KKR To Acquire Remaining 37% Of Global Atlantic For $2.7 Billion In All-Cash Transaction


Closer Coordination and Alignment Expected to Further Accelerate Growth of Both KKR and Global Atlantic

KKR Announces Other Strategic Initiatives to Benefit Shareholders

KKR and Global Atlantic to Host a Conference Call at 10:00 a.m. EST

NEW YORK & HAMILTON, Bermuda–(BUSINESS WIRE)– KKR & Co. Inc. (NYSE: KKR) and Global Atlantic Financial Group LLC (“Global Atlantic” or “GA”) today announced a definitive agreement under which KKR will acquire the remaining 37% stake of leading insurance company Global Atlantic, increasing KKR’s ownership to 100%.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20231129605147/en/

Joe Bae and Scott Nuttall, Co-Chief Executive Officers of KKR, stated: “The strategic partnership we envisioned three years ago has exceeded our expectations. It has been transformative for both businesses and a great cultural fit that has enabled us to contribute to Global Atlantic’s continued strong performance and success, while also being a key driver of growth for KKR. We expect the new ownership structure will foster even closer collaboration, allowing us to fully leverage our complementary strengths and grow faster together.”

Since 2021, KKR has served as Global Atlantic’s asset manager, offering access to its global investment and origination capabilities for the benefit of GA’s policyholders. Global Atlantic’s assets under management have grown significantly, up from $72 billion in 2020 to $158 billion today. As Global Atlantic has grown, it has benefited from the scale of KKR’s asset management businesses in meeting GA’s investment needs while maintaining a focus on risk management and continuing to deliver market-leading returns. The strategic partnership has proven to be both an important source of capital for Global Atlantic and a driver of international growth, with Global Atlantic leveraging KKR’s global reach to establish new business relationships in Hong Kong, Singapore and Japan.

At the same time, Global Atlantic has been a source of financial success for KKR and a key element of KKR’s growing real estate credit and asset-based financing businesses, both of which manage assets that are particularly well suited for insurance company balance sheets.

“We are taking this step because we have demonstrated, over the last three years, that we are stronger together. Being part of KKR has strengthened our position as a leading insurance company and enhanced our ability to deliver compelling solutions for our clients. Moving from a diverse group of shareholders to a single one with KKR clarifies our objectives and allows us to think―and invest―longer term,” said Allan Levine, Chief Executive Officer of Global Atlantic. “Although we hope to unlock further value by taking this step in our capital structure, neither our client-first approach nor our investment and risk management framework will change, and the day-to-day experience of our clients and colleagues will feel very much the same as it does today.”

After closing, Global Atlantic will continue to be led by its management team and operate under the Global Atlantic brand.

Transaction Details

Under the terms of the agreement, KKR will pay Global Atlantic’s minority shareholders an amount in cash equal to 1.0x Global Atlantic’s book value with certain adjustments. The total cash purchase price is currently estimated to be approximately $2.7 billion. Global Atlantic management is expected to exchange a majority of its Global Atlantic equity interests for KKR equity. KKR will fund the transaction from its balance sheet, which had $23 billion of cash and investments as of September 30, 2023.

The transaction, which is expected to close in the first quarter of 2024, is subject to customary closing conditions.

Simpson Thacher & Bartlett LLP and Debevoise & Plimpton LLP acted as legal advisors to KKR and Global Atlantic, respectively. Barclays provided a fairness opinion for Global Atlantic.

Strategic Initiatives

KKR also announced a series of other Strategic Initiatives that are contingent on the closing of the Global Atlantic transaction. These include:

  • Creating a new business segment, Strategic Holdings. The new segment will principally be comprised of KKR’s Core Private Equity balance sheet holdings. Core Private Equity has scaled into a business with $35 billion of assets under management, including $6.5 billion of assets on KKR’s balance sheet. Given the maturation and strong performance of these companies, KKR expects to begin receiving more recurring cash dividends from this segment of the balance sheet.
  • Modifying its compensation structure to be more success based. KKR will draw a greater share of compensation from carried interest instead of fee related earnings. The adjustment is expected to result in enhanced shareholder value by delivering more of the firm’s recurring revenues to shareholders.
  • Introducing a new reporting framework. KKR will report a new key metric, Total Operating Earnings, which will be comprised of Fee Related Earnings, Strategic Holdings and Insurance Operating Earnings. KKR expects Total Operating Earnings will highlight the growth of its more recurring earnings streams.

KKR expects the Strategic Initiatives, combined with the expanded ownership of Global Atlantic, to be accretive to all of its per share earnings metrics.

Bae and Nuttall added: “We remain focused on performing through cycles for the millions of clients and policyholders counting on us — with a business model that allows us to compound earnings and value for the very long term while retaining our culture. Today’s announcements are in service of that vision — more fully establishing three avenues for long term sustained growth, further increasing our optimism about the path ahead.”

Conference Call Information and Additional Details

KKR is holding a conference call to discuss the Global Atlantic transaction and Strategic Initiatives on November 29 at 10:00 a.m. EST. Allan Levine, Chief Executive Officer of Global Atlantic, will join the call. The conference call may be accessed through the Investor Relations section of KKR’s website at ir.kkr.com or by dialing 1-877-407-0312 (U.S.) or 1-201-389-0899 (non-U.S.); a pass code is not required. Supplemental materials that will be discussed during the call will be available at the same website location.

A replay of the webcast will be available on KKR’s website approximately one hour after completion of the broadcast.

