IK Partners (“IK”) is pleased to announce that the IK Small Cap IV Fund (“IK SC IV”) has acquired a majority stake in Ascora Group (“Ascora” or “the Group”), a French multi-specialist insurance broker, as part of a management buyout (“MBO”) designed to support its founder’s succession. IK has invested from its dedicated pool of Development Capital, with this transaction representing the fourth closed from IK SC IV, which held a final close on €2.0 billion in July 2025.

Founded in 1989 by Erik and Stéphane Henry, Ascora is one of the top 20 direct insurance brokers in France, offering end-to-end services from policy underwriting to claims management. Its expertise is organised across three main areas: Real Estate; Property & Casualty (“P&C”); and Health & Protection.

Largely operating in the Île-de-France region, Ascora serves over 12,000 clients. Grounded in technical depth and a people-centric culture built on proximity, trust and care, the Group has established a strong reputation for delivering highly personalised advice tailored to individual needs.

After more than three decades of leading the Group, Stéphane Henry wished to step back from his role as President. This transaction — led by IK with the support of both Stéphane and the management team — facilitates this transition and, as part of the MBO, enables the management team led by CEO Bruno Deschamps to increase its shareholding.

Ascora has successfully acquired 13 brokers to date and intends to continue executing a targeted buy-and-build strategy, leveraging IK’s Insurance Brokerage expertise built through its work with Yellow Hive (Netherlands), Ascentiel Group (France) and Seventeen Group (UK). Ascora also aims to strengthen its position as a leading insurance brokerage platform by accelerating growth in its core Real Estate and P&C segments, supported by investments in its sales team and digital tools. To ensure future scalability and effectiveness, it will look to further professionalise its central functions and strengthen its organisational structure.

Stéphane Henry, Founder of Ascora, said: “Over the past 30 years, we have focused on building a robust consolidation platform in the French insurance brokerage market and I am very proud of all that we have achieved together. As the Group enters the next phase of its journey with IK’s backing, I would like to thank everyone who has been instrumental in Ascora’s success to date and I look forward to supporting Bruno and the team in my new role on the Board.”

Bruno Deschamps, CEO of Ascora, added: “On behalf of the management team and everyone at Ascora, I would like to take this opportunity to thank Stéphane for his exceptional leadership over the past three decades. Our clients value the fact that we pick up the phone, fight their claims with the same determination we would apply to our own assets and provide genuine expertise — not just distribution. With IK as our partner, we will preserve everything that makes Ascora distinctive while expanding our presence and capabilities across France.”

Pierre Gallix, Managing Partner at IK and Advisor to the IK SC IV Fund, commented: “Ascora is a high-quality platform operating at the heart of resilient, high-growth real estate niches, supported by strong fundamentals such as recurring revenues, market-leading technical performance and an exceptionally skilled team. A hallmark of Ascora’s business model is its superior claims management capability, supported by a team of experienced legal professionals and in-house specialists. This approach has driven best-in-class loss ratios, high recovery rates and consistently strong outcomes for the Group’s clients. We are excited to partner with Bruno and his team on this next chapter and to accelerate the Group’s expansion through organic initiatives and bolt-on acquisitions.”