EQT Growth leads investment in Bought By Many, a leading European pet insurance provider

  • EQT Growth invests in Bought By Many, a leading digital-first provider of pet insurance across the UK, Sweden and the US, as part of its USD 350 million Series D round
  • Bought By Many benefits from secular tailwinds such as increasing “pet humanization” and rising number of pets, while global penetration of pet insurance remains low
  • EQT Growth will support Bought By Many in its accelerated expansion into new geographies, while it also continues to invest in product innovation. Following the investment, Carolina Brochado, Partner in EQT Growth’s advisory team, will join Bought by Many’s board

EQT is pleased to announce that EQT Growth has invested in Bought By Many Ltd (”Bought By Many” or the ”Company”), a leading pet insurance provider. The investment is made through EQT AB’s balance sheet and is part of Bought By Many’s USD 350 million Series D round, which gives the Company a pre-money valuation of over USD 2 billion.

Bought By Many was established in 2012 in London, UK, by CEO Steven Mendel and CTO Guy Farley, with the vision to provide a fairer, more transparent and digital-first insurance experience. It launched exclusively into pet insurance in 2017 and now reaches millions of pet owners across Europe and the US. Over the past few years, Bought By Many has emerged as one of the leading pet insurers in Europe and today covers almost half a million pets globally, including in the US, where it launched earlier in 2021. The Company has doubled gross written premium (GWP) for three consecutive years to more than USD 220 million in the past twelve months, thanks to its customer-centric, digital-first approach that enables better pricing and user experiences.

The pet insurance industry has experienced tremendous growth over the past few years, driven by strong secular tailwinds such as growing pet ownership and pets increasingly being considered as core family members by their owners. Nonetheless, pet insurance penetration is low in markets such as the UK and US, at approximately 25 percent and 2 percent respectively. As a result, while scientific advances are enabling more sophisticated veterinary treatments, many pets are unable to access improved care.

EQT has a long background in the pet industry and its experience from developing IVC Evidensia (the largest veterinary clinic network in Europe) and Musti Group (the largest pet care specialist in the Nordics, listed on Nasdaq Helsinki since 2020) makes EQT a unique partner for Bought By Many to its accelerate growth. In addition, EQT Growth will be able to leverage its global advisory network and extensive local presence in the US and all major European countries to support Bought By Many’s international expansion. Following the investment, Carolina Brochado, Partner in EQT Growth’s advisory team, will join the Company’s board.

Carolina Brochado, Partner in EQT Growth’s advisory team, said, “Bought By Many’s digital-first approach is unrivalled in pet insurance, a market that is large and underpenetrated in most European countries and the US. It benefits from secular tailwinds such as the humanisation of pets and higher spend on pet care, and is also uniquely positioned to benefit as global digitalization continues to gather pace. In less than five years, Steven and the team have built Bought By Many to be one of Europe’s leading insurtechs and we’re delighted to be working with the Company to further accelerate its growth and continue to improve the lives of pets.”

Steven Mendel, CEO and Co-founder at Bought By Many, said, “Our mission is to make the world a better place for pet parents. By creating unique policies, dramatically improving customer experience, and working closely with vets, we have made it possible for pets to be healthier and for them to enjoy longer, happier lives with their owners. We have hit several exciting milestones over the last four years, including our expansion into Sweden and the US, but most importantly we have gained the trust of hundreds of thousands of happy customers. With the support of EQT Growth and existing investors, we are now poised to reach millions more pet parents, as we continue to develop an enhanced pet health offering that takes care of every angle.”

Finn McLaughlan, +44 771 534 1608, finn.mclaughlan@eqtpartners.com
EQT Press Office, press@eqtpartners.com, +46 8 506 55 334

About EQT
EQT is a purpose-driven global investment organization focused on active ownership strategies. With a Nordic heritage and a global mindset, EQT has a track record of almost three decades of delivering consistent and attractive returns across multiple geographies, sectors and strategies. Uniquely, EQT is the only large private markets firm in the world with investment strategies covering all phases of a business’ development, from start-up to maturity. Including Exeter, EQT today has more than EUR 67 billion in assets under management across 26 active funds within two business segments – Private Capital and Real Assets.

