to close on April 22, 2019, subject to customary closing conditions.

Barclays Capital Inc., J.P. Morgan and Keefe, Bruyette & Woods, Inc. are acting as joint lead book-running managers for the offering. Evercore Group L.L.C., William Blair & Company, L.L.C., Sandler O’Neill & Partners, L.P. and SunTrust Robinson Humphrey, Inc. are acting as joint book-running managers for the offering.

A registration statement relating to this offering was declared effective by the Securities and Exchange Commission on April 16, 2019. This offering is being made only by means of a prospectus, copies of which may be obtained from: Barclays Capital Inc., c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717 (telephone: (888) 603-5847 or email: Barclaysprospectus@broadridge.com), J.P. Morgan Securities LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, by telephone at 866-803-9204 or by email at prospectus-eq_fi@jpmchase.com; or Keefe, Bruyette & Woods, Inc., 787 Seventh Ave., 4th Floor, New York, New York 10019, Attention: Equity Capital Markets, or by calling (800) 966-1559, or by emailing kbwsyndicatedesk@kbw.com.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About Palomar Holdings, Inc.

Palomar is an innovative insurer that focuses on the provision of specialty property insurance for residential and commercial clients. Palomar’s underwriting and analytical acumen allow it to concentrate on certain markets that it believes are underserved by other insurance companies, such as the markets for earthquake, wind and flood insurance. Based in La Jolla, California, the company is an admitted carrier in 25 states. Palomar has an A.M. Best financial strength rating of “A-” (Excellent).

Investor Relations

1-619-771-1743
investors@palomarspecialty.com

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Ardian Private Debt provides financing to support HG’S investment in A-PLAN

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Ardian

London, March 15th – Ardian, a world-leading private investment house, today announces the arrangement of a Subordinated Debt Facility to support HgCapital’s (“Hg”) investment in A-Plan, one of the UK’s largest personal lines insurance brokers.

Founded in 1963, A-Plan is a leading UK specialist multichannel insurance broking group with a focus on personal lines and a growing presence in specialized products such as SME policies. The group’s core proposition is a branch-led, service-driven offering, valued by its large base of loyal customers that today make up over 1.5 million policies nationally.

Mark Brenke, Managing Director & Co-Head of Ardian Private Debt, said: “We are delighted to continue our relationship as financing partner to Hg and to be backing A-Plan, a leading player in the UK insurance industry. The Company’s management team have had demonstrable success in delivering continuous growth both organically and through M&A over an extended period and in particular, Carl Shuker (CEO), who has been with the business for almost 30 years, brings with him an exceptional depth of experience.”

ABOUT ARDIAN

Ardian is a world-leading private investment house with assets of US$90bn managed or advised in Europe, the Americas and Asia. The company is majority-owned by its employees. It keeps entrepreneurship at its heart and focuses on delivering excellent investment performance to its global investor base.

Through its commitment to shared outcomes for all stakeholders, Ardian’s activities fuel individual, corporate and economic growth around the world.

Holding close its core values of excellence, loyalty and entrepreneurship, Ardian maintains a truly global network, with more than 550 employees working from fifteen offices across Europe (Frankfurt, Jersey, London, Luxembourg, Madrid, Milan, Paris and Zurich), the Americas (New York, San Francisco and Santiago) and Asia (Beijing, Singapore, Tokyo and Seoul). It manages funds on behalf of around 800 clients through five pillars of investment expertise: Fund of Funds, Direct Funds, Infrastructure, Real Estate and Private Debt.

