Tag Archives: Insurance

Ascot Group Limited and Antares Capital Announce Casualty Sidecar Partnership

Antares
HAMILTON, Bermuda and CHICAGO, July 31, 2025 /PRNewswire/ — Ascot Group Limited (together with its affiliates, “Ascot”), a global specialty (re)insurance company and Antares Capital (together with its affiliates, “Antares”), a leading alternative credit manager with $83+ billion in capital under management and administration, today announced a strategic partnership to launch Wayfare Reinsurance Limited, a Bermuda-based reinsurance sidecar, together with Canro Re Limited, a Bermuda-based segregated account company (collectively, “Wayfare Re”). Wayfare Re will be capitalized through equity investments from Antares and Ascot at a transaction size of approximately $500 million.Wayfare Re will provide Ascot with dedicated underwriting capacity in support of its casualty offerings in the U.S. and Bermuda (re)insurance markets. Antares will serve as the exclusive private credit asset manager for Wayfare Re, managing a portion of the assets through its direct lending strategy, which focuses on extending senior secured loans to leading, sponsor-backed middle market U.S. companies.

For Ascot, the partnership is a testament to its unique position in the insurance and reinsurance markets, its reputation as a leading underwriting franchise, and its long-term client and distribution partner relationships. Ascot continues to see growth opportunities, and the partnership provides Antares with access to Ascot’s world-class underwriting and operational capabilities.

“We’re excited to announce this multi-year commitment with Antares, a leading private credit investor for nearly three decades with extensive capabilities in structuring bespoke capital solutions,” said Charles Craigs, Managing Principal of Leadline Capital Partners™ (“Leadline”), Ascot’s dedicated third-party capital unit.

“The launch of this innovative structure is reflective of an increased appetite from capital markets firms to partner with quality underwriting organizations to drive stakeholder value. It is also a key achievement in the continued build out of Leadline, increasing Ascot’s capital resilience and thus enabling the company to be a more perfect partner for its insurance and reinsurance clients,” said Jonathan Zaffino, CEO and President of Ascot Group.

For Antares, the partnership reflects continued momentum for its Insurance Solutions business, which delivers tailored solutions to meet the specialized needs of insurance companies. The transaction demonstrates Antares’ strong track record in structuring insurance-optimized investment vehicles and its extensive experience partnering with insurers to deliver capital and tax efficient solutions across their balance sheets.

“Wayfare Re represents a modern, scalable partnership that combines Antares’ private credit expertise with Ascot’s outstanding casualty underwriting capabilities,” said Ben Concessi, Chief Strategy and Transformation Officer at Antares. “Ascot’s longstanding underwriting track record and access to unique portfolios of risk, as well as the strength of their team, make them the optimal partner for this venture. Furthermore, this transaction underscores the strength of our Insurance Solutions business and our commitment to being a long-term partner to insurance companies in unlocking capacity and driving growth through innovative investment solutions.”

Aon Securities LLC acted as sole structuring agent and placement agent for the transaction. Willkie Farr & Gallagher LLP and Appleby (Bermuda) Limited served as legal counsel for Ascot.

Debevoise & Plimpton LLP served as legal counsel for Antares.

About Ascot Group

Ascot is a leading global specialty insurance and reinsurance group offering property and casualty solutions to clients, with a nearly 25-year track record of consistency and stability and $12 billion in total assets at year-end 2024. The company operates through an ecosystem of interconnected global platforms in offices across the United States, Bermuda and London, bound by a common mission to be a perfect partner for a less-than-perfect world.

Affiliates within the Ascot Group are rated A (Excellent) by A.M. Best Company and A+ by Fitch Ratings Inc.

Visit www.ascotgroup.com or follow the company on LinkedIn to learn more about its products and people.

About Antares Capital

Founded in 1996, Antares has been a leader in private credit for nearly three decades. Today with approximately ~$83 billion of capital under management and administration as of March 31, 2025, Antares is an experienced and cycle-tested alternative credit manager. With one of the most seasoned teams in the industry, Antares is focused on delivering attractive risk-adjusted returns for investors and creating long term value for all of its partners. The firm maintains offices in Atlanta, Chicago, Los Angeles, New York, Toronto and London. Visit Antares at www.antares.com or follow the company on LinkedIn at https://www.linkedin.com/company/antares-capital-lp.

Antares Capital is a subsidiary of Antares Holdings LP, (collectively, “Antares”). Antares Capital London Limited is an appointed representative of Langham Hall Fund Management LLP, an entity which is authorized and regulated by the Financial Conduct Authority of the UK.

SOURCE Ascot Group

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Japan Post Insurance Invests $2 Billion in Global Atlantic Vehicle

KKR
  • Latest milestone in strategic partnership to accelerate Japan Post Insurance’s global growth strategy
  • Reinforces both KKR and Global Atlantic’s deep commitment to Japan, and serving the needs of the expanding global insurance market

TOKYO & NEW YORK–(BUSINESS WIRE)– Japan Post Insurance Co., Ltd. (“Japan Post Insurance”), KKR & Co. Inc. (together with its subsidiaries, “KKR”), and Global Atlantic, a leading provider of retirement security and investment solutions, and a wholly-owned subsidiary of KKR, today announced the signing of definitive agreements under which Japan Post Insurance will invest $2 billion (approx. JPY 300 billion) in a new vehicle (the “Vehicle”) sponsored by Global Atlantic.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20250729224140/en/

Japan Post Insurance’s commitment is over 50% of the Vehicle,1 which is expected to have access to Global Atlantic’s insurance, reinsurance and strategic activity, and to commence operations in the first half of 2026, subject to customary regulatory approvals.