About KKR

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

About Global Atlantic

Global Atlantic Financial Group is a leading insurance company meeting the retirement and life insurance needs of individuals and institutions. With a strong financial foundation and risk and investment management expertise, the company delivers tailored solutions to create more secure financial futures. The company’s performance has been driven by its culture and core values focused on integrity, teamwork, and the importance of building long-term client relationships. Global Atlantic is a majority-owned subsidiary of KKR, a leading global investment firm. Through its relationship, the company leverages KKR’s investment capabilities, scale and access to capital markets to enhance the value it offers clients.

Forward-Looking Statements

This press release contains certain forward-looking statements. Forward-looking statements relate to expectations, estimates, beliefs, projections, future plans and strategies, anticipated events or trends and similar expressions concerning matters that are not historical facts, including but not limited to the statements with respect to: the transaction (including the estimated total cash purchase price) to acquire all outstanding shares of Global Atlantic; operation of Global Atlantic following the closing of the transaction; expansion and growth opportunities and other synergies resulting from the transaction; the availability of cash on hand or liquidity from KKR’s investment portfolio to fund the transaction; and expected timing of closing. The forward-looking statements are based on KKR’s beliefs, assumptions and expectations, taking into account all information currently available to it. These beliefs, assumptions and expectations can change as a result of many possible events or factors, not all of which are known to KKR or are within its control. If a change occurs, KKR’s business, financial condition, liquidity and results of operations, including but not limited to dividends, reported earnings, and capital structure may vary materially from those expressed in the forward-looking statements. The following factors, among others, could cause actual results to vary from the forward-looking statements: failure to realize the anticipated benefits within the expected timeframes from the planned transaction with Global Atlantic; unforeseen liabilities or integration and other costs of the Global Atlantic transaction and timing related thereto; availability and cost of financing to fund the transaction; changes in Global Atlantic’s business; any delays or difficulties in receiving regulatory approvals; failure to complete the transaction; distraction of management or other diversion of resources within each company caused by the transaction; retention of key Global Atlantic employees; Global Atlantic’s ability to maintain business relationships following the transaction; the volatility of the capital markets; failure to realize the benefits of or changes in KKR’s or Global Atlantic’s business strategies; availability, terms and deployment of capital; availability of qualified personnel and expense of recruiting and retaining such personnel; changes in the asset management or insurance industry, interest rates, credit spreads, currency exchange rates or the general economy; underperformance of KKR’s or Global Atlantic’s investments and decreased ability to raise funds; changes in Global Atlantic policyholders’ behavior; any disruption in servicing Global Atlantic’s insurance policies; the use of estimates and risk management in Global Atlantic’s business; and the degree and nature of KKR’s and Global Atlantic’s competition. All forward-looking statements speak only as of the date hereof. KKR does not undertake any obligation to update any forward-looking statements to reflect circumstances or events that occur after the date on which such statements were made except as required by law. In addition, KKR’s business strategy is focused on the long term and financial results are subject to significant volatility.

Additional information about factors affecting KKR is available in KKR & Co. Inc.’s Annual Report on Form 10-K for the fiscal year ended December 31, 2022, filed with the SEC on February 27, 2023, quarterly reports on Form 10-Q for subsequent quarters and other filings with the SEC, which are available at www.sec.gov.

Past performance is not indicative or a guarantee of future performance. This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities in any jurisdiction.


Craig Larson
1-877-610-4910 (U.S.) / 212-230-9410


Kristi Huller

Source: KKR & Co. Inc.

Categories: News


Eurazeo invests into InsuranceDekho, Iindia’s leading insurtech player


Eurazeo, through its insurtech fund backed by the insurer BNP Paribas Cardif, is pleased to announce its investment in InsuranceDekho, India’s leading insurtech player, alongside Mitsubishi UFG Financial Group as well as new and historical investors. This $60 million Series B funding, a mix of equity and debt, marks a significant milestone for the company.

InsuranceDekho helps consumers compare and buy insurance products from top-rated Indian insurance companies across Motor, Health, Life and Travel via its agent network. Underwritting an insurance policy on InsuranceDekho is simple and the platform aims to reach the many Indian households and businesses who previously have had little or no experience with underwritting and holding an insurance policy. The platform focuses on agents and customers outside of the bigger cities, where traditional insurers have had limited coverage due to higher costs to serve.

InsuranceDekho’s Series B funding was led by the Japanese giant Mitsubishi UFG financial Group and Eurazeo as strategic investors, along with India focused Beams Fintech Fund. Its existing investors TVS Capital, Goldman Sachs Asset Management, and Avataar Ventures also invested, hence re-enforcing their confidence in the company. This marks the second funding round for the Gurugram-based startup in 2023, taking its total fundraise to over $200M, thereby solidifying its position as the leading Indian Insurtech. In February, InsuranceDekho had secured $150 million in the largest Series A funding raised by an Insurtech in South Asia.

By securing more than $200 million in a year, InsuranceDekho has cemented its position amongst the very few startups to be able to raise large Series A and B funding within one year, a significant win amidst the ongoing funding winter. This exceptional fundraising success is a testimony of InsuranceDekho’s vision of insuring every Indian and its robust business model.

Founded by Ankit Agrawal and Ish Babbar in 2017 and incubated within India’s biggest digital automotive solutions provider CarDekho Group, InsuranceDekho’s core business has witnessed a significant growth trajectory and turned profitable in March 2023. The Insurtech player plans to utilize the proceeds from this funding round to boost its marketing activities, further expand its distribution presence in the Indian hinterland, scale up its tech platform, explore inorganic growth opportunities and, for new initiatives like reinsurance, to continue democratizing and revolutionize the insurance landscape in India.