LIST OF PARTIES INVOLVED

Ardian Private Debt: Mark Brenke, Raaj Rabheru, Saam Serajian-Esfahan
HgCapital: Juan Campos, Giuseppe Franzé, Nika Kucifer

PRESS CONTACTS

ARDIAN
Headland
EMMA RUTTLE
Tel: +44 20 3805 4816
eruttle@headlandconsultancy.com

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The Carlyle Group Acquires Stake in SBI Life

Carlyle

Mumbai – Global investment firm The Carlyle Group (NASDAQ: CG), today announced it has acquired a 9% stake in SBI Life Insurance Company Ltd. (SBI Life, NSE: SBILIFE), a private life insurance company in India. SBI Life is the life insurance subsidiary of the State Bank of India (SBI, NSE: SBIN). Carlyle’s equity for this investment came from CA Emerald Investments, an affiliated entity of Carlyle Asia Partners V, Carlyle’s flagship US$6.55 billion fund focused on buyout and strategic investments across a range of sectors in Asia Pacific.

Following this transaction, BNP Paribas Cardif and CA Emerald Investments now own 12.8% and 9.0% of the company, respectively, while SBI remains the majority shareholder with a 62.1% stake in the company.

Dinesh Kumar Khara, Managing Director, Global Banking & Subsidiaries, SBI, said, “We are pleased with the tremendous strides made by SBI Life in establishing its position in the life insurance industry and appreciate the support given by BNP Paribas Cardif in this journey. We are also thrilled to welcome Carlyle, with whom we have an existing relationship through SBI Card, and look forward to its support to SBI Life in bolstering its franchise in the country.”

Sanjeev Nautiyal, Managing Director and CEO of SBI Life, said, “We are delighted to have Carlyle, a highly-regarded long-term investor, as a shareholder of the company. Carlyle’s trust in the company will further strengthen our resolve to enhance our leadership position in India’s life insurance industry through a single-minded focus on quality customer experience.”

Sunil Kaul, Managing Director of the Carlyle Asia Buyout advisory team, said, “The life insurance industry in India has strong growth potential thanks to favorable demographics and an increasing focus on financial savings. SBI is the most trusted brand in financial services, with an unparalleled nationwide branch network and a commitment to providing convenient access to quality financial services to every Indian. SBI Life, led by a strong management team, is helping deliver this promise in the life insurance space and is well-positioned to further benefit from industry trends. We are excited about the company’s growth prospects and proud to have this opportunity to support the journey.”

“I thank SBI for the quality of our partnership over the last 18 years in building together SBI Life, a strong life insurance franchise. We continue to be highly optimistic about the company’s future,” said Renaud Dumora, CEO of BNP Paribas Cardif.

Carlyle has invested in the financial services industry in Asia Pacific for 20 years, deploying more than US$4 billion of equity in more than 15 private equity investments as of December 31, 2018. In India, Carlyle’s recent investments in financial services include PNB Housing Finance Limited and SBI Card.

***

 

About The Carlyle Group

The Carlyle Group (NASDAQ: CG) is a global investment firm with deep industry expertise that deploys private capital across four business segments: Corporate Private Equity, Real Assets, Global Credit and Investment Solutions. With $216 billion of assets under management, Carlyle’s purpose is to invest wisely and create value on behalf of our investors, portfolio companies and the communities in which we live and invest. Carlyle employs 1,625 people in 31 offices across six continents.

Web: www.carlyle.com
Videos: www.youtube.com/onecarlyle
Tweets: www.twitter.com/onecarlyle
Podcasts: www.carlyle.com/about-carlyle/market-commentary

 

About BNP Paribas Cardif

World leader for creditor insurance1, BNP Paribas Cardif plays an essential role in the lives of insured customers, providing them with savings and protection solutions that let them realize their goals while protecting themselves from unforeseen events. As a committed enterprise, BNP Paribas Cardif strives to have a positive impact on society and make insurance accessible to the largest possible number of people. In a world shaped by the emergence of new uses and lifestyles, the company, a subsidiary of BNP Paribas, has a unique business model anchored in partnerships. It co-creates solutions with almost 500 partners distributors in a variety of sectors (banks and financial institutions, automotive companies, retailers, telecommunications companies, energy companies, Independent Financial Advisors and brokers…) who then market the products to their customers. BNP Paribas Cardif is a recognized global specialist in personal insurance, serving 100 million clients in 35 countries with strong positions in three regions – Europe, Asia and Latin America. BNP Paribas Cardif also plays a major role in providing financing for the economy. With over 10,000 employees worldwide2, BNP Paribas Cardif had gross written premiums of €29.7 billion in 2017.