This transaction marks an additional investment by Japan Post Insurance in a vehicle sponsored by Global Atlantic and is a part of the strategic partnership that Japan Post Insurance, KKR, and Global Atlantic announced in June 2023. Both KKR and Global Atlantic’s track record of providing differentiated investment capabilities and insurance expertise to serve the international insurance market is expected to significantly advance Japan Post Insurance’s global growth strategy and further diversify its revenue sources.

This strategic partnership reinforces KKR and Global Atlantic’s commitment to Japan, a core market where KKR has operated in for two decades, while advancing their global insurance strategy. The collaboration also enhances their ability to deliver tailored asset management and reinsurance solutions for insurance clients worldwide. Building on Global Atlantic’s strong track record in retirement security and investment solutions, Japan Post Insurance’s investment will support Global Atlantic’s continued expansion across the U.S. and international markets to address growing retirement needs in rapidly aging populations globally.

Japan Post Insurance’s investment will be made over time. Japan Post Insurance expects that this investment will have minimal impact on its consolidated financial results for the fiscal year ending March 31, 2026. Japan Post Insurance will promptly make a market disclosure if it becomes clear that this investment will have an impact on its business performance.

Kunio Tanigaki, Director and Representative Executive Officer, President and CEO of Japan Post Insurance, said, “This investment is a part of our phased approach to our strategic alliance agreement with KKR and Global Atlantic, which we signed in June 2023 with the aim of expanding into new areas of collaboration. In the two years that have passed since establishing this alliance, we have deepened our mutual understanding and come to appreciate the significant presence of KKR and Global Atlantic in the U.S. market, and are pleased to invest in this new vehicle sponsored by Global Atlantic. We believe that this investment will enable Japan Post Insurance to diversify our revenue sources by capturing revenues from the robust U.S. annuity market and reinsurance markets globally and continue to build on our win-win relationship with KKR and Global Atlantic.”

Joe Bae and Scott Nuttall, Co-CEOs of KKR, said, “We are proud to deepen our relationship with Japan Post Insurance, one of Japan’s leading insurance institutions, through their investment in Global Atlantic’s vehicle. This collaboration reflects the strength of our global insurance platform and our shared commitment to growth as we pursue the opportunity together.”

“We are delighted to expand our strategic partnership with Japan Post Insurance and pursue new opportunities for growth and collaboration,” said Billy Butcher and Manu Sareen, Co-Heads of Global Atlantic. “Japan Post Insurance’s commitment to deploy capital alongside Global Atlantic validates the growing value of our global platform. The investment will accelerate our ability to pursue growth opportunities we see in the U.S., Japan, and other international markets, and support the needs of our clients, policyholders and partners.”

About Japan Post Insurance

Japan Post Insurance is a Japanese life insurance company that offers a wide range of life insurance products, mainly for individuals, such as endowment insurance and whole life insurance. Following the privatization and division of Japan Post, it was established as a Japan Post Group company on October 1, 2007. As a member of the Japan Post Group, it offers products for individuals through its branch Japan Post Service Department and the nationwide post office network owned by Japan Post Co., Ltd., as well as corporate services through its branch corporate sales department.

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 is a leading provider of retirement security and investment solutions with operations in the U.S. and Bermuda. As a wholly-owned subsidiary of KKR (NYSE: KKR), a leading global investment firm, Global Atlantic combines deep insurance expertise with KKR’s powerful investment capabilities to deliver long-term financial security for millions of individuals. With a broad suite of annuity, preneed life insurance, reinsurance, and investment solutions, Global Atlantic, through its issuing companies, helps people achieve their financial goals with confidence. For more information, please visit www.globalatlantic.com.

Global Atlantic is the marketing name for The Global Atlantic Financial Group LLC and its subsidiaries, including Forethought Life Insurance Company and Accordia Life and Annuity Company. Each subsidiary is responsible for its own financial and contractual obligations. These subsidiaries are not authorized to do business in New York.

Forward-Looking Statements

This document contains forward-looking statements. Such forward-looking statements may be identified by words such as “may,” “will,” “should,” “expect,” “anticipate,” “estimate,” “target,” “intend,” “continue,” “believe,” or the negative of these terms or other similar expressions. These forward-looking statements are based on current assumptions and expectations. Actual events or performance may differ materially from those suggested or intended by the forward-looking statements, as they are subject to various risks, uncertainties and uncertainties, including whether the Vehicle will generate the expected benefits. Japan Post Insurance is under no obligation to change or revise such information in light of new information, future events or other circumstances. Past performance is not a guarantee of future performance.