Ankit Agarwal, CEO and founder of InsuranceDekho, declared:

“We are incredibly thankful to our investors for trusting our vision and potential. Our aim has always been to make insurance more accessible and user-friendly for all Indians, and this funding will allow us to accelerate our efforts, reach more customers, and innovate further in the Insurtech space. The insurance sector in India is at the cusp of a tech-backed revolution and I believe InsuranceDekho is well positioned as one of the pioneers leading the transformation.”

Amit Jain, CEO and Co-founder of CarDekho Group, said:

“InsuranceDekho is expanding at a rapid pace and reaching remarkable milestones. The capital infused will accelerate its growth trajectory, providing the impetus to reach more underserved markets with a reliable insurance platform and bring it closer to its vision of increasing insurance penetration across the country. Under the leadership of Ankit and Ish, InsuranceDekho has achieved tremendous success by disrupting the Insurtech space in India.”

Matthieu Baret, Managing Partner – Venture at Eurazeo, added:

“We are thrilled to make InsuranceDekho our first investment in India with the insurer BNP Paribas Cardif. After our investments in China, Indonesia and Singapore, we’re extending our footprint with the ambition to become a leading player in Asia.“

Albert Shyy, Managing Director at Eurazeo, declared:

“The Indian insurance market is in the midst of a digital evolution and we feel InsuranceDekho is amongst the leading companies who are bringing insurance products to the wider market. We have been impressed with the talented team that Ankit and Ish have built around them and by the company’s strong performance in growing quickly yet efficiently. The company is a great fit within our Insurtech-focused fund and we are excited to be working together with the team going forward.“

Categories: News


Eurazeo completes its investment in BMS GROUP


Eurazeo, through its Mid-large buyout team1, has completed its £355M investment in BMS Group and acquired c.34% of its share capital. Eurazeo and its affiliates joined BMS alongside its existing shareholders British Columbia Investment Management Corporation (BCI), Preservation Capital Partners (PCP) and BMS’ management and employees. Eurazeo and BCI together are majority shareholders with co-control of the Company for its next phase of growth.

Established in 1980, BMS is a leading independent (re)insurance broker delivering comprehensive, customised solutions in the field of wholesale, reinsurance and retail insurance as well as capital markets advisory services. Headquartered in London, BMS benefits from a strong reputation for placement of large and complex risks and operates across 16 countries with 33 offices around the world (US, Canada, Latin America, Australia, Europe, Asia and Middle East).

Eurazeo, BCI and PCP will support Nick Cook, Group CEO of BMS, and the rest of the BMS senior management team to pursue its proven growth strategy. The investment from Eurazeo and other shareholders is expected to enable BMS to further expand its global foothold both organically and through an active M&A strategy. Since the announcement of Eurazeo’s investment on December 23rd 2022, BMS has completed 10 acquisitions and continued its strong growth trajectory.

Categories: News


Dale Underwriting Partners enters strategic partnership with CVC to support long-term growth

CVC Capital Partners

Dale Underwriting Partners (“Dale”), the trading name for Dale Managing Agency Limited’s Lloyd’s Syndicate 1729, has agreed a strategic partnership with CVC, a leading global private markets manager with €161 billion of assets under management. CVC funds will invest into Dale to provide the capital to replace the current third-party capital providers and support business growth, which will result in CVC funds acquiring a majority stake in the business.

Founded by Duncan Dale in 2014 and operating through Lloyd’s Syndicate 1729, Dale is a specialist provider of insurance and reinsurance lines across six core classes. Dale is a high-quality business which has grown strongly over recent years and today controls more than $500 million of premiums underpinned by its leadership positions in its areas of focus, highly experienced team, prudent underwriting approach together with its entrepreneurial, agile, and performance-driven culture.

This investment will secure a large pool of long-term stable capital to fund Dale’s growth, capitalising on the competitive global position of the Lloyd’s market and the Dale team’s expertise and strong position.

CVC funds have extensive prior experience of investing in and growing regulated financial services and insurance companies globally, including in the Lloyd’s market through investments into Brit Insurance and RiverStone International. CVC funds, who will be making this investment from their Strategic Opportunities Fund, will support Duncan and his team’s vision for the long-term strategic development of the business.

Duncan Dale, founder and Chief Executive of Dale, said, “We are excited to be partnering with CVC to back Dale’s next phase of growth. We have an aligned vision on where we would like to take the business and believe they will be a great partner given their long-term investment horizon and approach to supporting us to create value.”


We are excited to be partnering with CVC to back Dale’s next phase of growth

Duncan DaleFounder and Chief Executive of Dale

Martin Iacoponi, Managing Director at CVC, said, “The specialty insurance and Lloyd’s markets are attractive markets for patient capital investors like CVC funds and a focus for our financial services strategy. We have been impressed by Duncan and his team’s approach in building a high-quality player over the last decade. We are very pleased to partner with the Dale team and look forward to supporting the business with CVC funds’ capital and our experience to help them grow and develop further.”

The transaction is subject to customary regulatory approvals and is expected to close in Q4 2023 or Q1 2024. Dale was advised by Macquarie Capital and Norton Rose Fulbright, and CVC were advised by Howden Tiger Capital Markets & Advisory, Aon Capital Advisory and Aon’s Strategy and Technology Group, EY, Weil, and Bryan Cave Leighton Paisner.