Follow the latest news about BNP Paribas Cardif 

@bnpp_cardif

 

Media Contacts:

The Carlyle Group
Tammy Li
Phone: +852 2878 5236
Email: tammy.li@carlyle.com

Adfactors
Manibalan Manoharan
Phone: +91 22 6757 4275
Email: manibalan.manoharan@adfactorspr.com

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AFI ASSURANCES, specialist health insurance broker, merges with ACTIVE ASSURANCES GROUP

Activa Capital

Nine months after Active Assurances teamed up with Activa Capital and Bpifrance, the specialist digital insurance broker has announced a merger with AFI Assurances (expert in health, accident and life insurance brokerage). This transaction enables the group to accelerate its growth and diversify into personal insurance.

AFI Assurances is an independent French insurance broker based in Evry (Essonne), specialised in digital health, accident and life insurance for B2C customers. The company, founded in 1996, is led by its founder, Frédéric Bacmann.

With a strong reputation and know-how, AFI Assurances has long-standing relationships with major insurance companies such as Generali, Swiss Life, Malakoff Médéric, Allianz etc.

With a growth in its business of 25% per year, AFI Assurances has become a leading independent health, accident and life insurance broker in France.
As part of the transaction, Frédéric Bacmann will become a partner alongside the founders of Active Assurances (Didier Naccache, Thomas Riottot, Denis Salmoiraghi). The new group will have total sales of over €20 million.

This transaction allows Active Assurances to develop an additional savoir-faire alongside its non-life products and to grow its range of solutions for its insurance partners.

As part of this merger, the company has completed a refinancing of its bank debt facilities put in place in May 2018 at the time of the initial investment of Activa Capital and Bpifrance. The new debt financing is provided by Idinvest Partners and Bpifrance Financement.

This partnership demonstrates Activa Capital’s capacity to accompany entrepreneurial management teams, transforming growth SMEs and structuring build-up opportunities.

Thomas Riottot, Founding Director of Active Assurances, said: “In May 2018, we chose Activa Capital for its savoir-faire in build-ups. We are very pleased with this first transaction with AFI Assurances and proud to welcome Frédéric Bacmann, who shares our entrepreneurial vision, into the new group. The complementarity of our companies and products will allow us to accelerate our development and strengthen our relationship with our insurance company partners. By integrating both of our wholesale activities, respectively Visual and Wazari, we will have more than 1000 active brokers who will benefit from a full range of non-life, life and health insurance products.”
Frédéric Bacmann, Founding Director of AFI Assurances, said: “The choice to join forces with the Active Assurances group will allow AFI Assurances to consolidate its market position and accelerate its growth in the personal health and life insurance market, which is undergoing major transformation.”

Alexandre Masson and Christophe Parier, Partners at Activa Capital, added: “This first build-up is in line with Activa Capital’s strategy of investing alongside ambitious founders in order to help them accelerate their growth. The merger of Active Assurances and AFI Assurances provides very promising growth prospects.”
Ménelé Chesnot and Matthieu Rabeisen of Bpifrance added: “With the merger of AFI Assurances, the Active Assurances group expands its portfolio of products and reinforces its links with its leading insurance company partners. This transformational deal is important for Bpifrance as it demonstrates our strategy of accompanying SMEs in their growth to becoming mid-cap companies.”