With its roots in the Wallenberg family’s entrepreneurial mindset and philosophy of long-term ownership, EQT is guided by a set of strong values and a distinct corporate culture. EQT manages and advises funds and vehicles that invest across the world with the mission to future-proof companies, generate attractive returns and make a positive impact with everything EQT does.

The EQT AB Group comprises EQT AB (publ) and its direct and indirect subsidiaries, which include general partners and fund managers of EQT funds as well as entities advising EQT funds. EQT has offices in 24 countries across Europe, Asia-Pacific and the Americas and has more than 975 employees.

More info: www.eqtgroup.com
Follow EQT on LinkedIn, Twitter, YouTube and Instagram

About EQT Growth
EQT Growth explores thematic growth opportunities at the point companies are ready to scale, investing in a range of technology and technology-enabled businesses.

Follow EQT Growth on MediumLinkedIn and Twitter

About Many Group Ltd
Many Group, the parent company behind the pet insurance brands Bought By Many in the UK and ManyPets in Sweden and the US, is making the world a better place for pets and their parents. 

Founded in 2012, Many Group Ltd launched its market-leading pet health offering in 2017. It offers advanced easy-to-access pet health insurance and preventive wellness services, delivered through convenient subscription-driven technology, seamless experiences – all with a human connection.

More info: www.boughtbymany.com

Categories: News


Audax Private Equity Completes the Sale of Corsearch to Astorg

Audax Group

Audax Private Equity (“Audax”) today announced that it has successfully completed the sale of Corsearch to Astorg.

Corsearch provides innovative Brand Risk and Performance™ solutions to law firms and enterprise customers. Corsearch’s suite of software and services supports a brand owners’ creation and protection of intellectual property assets using innovative IP clearance tools and online brand protection including counterfeit and piracy solutions. Corsearch has more than 800 employees across Europe, North America and Asia and serves over 5,000 clients around the world including many of the world’s Fortune 100 companies.

Since being acquired by Audax in 2018, Corsearch has undergone a period of transformation, growth, and success:

Completed the carve-out from Wolters Kluwer, invested in new technology infrastructure and streamlined global operations
Completed eight add-on acquisitions globally which expanded the company’s product offerings, added new customers, and vertically integrated key functions
Invested in technology and research & development capabilities to support new product innovation
Tim Mack, Managing Director at Audax, said, “We’re incredibly proud of our partnership with the Corsearch team, their strategic transformation, and consistent customer focus. Over the course of our investment, Corsearch further expanded in online brand protection with cutting-edge solutions that are transforming how companies commercialize and protect their growth. We’re excited to retain a minority investment in Corsearch, and wish the team continued success with Astorg’s support.”

Tobias Hartmann, Chief Executive Officer of Corsearch, commented, “Audax has been an instrumental partner over the last three years, especially following Corsearch’s spin off from Wolters Kluwer into an independent, standalone company. The Audax team leveraged their deep investment expertise, global resources, and operational experience to accelerate our growth plans while enhancing our ability to meet the evolving needs of our global customer base. We thank them for their partnership and look forward to embarking on our next phase of growth with Astorg.”

Harris Williams & Goldman Sachs & Co. LLC served as financial advisors and Kirkland & Ellis served as legal advisor to Corsearch.

Categories: News


CVC Capital Partners’ Fund VII reaches agreement with National Bank of Greece regarding Ethniki Insurance

CVC Capital Partners

CVC Capital Partners’ Fund VII announces that it has entered into a definitive agreement to acquire 90.01% of Ethniki Insurance (“Ethniki”) from National Bank of Greece (“NBG”).

The equivalent nominal consideration corresponding to 100% of Ethniki would be €505m, including an “earn-out” payment of up to €120m, which will be subject to meeting agreed upon performance targets for the bancassurance channel of NBG by 2026. The transaction includes a 15-year Bancassurance partnership.