About Dale Underwriting Partners

Dale Underwriting Partners is an independent, owner-managed underwriting business which began trading with effect from 1st January 2014 with the formation of Lloyd’s Syndicate 1729. The syndicate underwrites Property (re)insurance, Casualty, Healthcare Liability, Specialty, Marine Reinsurance and Energy. Since then, the business has grown, and in 2021 it announced a new joint venture, Dale DUAL MGU Limited. In 2022, Dale was given authorization to establish its managing agency at Lloyd’s, Dale Managing Agency Limited. For further information about Dale please visit: www.daleuw.com.

About CVC

CVC is a leading private equity and investment advisory firm with a network of 25 offices throughout EMEA, the Americas, and Asia, with approximately €161 billion of assets under management. CVC has six complementary strategies across private equity, secondaries and credit, for which CVC funds have secured commitments in excess of €200 billion from some of the world’s leading institutional investors. Funds managed or advised by CVC are invested in over 125 companies worldwide, which have combined annual sales of approximately €130 billion and employ more than 450,000 people. For further information about CVC please visit: https://www.cvc.com/. Follow us on LinkedIn.

CVC funds are a leading investor in the Financial Services sector. Since 2008, the dedicated Financial Services team has been one of the most active on a global basis across many balance sheet and services companies, advising CVC funds to commit over €6 billion of equity with transactions completed across the financial services landscape, including banks & specialty finance, insurance, payments/fintech and wealth & asset management sectors. Insurance is a key focus for the team who have extensive experience across the insurance landscape, including CVC funds’ current and former investments in: Brit Insurance, RiverStone International, Pension Insurance Corporation, Domestic & General, Ethniki, Fidelis, and April.

About CVC Strategic Opportunities

The CVC Strategic Opportunities platform was established in response to growing demand from large investors to be able to invest longer term in high-quality businesses. The platform provides partnership capital to make control, co-control, and minority investments in companies with a longer-term return profile and a secure capital structure. For further information about CVC Strategic Opportunities please visit: www.cvc.com/strategies/strategic-opportunities/.

Categories: News


Ardonagh and Markerstudy to create a major personal line player with over £3 billion in annual premiums

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  • Markerstudy and Ardonagh’s personal lines broking business Atlanta will merge to create a major new platform transacting over £3 billion annual GWP across multiple insurance products in the competitive UK insurance market
  • The enlarged group will combine complementary capabilities across underwriting and distribution to offer an enhanced proposition for the benefit of millions of customers
  • The transaction values Atlanta at £1.2 billion

The Ardonagh Group (“Ardonagh”) and Markerstudy Group (“Markerstudy”) have agreed a merger between Markerstudy and Atlanta Group (“Atlanta”), Ardonagh’s personal lines broking business, to create a major new player in the UK insurance market.

The combined business will provide a wide range of insurance products to millions of consumers, including home and motor insurance, and will employ around 7,300 people across the UK. It will transact over £3 billion in annual Gross Written Premium (GWP).

The transaction, which is subject to customary conditions (including regulatory approvals), values Atlanta at £1.2 billion and will be funded by a new investment led by Pollen Street Capital and Bain Capital Special Situations. Ardonagh and its related parties will receive a combination of cash and a substantial minority equity stake in the combined business, in addition to two seats on the board of directors of the combined business.

Key Atlanta executives including Ian Donaldson, Craig Ball and Emma Rawlinson will join the Markerstudy management team as senior executives of the combined group.

With more than 2,100 colleagues across 12 locations, Atlanta manages c.£1 billion of GWP on behalf of 2.6 million customers. It distributes a broad suite of products through household insurance brands including Swinton, van specialist Autonet and motorcycle experts Carole Nash.

Markerstudy offers omni-channel distribution and a broad product proposition to approximately 6 million customers across motor, pet, home and commercial (particularly SME). The company has upwards of 5,200 colleagues, across 19 sites, and reported GWP of £2 billion in 2022.

The combined group will bring together highly complementary capabilities across pricing, underwriting and distribution and as a result will deliver an enhanced proposition for millions of new and existing customers.

Kevin Spencer, Markerstudy Group CEO, said: “As existing business partners, we have worked closely with Atlanta for a long time, and so we know first-hand just how exceptional the business and its people are. There are few deals in the market with the potential to be truly transformational for all parties concerned and a combination with Atlanta has been a long-term ambition of ours.  The strong alignment in our models and shared values and ambitions simply could not be ignored. I’ve never been more excited for the future.”

Ian Donaldson, CEO of Ardonagh Retail, comments: “The coming together of well-known insurance brands and talent from across Atlanta and Markerstudy creates a major new player in the UK insurance industry and is the latest chapter in our phenomenal growth story. With the support and backing of the Ardonagh Group, Atlanta has evolved from the van broker Autonet, into a major multi-product, multi-brand insurance challenger in the UK. This transaction is a huge testament to our people and we look forward to working with Kevin and his team to continue innovating and providing great value to our customers.”

David Ross, CEO of The Ardonagh Group, said: “The Ardonagh strategy has always been to find and empower strong management teams, and to back their ambitions with a clear and relentless focus on equity value creation. This combination with Markerstudy is an important step in the Atlanta journey, and presents compelling opportunities for its customers and people. We are very proud of what the Atlanta team have achieved since joining our Group in 2017 and look forward to continuing to work with Kevin, Ian and our new partners at Pollen Street to create a major new player in the UK insurance market.”

Michael England, partner at Pollen Streetsaid: “We are thrilled to support this merger. Under Ian’s leadership Atlanta has expanded through organic growth initiatives and targeted M&A into a high quality distribution platform. Similarly Markerstudy has developed rapidly, growing strongly since we invested in 2021. In combining the two businesses we have an exceptional opportunity to support this major new platform.”