Participants

Buyers
Active Assurances: Didier Naccache, Thomas Riottot, Denis Salmoiraghi – Founders, Elise Guigou – CFO
Activa Capital: Alexandre Masson, Christophe Parier, David Quatrepoint, Timothée Héron
Bpifrance Investissement: Matthieu Rabeisen, Ménelé Chesnot
Financial Due Diligence: Eight Advisory (Christian Berling, Rémy Ponzano, Marine Guillou)
Legal Due Diligence and Corporate Lawyer: McDermott Will & Emery (Henri Pieyre de Mandiargues, Félix Huon, Louis Leroy, Emmanuelle Turek)
Tax Lawyer: McDermott Will & Emery (Romain Desmonts)
Financing Lawyer: McDermott Will & Emery (Pierre-Arnoux Mayoly, Shirin Deyhim, Hugo Lamour)

Vendors
AFI Assurances: Frédéric Bacmann
M&A: Cambon Partners (Guillaume Eymar, Vincent Ruffat)
Corporate Lawyer: Viguié Schmidt & Associés (François Bourrier-Soifer, Marine Rensy)
Tax Lawyer: Arsene Taxand (Franck Chaminade)

Financing participants
Lenders: Idinvest Partners (Nicolas Nedelec, Olivier Sesboüé, Audrey Silber), Bpifrance Financement (Roxane Arband)
Lender Lawyer: Nabarro & Hinge (Jonathan Nabarro, Anthony Minzière)

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 activeassurances.fr

About AFI Assurances
Founded in 1996 by Frédéric Bacmann, AFI Assurances is an insurance broker specialised in health and life insurance. The company selects for its customers the best insurance contract amongst the 200 insurance or mutual products available on line. To know more about AFI Assurances, please consult the website afiassurances.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

About Bpifrance
Bpifrance is the French national investment bank: it finances businesses – at every stage of their development – through loans, guarantees, equity investments and export insurances. Bpifrance also provides extrafinancial services (training, consultancy…) to help entrepreneurs meet their challenges (innovation, export…).
For more information, please visit: bpifrance.com and presse.bpifrance.fr – Follow us on Twitter: @Bpifrance – @BpifrancePresse

About Idinvest Partners
Idinvest Partners is a leading European mid-market private equity firm. With €8bn under management, the firm has developed several areas of expertise including innovative startup venture capital transactions; mid-market private debt, i.e. single-tranche, senior and subordinated debt; primary and secondary investment and private equity advisory services. Founded in 1997, Idinvest Partners used to belong to the Allianz Group until 2010, when it branched out as an independent firm. In January 2018, Idinvest Partners became a subsidiary of Eurazeo, a leading global investment company, with a diversified portfolio of €17bn in assets under management, including approximately €11bn from investment partners, invested in over 350 companies.

Press contacts
For Active Assurances:
Thomas Riottot
CEO
+33 6 75 70 37 23
tr@activeassurances.fr

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Apax VIII sells its stake in AssuredPartners to GTCR

Apax

Transaction Sees Previous Backers Renew Successful Partnership with Insurance Broker

Lake Mary, Florida, New York and Chicago, February 21, 2019:Apax VIII, a fund advised by Apax Partners, today announced it has agreed to sell its entire stake in AssuredPartners, a leading US insurance brokerage, to an investor group led by GTCR, a leading Chicago-based private equity firm. GTCR previously owned AssuredPartners from its inception in 2011 until its sale to Apax VIII in 2015. The terms of today’s transaction were not disclosed. The transaction is expected to close in the second quarter of 2019.

Apax IX, a separate fund advised by Apax Partners, will co-invest in the transaction alongside GTCR taking a significant minority stake in AssuredPartners. AssuredPartners’ management team retains its significant minority stake in the business.

Established in 2011, AssuredPartners is today one of the largest insurance brokers in the United States, distributing property and casualty (“P&C”), risk management, employee benefits and personal insurance. Headquartered in Lake Mary, Florida, the company operates from 200 offices across 30 states and London, England.

In executing The Leaders Strategy™, GTCR partnered with management to form AssuredPartners in 2011 with the goal of creating a leading middle market broker. Over the course of four years, the company completed 112 acquisitions, grew annualized revenue to over $500 million and built a platform from which to achieve long-term success.