The closing is subject to standard conditions precedent, the approval by the antitrust and regulatory authorities and the approval of an Extraordinary General Meeting of NBG shareholders.

CVC Capital Partners (“CVC”) is a leading private equity and investment advisory firm with a network of 23 offices throughout Europe, Asia and the US. Since its founding in 1981, CVC has secured commitments in excess of US$160 billion from some of the world’s leading institutional investors across its private equity and credit strategies. CVC currently manages approximately US$118 billion of assets. Funds managed or advised by CVC (“CVC Funds”) are invested in over 90 companies worldwide, employing more than 450,000 people.

CVC has a dedicated Financial Services team and CVC Funds have extensive experience of investing in insurance through investments in Brit (UK), Fidelis (US), Domestic & General (UK), Pension Insurance Corporation (UK), April Group (France), Riverstone (UK) and others. CVC Funds have been approved by more than 15 financial regulators including BaFin (Germany), PRA (UK), FCA (UK), BMA (Bermuda), and FINMA (Switzerland).

CVC Funds are also one of the most active investors in Greece with a dedicated team in Athens which has invested more than €750m of equity since 2017, including in Hellenic Healthcare Group, e-Travel, Skroutz, D-Marin and Vivartia.

Deutsche Bank AG acted as sole financial adviser to CVC, Latham Watkins LLP and Bernitsas Law Firm as international and local external legal counsels and BCG as commercial advisor.

Categories: News


Activa Capital signs the sale of Active Assurances Groupe to Meilleurtaux

Activa Capital

Active Assurances Groupe, a native digital broker of car and health insurance products, joins the Meilleurtaux group after three years of strong growth alongside Activa Capital.
Founded in 2011 by Thomas Riottot, Denis Salmoiraghi and Didier Naccache, Active Assurances has enjoyed uninterrupted growth since its launch. The company has quickly established itself as the leading independent online car insurance broker. With management centres in France and Madagascar, the Active Assurances group is set to generate 120,000 new policies during the 2020/2021 financial year (ending in June) and double its turnover.

The acquisition of Active Assurances will enable Meilleurtaux to support its customers across the entire value chain, from comparison to the sale and management of car and health insurance policies. The final completion of the transaction is expected in the coming weeks.
This new operation, scheduled for the end of April 2021, comes only three years after Activa Capital and Bpifrance joined the Group. During this period, Active Assurances has developed a wholesale division, completed the transforming acquisition of AFI Assurances created by Frédéric Bacmann, enabling it to duplicate its health insurance model, and acquired a portfolio of complementary health policies.

Alexandre Masson and Christophe Parier, Managing Partners of Activa Capital, said: “Since we took a stake in the capital with Bpifrance in May 2018, Active Assurances has experienced exceptional growth under the impetus of its managers. After two acquisitions, including a structural one in the health sector, the Group has achieved its initial 5 year roadmap in less than 3 years. We are very proud and happy to have supported the Group in this strong growth. This transaction demonstrates once again the relevance of Activa Capital’s positioning since 2015, focused on supporting founding entrepreneurs in transforming primary LBO transactions.”

Thomas Riottot, Chairman of Active Assurances Groupe, added: “We were immediately attracted to the DNA of the Meilleurtaux Group because of its strong presence on the web, its brand awareness and its know-how in digital acquisition and digital paths. After three years of structuring our operations and strong growth in all our businesses alongside Activa Capital, joining Meilleurtaux is a new development opportunity for Active Assurances.”