Fenchurch Advisory Partners is acting as exclusive financial adviser to The Ardonagh Group on this transaction.
Continuum Advisory Partners is acting as exclusive financial adviser to Markerstudy and Pollen Street Capital on this transaction.
Skadden, Arps, Slate, Meagher & Flom 
(UK) LLP acted as advisers to the founders of Markerstudy on this transaction.


Media contacts:

Markerstudy Group

Charlie North
07990 436690

Ben Welsh
07568 382040

Mark Bishop
07802 925053

The Ardonagh Group

Justin Griffiths / Siobhan McCluskey
+44 (0) 20 7250 1446

Elinor Zuke
+44 (0)7863 350270

Pollen Street 

Chris Sibbald
+44 (0)7855955531

Notes to editors


Established in 2001, the group supports UK broker partners and protects in excess of six million customers with a comprehensive range of insurance products and services.

Having grown organically and through targeted acquisition, Markerstudy includes the UK’s largest Managing General Agent, Markerstudy Insurance Services Limited (MISL).

We are an inclusive organisation of more than 5,200 employees and are proud to have achieved Gold accreditation from Investors in People for three consecutive periods.

Other sectors within the group are BGL Insurance and Markerstudy Broking – together providing a variety of motor, home, SME and pet insurance products in partnership with several of the best-known brands in UK financial services and retail, and through own brands, including Budget Insurance, Dial Direct, Lancaster Insurance and Purely Pets. Complementary businesses include Auto Windscreens, VisionTrack and Vision Vehicle Solutions.

Markerstudy has invested in market leading digital platforms and cutting edge data science and technology to improve the customer and colleague experience, winning 17 awards in 2022 across the group for excellence in technology, contact centres, apprentices, health and safety, risk management, and internet of things (IoT).

For more information, visit: www.markerstudygroup.com


The Ardonagh Group is the UK’s largest independent insurance distribution platform and a top 20 broker globally. Pro forma income is £1,572 million in the 12 months to 30 June 2023, and Adj EBITDA £544 million.

We are collection of best-in-class entrepreneurial and specialist brands with a network of over 200 locations and a combined workforce of 10,000 people. Across our portfolio, we offer a highly diversified range of insurance-related products and services across the full insurance value chain in the UK, Ireland and broader international markets. From complex multinational corporations to individuals purchasing personal insurance policies, our understanding of the communities we serve, together with our scale and breadth, allows us to work with our insurer partners to deliver a broad range of product and risk solutions that meet customer needs.

For more information, visit our website: www.ardonagh.com.


Pollen Street is a purpose led and high performing private capital asset manager. Established in 2013, the firm has built deep capability across the financial and business services sector aligned with mega-trends shaping the future of the industry. Pollen Street manages over £3.4bn AUM across private equity and credit strategies on behalf of investors including leading public and corporate pension funds, insurance companies, sovereign wealth funds, endowments and foundations, asset managers, banks, and family offices from around the world. Pollen Street has a team of over 80 professionals with offices in London and the US.

For more information, visit: www.pollenstreetgroup.com

Bain Capital Special Situations

Bain Capital Special Situations is a global team of investors who have driven value creation for more than 20 years. Bain Capital Special Situations has $18 billion in assets under management and has invested more than $28 billion since our inception in 2002. We provide bespoke capital solutions to meet the diverse needs of companies, entrepreneurs, and asset owners. Across all market cycles, the strategy brings together credit, equity, corporate and real asset expertise to partner where traditional providers cannot. Our dedicated, global team of more than 100 investment and portfolio professionals contribute the local expertise and capabilities that enable these diverse investments. For more information, please visit: https://baincapitalspecialsituations.com/ 

Categories: News


Bain Capital Closes Inaugural Insurance Fund at $1.15 Billion


Bain Capital Closes Inaugural Insurance Fund at $1.15 Billion

BOSTON – July 19, 2023Bain Capital Insurance, the insurance investing business of Bain Capital, today announced the final close of its inaugural private equity fund, Bain Capital Insurance Fund, L.P. at $1.15 billion, above its initial target of $750 million.  The fund includes approximately $1 billion of outside commitments from institutional investors and high-net-worth individuals and families. Bain Capital employees committed the balance of the fund, continuing the firm’s heritage of being the largest investor collectively across its funds.

Bain Capital Insurance Fund is focused on middle market transactions in North America and Europe across the entire insurance value chain and draws on Bain Capital’s core capabilities of finding investment opportunities in highly complex, fragmented markets. The investment strategy is concentrated on three core areas:

  • corporate transformations, such as management partnerships, carve-outs, and turnarounds
  • launching and building new insurance platforms; and
  • inflection or event-driven investments driven by supply/demand imbalances, evolving business models, and shifting industry trends.

“This significant milestone reflects the enthusiasm and trust of our investors, the relationships we’ve built with business leaders and entrepreneurs across the industry, and the significant opportunities we see to drive value across the complex insurance value chain,” said Matt Popoli, Partner and Global Head of Bain Capital Insurance. “We’ve built a scaled team of insurance investing experts, deep researched-backed themes, and the value creation approach to embrace that complexity, all supported by the global and platform advantages of the integrated Bain Capital platform.”

Bain Capital Insurance was formally launched in 2021 as a new business unit dedicated to capturing the significant opportunities available in the $27 trillion global insurance sector.  Popoli leads an experienced group of ~20 specialized professionals – one of the largest dedicated insurance investing teams in the private equity industry.