Apax VIII acquired a majority stake in AssuredPartners in 2015. During its ownership, AssuredPartners has delivered on its strategy of building a leading insurance brokerage franchise through consolidating a large, fragmented industry. This has been achieved through significant M&A, the business has completed 124 acquisitions, continued strong organic growth, driven by operational improvements including investment in IT, salesforce and infrastructure, and the recruitment of key senior hires, including CIO and Chief Organic Growth Officer positions. The result of these initiatives has seen revenue and EBITDA more than double during Apax VIII’s ownership as the business has benefited from scale and broader product ranges.

Jim Henderson, co-founder and CEO of AssuredPartners, said: “Apax has been a superb partner for Assured over the last three years and we are delighted to be renewing this successful partnership. At the same time, we are excited to welcome back the GTCR team who we know very well and value their expertise and insight. We look forward to working with both firms who share our vision and commitment to scaling the business further.”

Tom Riley, co-founder, President & COO of AssuredPartners, added: “We have formed a partnership with agencies throughout the country and beyond through the partnership and support of GTCR and Apax Partners. Our acquisition strategy has allowed us to create something truly unique in our industry. The union of our two supporting entities joining forces makes for a very exciting future for AssuredPartners. We look forward to our continued success with Aaron Cohen and Ashish Karandikar and their respective winning teams.”

Ashish Karandikar, Partner at Apax Partners, said: “Three and half years ago, we backed Jim Henderson and his team on an ambitious journey to build the preeminent US middle market insurance brokerage firm. Since then, AssuredPartners has charted an impressive growth trajectory through organic investments in sales and technology and through acquisitions to create a scaled product and service proposition to carriers and customers. We believe there continues to be exceptional opportunities for AssuredPartners and its over 5,000 talented and entrepreneurial insurance professionals and are excited to be continuing our journey.”

Aaron Cohen, GTCR Managing Director, added: “We had an incredible experience working with the Assured team and have watched with admiration their continued success over the last three years. We want to congratulate the entire Assured organization on building a leading insurance broker with over $1 billion of revenue in just eight years. AssuredPartners is a trusted advisor to its customers, offering unique capabilities to assist leading companies in all of their insurance and risk management needs. We are thrilled to be partners with Jim Henderson, Tom Riley and the team once again and look forward to the continued expansion of the AssuredPartners platform.”

The Apax Funds have significant experience investing in the insurance sector, including Hub International and Genex, which were successfully exited in 2013 and 2018 respectively, and current investment Duck Creek Technologies.

The investment in AssuredPartners continues GTCR’s two decades of successful experience investing in the insurance industry with past investments in insurance brokers Alliant Resources and AssuredPartners, specialty carrier Ironshore, premium finance provider Premium Credit Limited and software company Solera.

AssuredPartners and Apax VIII were advised by Bank of America Merrill Lynch (M&A Advisor) and Kirkland & Ellis LLP (legal counsel). Harris Williams and Barclays also provided M&A advice to Apax VIII. Simpson Thacher & Bartlett LLP provided legal advice to Apax IX. Katten Muchin Rosenman LLP served as legal advisors to the management team of AssuredPartners. GTCR was advised by Morgan Stanley & Co. LLC (financial advisor) and Latham & Watkins LLP (legal counsel).

About AssuredPartners
Headquartered in Lake Mary, Florida and led by Jim Henderson and Tom Riley, AssuredPartners, Inc. acquires and invests in insurance brokerage businesses (property and casualty, employee benefits, surety and MGU’s) across the United States and in London. From its founding in March of 2011, AssuredPartners has grown to over $1.1 billion in annualized revenue and continues to be one of the fastest growing insurance brokerage firms in the United States with over 200 offices in 30 states and London. For more information, please visit www.assuredpartners.com.

About Apax Partners
Apax Partners is a leading global private equity advisory firm. Over its more than 40-year history, Apax Partners has raised and advised funds with aggregate commitments of c.$50 billion. The Apax Funds invest in companies across four global sectors of Tech & Telco, Services, Healthcare and Consumer. These funds provide long-term equity financing to build and strengthen world-class companies. For more information see: www.apax.com.