Buyers Silverlake: Christian Lucas Meilleurtaux: Guillaume Autier
Active Assurances: Thomas Riottot, Didier Naccache, Denis Salmoiraghi, Frédéric Bacmann, Nolwenn oreal
Activa Capital: Alexandre Masson, Christophe Parier, David Quatrepoint, Timothée Héron
Bpifrance: Ménelé Chesnot, Adonis Arnaud Management Advisors Investor advisors / financing Lawyer: Degroux Brugere Financial Due Diligence: Deloitte
Vendors Advisors Corporate Lawyer: White & Case (Marc Petitier, Maud Fillon) Management Tax Lawyer: Arsene Taxand (Franck Chaminade)
M&A : Cambon Partners (Guillaume Eymar, Vincent Ruffat, Côme Mullie)
Financial, legal, tax and social Due Diligence: Deloitte (Vincent Rapiau, Christophe Mazaud)
Strategic Due Diligence: Roland Berger (Jean-Michel Cagin, Christophe Angoulvant, Ronan de Bellecombe)

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 Activa Capital
Activa Capital is an independent private equity firm, owned by its partners, characterized by a proactive build-up strategy. It currently manages more than €300 million on behalf of institutional investors by investing in French SMEs and ETIs with high growth potential and an enterprise value of between €20 and €100 million. Activa Capital assists them to accelerate their development and international presence. To find
out more about Activa Capital, visit www.activacapital.com

Press contacts
Alexandre Masson                                     Christophe Parier                                                            Christelle Piatto
Managing Partner                                      Managing Partner                                                          Communications Manager
+33 1 43 12 50 12                                     +33 1 43 12 50 12                                                          +33 1 43 12 50 12
alexandre.masson@activacapital.com      christophe.parier@activacapital.com                              christelle.piatto@activacapital.com

Categories: News


Coalition Raises $175M to Build the Future of Commercial Insurance

General Atlantic

Coalition, a leading cyber insurance and security company, today announced it has raised $175 million to accelerate its rapid growth and global expansion. Index Ventures led the funding with participation from General Atlantic and the company’s existing investors, valuing Coalition at $1.75 billion.

“We founded Coalition four years ago with a mission to solve cyber risk, introducing a technology-led approach to risk management and insurance underwriting, pricing, and distribution,” said Joshua Motta, CEO and co-founder of Coalition. “Our ambitions now extend beyond cyber insurance. Nearly one in ten Fortune 500 companies is an insurance company, yet most were founded before World War II. With this funding, we plan to bring our technology-driven approach to other lines of commercial insurance as we seek to build the digital insurance company of the future.”

With this funding, Coalition plans to invest in three key areas:

Build the digital insurance company of the future. “We believe the future of insurance will be defined by technology, and we will continue to invest in building a leading technology company focused on innovation across all aspects of the insurance value chain,” said Motta.

Expand to new product lines. Following its strong growth in cyber and technology insurance, Coalition plans to imminently launch new insurance products to address a range of risks facing the modern enterprise — many of which are not well covered by standard business insurance policies.

International expansion. Following its expansion into Canada in 2020, Coalition plans to expand its offerings into multiple new international markets.

“Coalition is a clear leader in this space and we’re excited to support their vision to reimagine commercial insurance,” said Shardul Shah, Partner at Index Ventures. “Not only does Coalition provide peace of mind after a loss, but also peace from mind: their risk management platform, predictive analytics, and incident response services help organizations decisively and affirmatively remain resilient to risk.”

“Despite a surge in cyber attacks and ransomware, Coalition has delivered industry-leading loss performance by leveraging differentiated technology across the policy lifecycle,” said Paul Stamas, Managing Director and Global Co-Head of Financial Services at General Atlantic. “We’re excited by the innovation that Coalition is driving in cyber insurance.”

Coalition has raised $300 million in equity funding from leading global technology investors including Index Ventures, General Atlantic, Ribbit Capital, Vy Capital, Hillhouse Capital, and Valor Equity Partners, among others. Founded in 2017 by Joshua Motta and John Hering, Coalition is one of the largest providers of cyber insurance and security in the United States and Canada. Today, Coalition serves over 42,000 customers, providing no-cost cybersecurity tools to prevent losses, security and incident response services to contain them, and comprehensive insurance to help organizations recover from failures and breaches. The investment follows long-term capacity commitments from leading global insurers Swiss Re and Arch Insurance.