Bain Capital Insurance has executed several investments that are emblematic of its strategy.  In June, the firm announced an investment in Aptia, a newly formed business created by the purchase of U.S. employee benefits administration and U.K. pension administration businesses of March McLennan (NYSE: MMC).  It also previously launched Summitas Gruppe, an innovative German insurance brokerage platform, in partnership with JDC Group and Canada Life Irish Holding Co, and Enhance Health, a technology-enabled health insurance brokerage and care navigation platform serving the individual and family medical plan market.


About Bain Capital Insurance

Bain Capital Insurance is the dedicated insurance investing business of Bain Capital, a leading global private investment firm with over $165 billion under management across 24 offices on four continents.  We seek to collaborate with leading insurance businesses and management teams to unlock value and drive innovation across the insurance industry, specializing in insurance investing strategies that span the entire value chain and growth spectrum – from catalyzing transformational change, creating new platforms, and stepping into capacity-driven dislocations, to partnering with industry participants to meet their long term strategic and investment return targets.  Learn more at www.baincapitalinsurance.com.

Categories: News


Japan Post Insurance, KKR and Global Atlantic to Form Strategic Partnership


TOKYO & NEW YORK – June 7th 2023 – Japan Post Insurance Co., Ltd. (“Japan Post Insurance”), KKR & Co. Inc. (together with its subsidiaries, “KKR”), and Global Atlantic Financial Group (“Global Atlantic”) today announced their entrance into a strategic partnership. Japan Post Insurance will additionally make a material investment in a reinsurance co-investment vehicle sponsored by Global Atlantic.

KKR and Global Atlantic’s collective track records of delivering customized solutions for global life and annuity insurance clients is well-suited to helping advance Japan Post Insurance’s growth strategy. The partnership enables Japan Post Insurance to access KKR and Global Atlantic’s platforms to enhance its growth and diversify its business portfolio into overseas markets.

“We believe this partnership has great potential for Japan Post Insurance to pursue new growth opportunities and diversify revenue sources. It also enhances our reinsurance strategy and asset-liability management capabilities and we will proceed in a gradual and prudent manner as this is the first international partnership for Japan Post Insurance, which currently does not have any overseas offices,” said Tetsuya Senda, Director and President, CEO, Representative Executive Officer of Japan Post Insurance. “We are very excited to expand our business collaboration with KKR, a leading global investment firm, and Global Atlantic, a leading global life and annuity reinsurance firm, as they are both committed to the Japanese market and trusted partners with whom Japan Post Insurance can develop a mutually beneficial relationship.”

Entering into this partnership with Japan Post Insurance advances KKR and Global Atlantic’s commitment to Japan, as well as their global insurance strategies to deliver both asset management and reinsurance solutions to their insurance clients.

Joe Bae and Scott Nuttall, Co-CEOs of KKR, said, “This is a testament to our continued commitment to expanding our insurance presence alongside high-caliber partners like Japan Post Insurance. We are pleased to enter into this partnership with Japan Post Insurance alongside Global Atlantic to pursue opportunities for growth and collaboration.”

“We are excited about the confidence placed into the Global Atlantic platform by Japan Post Insurance, a leading life insurance company in Japan. It is another sign of the enhanced value we bring to our global reinsurance clients,” said Allan Levine, Co-Founder, Chairman & CEO of Global Atlantic. “We continue to see tremendous opportunities to deploy capital, and Japan Post Insurance’s investment in the co-investment vehicle will allow us to further accelerate the growth of our franchise.”

Nishimura & Asahi and Willkie Farr & Gallagher LLP served legal advisers to Japan Post Insurance. BofA Securities acted as a financial adviser to Japan Post Insurance.

Debevoise & Plimpton LLP served as legal adviser to KKR and Global Atlantic. SMBC Nikko Securities Inc. served as a financial adviser to KKR and Global Atlantic.

About Japan Post Insurance

Japan Post Insurance is a life insurance company in Japan that offers a range of life insurance products, with a focus on individual life insurance, such as endowment insurance and whole life insurance. Japan Post Insurance began operations on October 1, 2007 as the life insurance company within the Japan Post Group. This change followed the privatization of Japan Post and the creation of separate companies for its various businesses. As a member of the Japan Post Group, Japan Post Insurance provides its customers with reliable insurance services, serving individual customers through its branch retail service division and Japan Post Co., Ltd.’s nationwide network of post offices and corporate customers through its branch whole sales division.

About KKR

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

About Global Atlantic

Global Atlantic Financial Group is a leading insurance company meeting the retirement and life insurance needs of individuals and institutions. With a strong financial foundation and risk and investment management expertise, the company delivers tailored solutions to create more secure financial futures. The company’s performance has been driven by its culture and core values focused on integrity, teamwork, and the importance of building long-term client relationships. Global Atlantic is a subsidiary of KKR, a leading global investment firm. Through its relationship, the company leverages KKR’s investment capabilities, scale and access to capital markets to enhance the value it offers clients. KKR’s parent company is KKR & Co. Inc. (NYSE: KKR). Global Atlantic Financial Group (Global Atlantic) is the marketing name for The Global Atlantic Financial Group LLC and its subsidiaries.

Forward-Looking Statements

Certain information contained in this document constitutes “forward-looking statements,” which can be identified by the use of forward-looking terminology such as “may,” “will,” “should,” “expect,” “anticipate,” “project,” “estimate,” “target,” “intend,” “continue” or “believe,” other variations thereon or comparable terminology. The forward-looking statements speak only as of the date hereof and are based on current beliefs, assumptions and expectations. Due to various risks, uncertainties and contingencies, including but whether the anticipated benefits of the partnership can be achieved, actual events or results or performance may differ materially from what is reflected or contemplated in such forward-looking statements. There is no obligation to update or revise any of these forward-looking statements, whether to reflect new information, future events or circumstances or otherwise. Past performance is not a guarantee of future results.