About GTCR
Founded in 1980, GTCR is a leading private equity firm focused on investing in growth companies in the Financial Services & Technology, Healthcare, Technology, Media & Telecommunications and Growth Business Services industries. The Chicago-based firm pioneered The Leaders Strategy™ – finding and partnering with management leaders in core domains to identify, acquire and build market-leading companies through transformational acquisitions and organic growth. Since its inception, GTCR has invested more than $15 billion in over 200 companies. For more information, please visit www.gtcr.com.

Media Contacts: 

For AssuredPartners

Jamie Reinert | +1 513-624-1779 | jamie.reinert@assuredpartners.com

For Apax Partners

Global Media: Andrew Kenny, Apax | +44 20 7 872 6371 | andrew.kenny@apax.com

USA Media: Todd Fogarty, Kekst | +1 212-521-4854 | todd.fogarty@kekst.com

UK Media: James Madsen / Matthew Goodman, Greenbrook | +44 20 7952 2000 | apax@greenbrookpr.com

For GTCR

Eileen Rochford | +1 312-953-3305 | eileenr@theharbingergroup.com

Notes to Editors:

London-headquartered Apax Partners (www.apax.com), and Paris-headquartered Apax Partners (www.apax.fr) had a shared history but are separate, independent private equity firms.

 

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APRIL announces the entry into exclusive negotiations by Evolem and CVC Fund VII

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Negotiations regard proposed transfer by Evolem of its majority shareholding to CVC Fund VII followed by public tender offer

Following an analysis of various strategic options regarding the future of its equity interest in APRIL, Evolem, which holds a 65.13% equity stake in APRIL, launched a competitive bidding process resulting in a number of offers being handed out.

At the end of this process, Evolem entered into exclusive negotiations with CVC Capital Partners (“CVC”) regarding the transfer by Evolem of its majority shareholding in the Company to a takeover company controlled by funds managed by CVC in which Evolem would hold a minority stake alongside the funds controlled by CVC and APRIL’s management.

The transfer of the majority block would be carried out at a price of € 22 per APRIL share, entailing a 27.2% premium over the last closing price before the announcement of the offer (on 28 December 2018), 36.9% and 40.4% over the weighted average share price for the last 3 and 6 months, respectively, and 75.3% over the undisturbed closing share price (before April’s October 22, 2018 press release announcing the review of strategic options by Evolem regarding its majority stake in APRIL).

This price could be subject to an adjustment equal to the cost (on a cost per share basis) incurred by APRIL (or its best estimate) at the date of transfer of the controlling block held by Evolem, subject to a 10 million euros deductible, in connection with the proposed tax reassessment from the French tax administration, following investigations on the territoriality of the reinsurance business conducted by Axeria Re, its subsidiary in Malta (see the APRIL press release dated 24 December 2018)1. The price could also be reduced by any distribution which would occur prior to the completion of the block transfer.2

APRIL’s Board of Directors, who met on 28 December 2018, favourably welcomed the principle of CVC Fund VII’s offer and appointed Associés en Finance as independent expert to issue a report on the financial conditions and fairness of the simplified public tender offer.

In accordance with applicable regulations, upon completion of the block transfer, the takeover company controlled by funds managed by CVC will file a simplified public tender offer for the remainder of APRIL’s share capital at the same price as paid to Evolem.

Definitive agreements relating to the bloc transfer could be entered into following the completion of the relevant legal obligation procedure with respect to the employees. The completion of the block transfer would also be subject to regulatory approvals in France and abroad and is expected to be completed during the second quarter of 2019.


1 i.e., by way of example, a downward adjustment of € 0.12 per share on the basis of the provision the company intends to register in its 2018 accounts (see the APRIL press release dated 24 December 2018).
2 i.e., by way of example, a downward adjustment of € 0.27 per share on the basis of a dividend equal to the dividend distributed with respect to the 2017 fiscal year.

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