To learn more about Coalition, visit coalitioninc.com.

About Coalition

Coalition is a leading provider of cyber insurance and security, combining comprehensive insurance and proactive cybersecurity tools to help businesses manage and mitigate cyber risk. Backed by leading global insurers Swiss Re Corporate Solutions, Arch Insurance, Lloyd’s of London, and Argo Group, Coalition provides companies with up to USD $15 million of cyber and technology insurance coverage in all 50 states and the District of Columbia, as well as CAD $20M of coverage across 9 provinces and 3 territories in Canada. Coalition’s cyber risk management platform provides automated security alerts, threat intelligence, expert guidance, and cybersecurity tools to help businesses remain resilient in the face of cyber attacks. Headquartered in San Francisco, Coalition has presences in New York, Los Angeles, Chicago, Dallas, Washington DC, Miami, Atlanta, Denver, Austin, Vancouver, and Toronto.

Media Contacts

Mary Armstrong & Emily Japlon
General Atlantic media@generalatlantic.com

Categories: News


Allianz X invests USD 75 million in fintech WeLab

  • WeLab has close to 50 million private and business clients in key growth markets for Allianz: Hong Kong and China
  • Allianz X investment to enable business expansion and tech platform development
  • Beginning of WeLab-Allianz partnership on insurance and investment products: WeLab Bank and AllianzGI plan strategic cooperation on digital wealth management solutions

Munich/Hong Kong, March 8, 2021

Allianz X, the digital investment unit of Allianz, is participating in the Series C financing round of Hong Kong-based fintech WeLab with an investment of USD 75 million, thus adding another promising company to its existing portfolio of Asian growth companies.

Allianz X’s investment will be instrumental in financing WeLab’s further expansion and, in particular, enabling the ongoing development of its technological platform. Allianz X’s commitment also marks the start of a deeper strategic cooperation between Allianz and WeLab. Within the framework of this cooperation, both partners plan to jointly develop digital products and solutions for wealth management, among other things. The geographical starting point of the cooperation is Hong Kong. A later expansion to the rest of the Greater Bay Area with its 72 million total inhabitants is planned, potentially also to Indonesia and the Southeast Asian markets at a later stage.

Since its founding in 2013, WeLab has established itself as one of the leading digital financial service providers in Asia. Its services include digital banking services and loans for private customers, a digital lending platform to connect lenders and borrowers, as well as a number of technology-driven services to support financial institutions in their lending processes. WeLab currently operates in Hong Kong, mainland China, and Indonesia. In total, WeLab has close to 50 million retail customers and 600 corporate customers. Based in Hong Kong, the company operates WeLab Bank, one of the first fully-licensed digital banks in Asia, which received its licence in early 2019. WeLab operates with a high-performance technology platform based on many innovations developed in-house – such as a proprietary risk management system based on Artificial Intelligence and a patented privacy computing solution that ensures the secure transfer of sensitive data.

In line with Allianz’s growth strategy in Asia, Allianz X has already made several investments in the region. These include investments in telemedicine company Halodoc; 99.co, Southeast Asia’s fastest growing digital real estate brokerage; and GoJek, a digital company that offers a wide range of services on its platform, from taxi rides to food delivery and mobile payments. BIMA, a digital insurance provider in emerging and developing markets, is another Allianz X portfolio company with extensive business in Asia. The fintech WeLab will further strengthen this portfolio.

Nazim Cetin, CEO of Allianz X: “In a relatively short amount of time, WeLab has built up a powerful platform for digital financial services and achieved excellent access to private and business customers in Asia, a region of strategic importance for Allianz. WeLab’s high-performance technology platform, in particular, makes it a unique fintech in the Asian markets. The investment in WeLab is a promising one for Allianz both economically and strategically. Together with our partners within Allianz, we look forward to leveraging our strategic partnership with WeLab and the business potential in the region.”