Categories: News


Onex Completes Secondary Offering of Ryan Specialty


Toronto, Canada, May 25, 2023 – Onex Corporation (“Onex”) (TSX: ONEX) today announced the sale of approximately 8.2 million shares of Class A Common Stock of Ryan Specialty Holdings, Inc. (“Ryan Specialty”) (NYSE: RYAN). Ryan Specialty is a service provider of specialty products and solutions for insurance brokers, agents, and carriers.

Proceeds to Onex from this transaction were approximately $355 million. Onex continues to hold approximately 4.1 million shares of Class A Common Stock of Ryan Specialty.

A registration statement on Form S-3 was filed with the Securities and Exchange Commission (“SEC”) and became effective upon filing. This press release shall not constitute an offer to sell or a 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 an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About Onex
Onex is an investor and asset manager that invests capital on behalf of Onex shareholders and clients across the globe. Formed in 1984, we have a long track record of creating value for our clients and shareholders. Onex’ two primary businesses are Private Equity and Credit. In Private Equity, we raise funds from third-party investors, or limited partners, and invest them, along with Onex’ own investing capital, through the funds of our private equity platforms, Onex Partners and ONCAP. Similarly, in Credit, we raise and invest capital across several private credit, public credit and public equity strategies. Our investors include a broad range of global clients, including public and private pension plans, sovereign wealth funds, insurance companies and family offices. In total, Onex has $51.1 billion in assets under management, of which $7.8 billion is Onex’ own investing capital. With offices in Toronto, New York, New Jersey, Boston and London, Onex and its experienced management teams are collectively the largest investors across Onex’ platforms.
Onex is listed on the Toronto Stock Exchange under the 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 press release may contain, without limitation, statements concerning possible or assumed future operations, performance or results preceded by, followed by or that include words such as “believes”, “expects”, “potential”, “anticipates”, “estimates”, “intends”, “plans” and words of similar connotation, which would constitute forward-looking statements. Forward-looking statements are not guarantees. The reader should not place undue reliance on forward-looking statements and information because they involve significant and diverse risks and uncertainties that may cause actual operations, performance or results to be materially different from those indicated in these forward-looking statements. Except as may be required by Canadian securities law, Onex is under no obligation to update any forward-looking statements contained herein should material facts change due to new information, future events or other factors. These cautionary statements expressly qualify all forward-looking statements in this press release.

For Further Information:
Jill Homenuk
Managing Director – Shareholder
Relations and Communications
Tel: +1 416.362.7711
Zev Korman
Vice President, Shareholder
Relations and Communications
Tel: +1 416.362.7711

Categories: News


Zinnia to Acquire Policygenius, A Leading Digital Insurance Marketplace


The combined company will create the first and only end-to-end insurance platform

KKR to invest in combined company and join board of Zinnia

GREENWICH, Conn.–(BUSINESS WIRE)–Zinnia, a life and annuity insurance technology and digital services company, today announced it is acquiring Policygenius, a digital insurance marketplace. The acquisition lays the foundation for the industry’s first front-to-back architecture to power the entire insurance value chain and better serve carriers, advisors, and policyholders.

The transaction expands Zinnia’s reach into digital distribution solutions, creating new opportunities to service carriers and distribution partners. Together, Zinnia and Policygenius will offer products and services spanning life and annuities, disability, and property and casualty insurance. At the heart of Policygenius is a platform that simplifies the process for consumers to buy insurance, and an extensive data analytics capability that, combined with Zinnia’s growing tech capabilities and well-established third-party administrator (TPA) infrastructure, lays the groundwork for exceptional experiences for those who buy, sell, manufacture or administer insurance policies.

Zinnia will continue to offer Policygenius’ full suite of online services under the Policygenius brand. These capabilities will connect with Zinnia’s new system of record to further develop the Open Insurance architecture. The acquisition opens growth opportunities for Zinnia’s and Policygenius’ combined 60+ carrier clients, 350 distributors and partners, and 2M+ policyholders.

“At Zinnia, we want to provide solutions that simplify the process of buying insurance and deliver an exceptional experience for consumers from purchase to claim,” said Michele Trogni, Zinnia Chief Executive Officer. “Policygenius has always put consumer experience at the heart of their business, and their capabilities will accelerate our journey. We look forward to welcoming Policygenius clients, an experienced leadership team, and approximately 450 new team members to Zinnia, and are excited to power growth in our industry.”

“We are thrilled to have a partner in Zinnia, that shares in our vision to transform the industry through technology and a consumer-first approach,” said Jennifer Fitzgerald, Policygenius Co-founder and CEO and newly appointed Zinnia board member. “Their depth of insurance expertise and entrepreneurship has resulted in more than $170B in assets under administration and the launch of 170+ new carrier products. Together, we will expand the reach of our carrier and distribution partners, helping even more consumers achieve financial protection. The promise of Open Insurance is huge, and we are excited to embark on this journey with Zinnia together.”

“This strategic combination positions Zinnia and Policygenius to deliver great benefits for carriers and consumers, and we believe there is enormous unmet demand in the market for a seamless digital experience underpinned by a compelling, end-to-end insurance offering,” said Jake Heller, Partner at KKR and newly appointed Zinnia board member. “We look forward to serving as an investor in the combined business alongside Eldridge and supporting Michele, Jennifer, and these talented teams in their next chapter of growth.”