Simon Loong, Founder & Group CEO of WeLab: “We are thrilled to welcome Allianz as an investor and strategic partner to the WeLab Group. This is a natural partnership where we see a lot of synergies between the whole WeLab Group and Allianz as a leading insurer and asset manager, particularly as we share a focus on delivering advanced technology solutions to customers in Asia. Today, we announce both the new round of funding and a strategic partnership in wealthtech and financial services with WeLab Bank. We look forward to expanding WeLab’s geographical presence and bringing our technology into these new markets with Allianz. We will be expediting our hiring this year, aiming to add around 100 hires, as investing in people and culture will be key to support future growth.”

Desmond Ng, Head of Asia Pacific at Allianz Global Investors: “Asia is home to some of the most dynamic wealth management and banking markets of the world. Hong Kong, in particular, is a significant market for us. With the second-highest bank deposits per capita in the world, it is a very attractive wealth management market. The potential strategic cooperation with WeLab presents an exciting opportunity for Allianz Global Investors as an integral part of our growth strategy in Asia.”

Media contacts:

Allianz X

Gregor Wills





WeLab Communications Team




AllianzGI Asia-Pacific

Kimsten Law




Allianz X invests in digital frontrunners in ecosystems relevant to insurance and wealth management. As one of the pillars of Allianz Group’s digital transformation strategy, Allianz X provides an interface between Allianz Operating Entities and the broader digital ecosystem, enabling collaborative partnerships in insurtech, fintech, and beyond.

For more information, please visit: https://www.allianzx.com.

Categories: News


Allianz to invest in ControlExpert

  • ControlExpert is a leading technology-driven automotive claims processing company active in 16 countries
  • Together with ControlExpert, Allianz expects to significantly improve claims handling through Artificial Intelligence (AI) and automation
  • Transaction is Allianz X’s second majority investment, following the acquisition of Finanzen.de in May 2019

Munich, Langenfeld, 09.03.2020— Allianz X, the digital investment unit of Allianz Group, in cooperation with Allianz Germany, has entered into binding agreements with General Atlantic and other shareholders of ControlExpert for a majority investment in the company. The transaction is subject to the approval of the relevant antitrust authorities.

ControlExpert, a multi-national market leader in AI-supported automotive claims handling, partners with more than 130 insurance companies, car dealerships, repair shops, leasing companies and OEM partners at 17 locations across the world. The company offers an end-to-end platform for companies to digitalize and automate their motor claims management.

“Technical applications and platforms are crucial for capturing new opportunities in the digital era. ControlExpert has emerged as a clear leader in motor claims management in Germany and continues to show growth in international markets. We look forward to bringing together Allianz’s 130 years of experience in claims management and ControlExpert’s technological expertise to drive significant changes in the sector,” said Nazim Cetin, CEO of Allianz X GmbH.

“The cooperation with ControlExpert will enable us to settle automotive claims far more quickly in the future,” stated Jochen Haug, Board Member and Chief Claims Officer at Allianz Versicherungs-AG. “Additionally, we look forward to deploying Artificial Intelligence in key areas such as image recognition and fraud prevention to provide new services and bespoke offers to our customers.”

Following the transaction, ControlExpert will maintain its business model and operational autonomy. The company will retain its name, brand and identity, and will continue to offer its range of services to its clients including Allianz Germany.

“Our long-standing collaboration with Allianz has demonstrated that we share a common ambition in continuing to drive digitalization and customer-centricity forward. With its wide-ranging expertise and international focus, Allianz will support us in achieving further growth both in Germany and in the global markets. In this way, we will take a step closer to realizing our vision of drivers receiving fair compensation for damages on the very same day, anywhere in the world. In the future, it will be possible to handle claims and maintenance processes more quickly and easily, something which all our customers will benefit from,” explained Nicolas Witte, Managing Director of ControlExpert.

“We are looking back on a fruitful partnership with ControlExpert. Since 2017, we have supported the company, the management team around Nicolas Witte and the founding family in rolling out their business model internationally and further institutionalize the company. We are grateful for the constructive and trusting cooperation and wish the company and its employees all the best,” said Jörn Nikolay of General Atlantic.

Categories: News


Abacai announces acquisition of Dayinsure

CVC Capital Partners

Abacai Group (“Abacai or “the Group”), the insurtech recently formed by Mark Wilson and Sun Capital Partners today announces the acquisition of Dayinsure to complement its existing insurance businesses.

Founded in 2005, Dayinsure has grown consistently to become a leading provider of temporary motor insurance cover in the UK for car, van, motorhome and business drivers and has strengths in IT and data analytics.

CVC Credit, the dedicated credit arm of leading international private equity and advisory firm CVC Capital Partners, has become a strategic partner of Abacai: providing a combination of equity and debt financing for the acquisition and the Group’s future development.

Abacai will retain Dayinsure as a standalone go-to-market business, and the management team will continue to lead the separate subsidiary. Abacai will continue to focus on serving the insurtech underwriting market through Abacai Capital.

Mark Wilson, CEO and Co-Chairman of Abacai, commented: “Temporary motor insurance is a high growth segment at the core of the sharing economy. M&A is one of the two pillars of our growth strategy and we are excited to have completed this transaction so soon after we created Abacai.”

Barry Bown, CEO of Dayinsure, commented: “We are delighted to become part of Abacai. The customer focussed business model, is a good fit with our own. Teaming up will allow us to grow our footprint and accelerate our development.”

Categories: News


CVC Credit supports Pollen Street Capital’s and Qatar Insurance Corporation’s investment in Markerstudy Group

CVC Capital Partners

The debt facilities provided by CVC Credit supported a £200 million equity investment in Markerstudy Group

CVC Credit is pleased to announce that it has supported Pollen Street Capital’s and Qatar Insurance Corporation’s investment in leading UK insurance company, Markerstudy Group, with £85 million senior debt facilities. The business will use the investment to fund an organic and acquisition-led expansion programme to build on its rapid development over recent years, following its evolution into a Managing General Agent.

Founded in 2001, Markerstudy is the fifth largest motor insurance provider in the UK, one of the largest privately owned insurance groups, and the largest Managing General Agent in the UK. With over 1.8 million policyholders, it is known for its investment in technology, underwriting expertise and sophisticated product development.

Chris Fowler, Managing Director in CVC Credit’s European Private Credit business, said: “We are pleased to support Pollen Street’s and QIC’s investment in Markerstudy. This is a growing and innovative business which operates in a stable market, driven by both consumer demand and regulatory trends. CVC Group is an experienced investor in the insurance sector, including current investments such as April and RAC in CVC Capital’s portfolios. This broad understanding of the space was key when validating the quality of the business and underlying market drivers.”

Michael England, Partner at Pollen Street, said, “We have been impressed throughout our time working with Markerstudy with their entrepreneurial attitude, track record of growth, and their ambitions for the future. We focus our investments on opportunities where we can work with management teams to build leaders in European financial services, driving growth through a combination of the strongest customer propositions, with data and technology led business models. The right lender is also important in a transaction such as this – we needed someone with experience of the industry, the complex regulatory environment, and the commercial drivers of success; in CVC Credit we are pleased to have found such a partner.”

Categories: News


Funds advised by Apax acquire PIB Group from The Carlyle Group


25 January 2021

London, UK, 25 January 2021 – Funds advised by Apax Partners (the “Apax Funds”) today announced the acquisition of the PIB Group (“PIB”), a leading independent specialist insurance intermediary, alongside PIB’s management team. Funds advised by The Carlyle Group, PIB’s existing investor since 2015, will re-invest for a minority stake. The financial terms of the transaction (which is subject to applicable regulatory approvals) were not disclosed.

PIB’s executive management team, led by Chief Executive Officer Brendan McManus and Chief Financial Officer Ryan Brown, will continue to lead the business following the acquisition.