KKR, through its Technology Growth strategy, was a lead investor in Policygenius and will remain an investor in the combined company.

Sidley Austin LLP and WilmerHale served as legal counsel to Zinnia. Latham & Watkins LLP served as legal counsel to Policygenius.

About Zinnia
Zinnia, an Eldridge business, combines a rich history of insurance expertise and product capabilities to create simplified and digitized outcomes that deliver better value and foster more seamless, secure, and efficient experiences for carriers, advisors, consumers, and reinsurers. The Company’s vision for Open Insurance empowers clients through intuitive technology solutions that decrease processing time, drive product innovation, and bring new products to market faster, enabling more people to protect and enrich their financial futures.

The company has over $173.7 billion in assets under administration across 40+ clients. To learn more about Zinnia, please visit https://zinnia.com/.

About Policygenius
Founded in 2014 by Francois de Lame and Jennifer Fitzgerald, Policygenius transforms the insurance journey for today’s consumer, providing a one-stop platform where customers can compare options from top insurance carriers, get unbiased expert advice, buy policies, and manage their insurance portfolio, in one seamless, integrated experience. Our proprietary technology platform integrates with the leading life, disability, and home and auto insurance carriers and delivers an exceptional digital experience for both consumers and insurance carriers. Since 2014, our content, digital tools, and experts have served as a resource for millions of people on their insurance journey, and we have sold more than $200 billion in coverage.


Elodie Marran

Categories: News


AnaCap and Founders sell minority stake in MRH Trowe to TA Associates at 4.3x money multiple

  • Annual growth of >50% since initial investment in 2020 through a combination of 21 bolt-on acquisitions and strong organic performance
  • New partnership with TA Associates will see the acceleration of MRHT’s impressive growth story, further establishing its position as one of the leading commercial lines insurance broker in the DACH region
  • Sale of stake comes 2.5 years after initial investment at a 4.3x money multiple

AnaCap Financial Partners (“AnaCap”), a market-leading partner for founders and entrepreneurial management teams, across software, technology and services companies operating within the European financial ecosystem, today announces the sale of a minority stake in portfolio company MRH Trowe (“MRHT” or “the Group”), one of the largest owner-managed commercial lines insurance brokers in Germany.

AnaCap and MRHT’s founding managers have signed an agreement to sell a minority stake in the Group to TA Associates. The founding managers will remain the largest shareholder group post transaction and will be backed by both AnaCap and TA Associates moving forward. Closing of the transaction is subject to EU antitrust approval.

This transaction, which marks the fourth exit from AnaCap’s third fund, generates a 4.3x money multiple and follows shortly after the 4x exit of Oona Health to Topdanmark earlier this month.

MRHT is one of the ten largest German industrial insurance brokers, with more than 1,100 employees and €650 million of premium volume, offering comprehensive expertise in practically all insurance lines for industrial and commercial clients, financial institutions as well as high-net-worth individuals. The owner-managed company has a holistic advisory offering, specialised teams of experts and a high degree of digitalisation at the interfaces of clients, brokers and insurers.

The sale comes 2.5 years after AnaCap’s initial investment, during which time MRHT have completed 21 bolt-on acquisitions, complementing existing product propositions, client coverage and geographical footprint. During this time, MRHT has also demonstrated a strong double-digit organic growth rate.

The new growth partnership with TA Associates will further accelerate MRHT’s growth trajectory and cement its position as a leading insurance broker in the DACH region. The Group is now on track to deliver more than €150 million of revenue in 2023.


This transaction follows the recent completion of a debt refinancing for MRHT, led by Macquarie Capital Private Credit and existing lending partner Bain Capital Credit. This extended partnership will further optimise MRHT’s capital structure and provide the funding necessary to deliver on the next chapter of the company’s growth.

Ralph Rockel, Co-Founder and Chief Executive Officer at MRH Trowe, commented:

“Our partnership with AnaCap has already been one of significant support in the development of our business and brand. With the additional expertise of our new growth partner TA Associates and improved capital structure, we will be able to reach a new level of potential, both across DACH and internationally. This is an exciting time for both MRHT customers and employees.”

Tassilo Arnhold, Co-Managing Partner at AnaCap, added:

“To date, it has been an absolute privilege to work in partnership with the founders of MRHT and we are thrilled to continue this exciting journey together going forward. The investment in MRH Trowe is one of our most successful investments and we are now delighted to welcome an experienced investor like TA Associates to this successful partnership. Our core focus remains to back strong entrepreneurs in the financial services sector and the MRH Trowe founder management team with its vision to pursue an integrated buy-and-build model, holistic client servicing approach and strong value-based leadership culture continues to excite us tremendously.”

Arnhold continued:

“This transaction not only gives AnaCap and its investor base a very impressive return of a 4.3x money multiple but it also allows for significant further growth of the business. We see the DACH brokerage landscape continuing to undergo rapid consolidation and look forward to supporting MRHT together with TA Associates in the next phase of growth for the business.”

Chris Parkin, Managing Director and Co-Head of Financial Services at TA Associates, concluded:

“We believe MRH Trowe is uniquely positioned to consolidate its large and highly fragmented market. We have followed the company for many years and are truly impressed by the work that the Founders and broader team have accomplished. The combination of its holistic client approach, organic growth and best-in-class integration enables MRH Trowe to deliver superior client service while also enjoying sustained growth. We are excited to join AnaCap on this journey in support of the management team.”

Categories: News