Launched in 2015, PIB has grown significantly during Carlyle’s ownership, both organically and through acquisitions. Today it is a highly diversified insurance distribution consolidator focusing on specialist commercial lines and non-standard personal lines products with deep expertise across both direct and B2B distribution through its broking, underwriting and network divisions. Since launch, PIB Group income has risen from nil to approximately £175m on a pro-forma basis in 2020. The company employs over 2000 employees in the UK, Channel Islands, Ireland, Germany, Poland and India. PIB recently acquired Barbon Insurance Group (its 35th acquisition) and also further strengthened its European presence through the acquisitions of WDB in Poland and Marx Re-Insurance in Germany.

The acquisition by the Apax Funds will help PIB continue its impressive growth trajectory, both organically and through accelerating strategic M&A to continue its domestic and international expansion. The Apax Funds have significant experience investing in the insurance sector and helping companies consolidate large, fragmented markets, including Assured Partners, Genex and Hub International, which were successfully exited in 2019, 2018 and 2013 respectively.

Brendan McManus, CEO of PIB, said: “I’m delighted that PIB has been acquired by the Apax Funds. This is a significant milestone in our history and thanks to support from The Carlyle Group since our formation, we have built a strong and attractive business. With further investment and the significant experience that Apax will offer, we look forward to continuing our ambitious growth plans both in the UK and internationally while putting our customers and colleagues at the forefront of everything that we do. We look forward to our continued success with both Apax and Carlyle as partners.”

John Redett, Managing Director at The Carlyle Group, said: “Five years ago we backed Brendan and his management team to become a major consolidator of insurance distribution businesses. We are thrilled in what we have achieved together. Through a significant M&A programme and investment in the company’s systems and talent, the business has delivered remarkable growth. We believe there continues to be opportunities for PIB to grow and are delighted to remain involved and continue the journey.”

Ashish Karandikar, Partner at Apax Partners, said: “We see a strong investment case for the specialist commercial insurance broking market and PIB stood out as a leading player in this space. The company has grown at an impressive rate, has an excellent track record of accretive M&A deals, including international acquisitions into fragmented markets and holds a leading position as one of the largest independent corporate brokers in the UK. We look forward to working with the team, and all PIB’s customers and clients as we continue to build on the company’s great success to date, using Apax’s significant experience in the sector to drive transformation and growth.”

PIB’s achievements have been recognised in the 2020 Sunday Times Virgin Atlantic Fast Track 100 of Britain’s fastest growing companies, as well as the Sunday Times PwC Top Track 250 of Britain’s leading mid-market private companies.

Linklaters are serving as legal counsel to PIB and The Carlyle Group, and Kirkland & Ellis is serving as legal counsel to Apax. KBW is serving as financial advisor to PIB and The Carlyle Group in connection with the transaction and Jamieson Corporate Finance and Dickson Minto has been advising the management team.


About PIB Group
PIB is a dynamic independent insurance intermediary group that provides specialist commercial insurance solutions across the UK market and beyond. PIB offers a range of specialist teams, products and services to clients throughout the UK, Channel Islands, Ireland, Germany and Poland. For more information see www.pibgroup.co.uk

About Apax Partners LLP
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 approximately $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 The Carlyle Group
The Carlyle Group (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 Investment Solutions. With $230 billion of assets under management as of September 30, 2020, 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 1,800 people in 30 offices across six continents. Further information is available at www.carlyle.com. Follow Carlyle on Twitter @OneCarlyle.

Media Contacts:  

For PIB Group
Lorraine Hambleton / 020 3961 7644 / Lorraine.Hambleton@pib-insurance.com

For Apax Partners
Luke Charalambous / +44 20 7872 6494 / Luke.Charalambous@apax.com
Matthew Goodman / James Madsen, Greenbrook | +44 20 7952 2000 | apax@greenbrookpr.com

For The Carlyle Group
Andrew Kenny / +44 7816 176120 / Andrew.Kenny@carlyle.com

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