1 Japan Post Insurance expects to hold a 10% stake in the vehicle in terms of voting rights, after obtaining regulatory approvals.

For KKR:
Wei Jun Ong or Kenny Juarez
media@kkr.com

For Global Atlantic:
Jenn Bernstein
Jennifer.Bernstein@gafg.com

Source: KKR

 

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Athora to acquire Pension Insurance Corporation Group

CVC Capital Partners

Pension Insurance Corporation Group Limited (“PICG”), ultimate parent company of Pension Insurance Corporation plc (“PIC”), the specialist insurer of UK defined benefit pension schemes, today announces that Athora Holding Limited (“Athora”) has agreed to acquire PICG for approximately £5.7 billion. Athora is a leading pan-European savings and retirement services group with €76 billion of assets under management and administration, on behalf of 2.8 million policyholders.

The transaction means that for the first time in its 20-year history, PIC will be held by a single strategic owner. PIC will become the UK insurance business of Athora and continue operating under the PIC (and penguin) brand. Athora has existing insurance businesses in the Netherlands, Italy, Belgium and Germany. Athora is backed by permanent capital owners, including a strategic minority investment by Apollo Global Management and Athene Holding Limited, and long-term institutional investors such as a wholly owned subsidiary of the Abu Dhabi Investment Authority (“ADIA”).

The transaction creates a total Group with assets of over €130 billion, backing the pensions of more than three million savers and retirees across Europe. PIC will be 45% of Athora’s total assets under management and administration, and will be the largest and fastest growing business in the Group.

PIC has a portfolio of £50.9 billion backing the pensions of 400,000 people. It has £30 billion invested in the UK. To date it has invested £13.8 billion in UK housing and infrastructure, which help provide the secure, inflation-linked cashflows which match its pension liabilities over future decades. PIC has so far paid more than £16 billion in pensions, with a 99% customer satisfaction rating.

The acquisition reinforces PIC’s strategy of providing very high customer service levels and increases its ability to invest in UK housing and infrastructure as Athora supports PIC through the next phase of its growth. This will allow PIC to provide its best pricing across a larger number of pension risk transfer deals.

PICG’s current shareholders are Reinet Fund S.C.A., F.I.S. (“Reinet”) which holds 49.5% of the issued shares, a wholly owned subsidiary of ADIA, with 18.4% of the issued shares, funds managed by CVC Capital Partners (“CVC”), with 17.4%, and funds managed by HPS Investment Partners with 10.2%, as well as employees and other shareholders, who hold c.4% of the issued shares. The transaction, which is subject to regulatory approval, is expected to close in early 2026.

Tracy Blackwell, CEO of PIC, said: “PIC has had an amazing growth story over the past two decades and is now one of Britain’s preeminent pension businesses. This success has been based on a simple purpose, which is to pay the pensions of our current and future policyholders. Athora’s investment is validation of what we have always believed: that PIC’s reputation, strategy, fortress balance sheet, purpose, and most importantly our people combine to make this a unique business in a huge and growing market.

“With Athora backing us through our next phase of growth as their UK insurance business, we will be able to provide more options to the trustees of defined benefit pension schemes and invest more in UK housing and infrastructure. The pension risk transfer market is vital to the wellbeing of millions of UK pensioners and the allocation of tens of billions of pounds of investment into the UK’s economy. This acquisition and the potential for growth that it represents is the strongest possible recognition of the value and importance of the pension risk transfer market, the sector that PIC helped to create and continues to lead.

“Finally, I want to thank our exiting shareholders who have been absolutely brilliant in getting us to this point. I very much look to the next chapter in PIC’s story.”

Mike Wells, CEO of Athora, said: “We are delighted to have agreed this transaction. We have followed PIC’s progress for several years and been consistently impressed by the very high-quality business the PIC team has built. As our UK subsidiary, PIC will be the largest business within the Athora Group and we intend to invest in the business and its people to support that growth in the UK pension risk transfer market. We have great confidence in the long-term strengths of the UK: its retirement market, regulatory and policy framework, and economic prospects.”

Dillie Malherbe, Director: Reinet Investments Manager, said: “We have been invested in PICG since 2012, and have helped oversee a 900% increase in the size of the business since then, by size of financial investments. What has consistently impressed me about PIC is that, despite that amazing growth trajectory, it has maintained a relentless focus on outcomes for its policyholders. I want to thank Tracy, our fellow shareholders, and everyone at PIC for all their efforts over the past 13 years.”

Hamad Shahwan Aldhaheri, Executive Director of the Private Equities Department at ADIA, said: “As a shareholder in PICG since 2018, our investment supported the growth of the company as it strengthened its position as one of the leading players in the UK pension risk transfer market. Following this transaction, we will maintain exposure to the company via our existing shareholding in Athora, and believe that PIC has strong prospects for the future. We wish the company continued success as part of Athora.”

Quotes

We are pleased to have utilised the longer duration capital of CVC’s Strategic Opportunities platform to partner with the team at PIC over the past eight years.

Peter RutlandManaging Partner at CVC

Peter Rutland, Managing Partner at CVC, said: “We are pleased to have utilised the longer duration capital of CVC’s Strategic Opportunities platform to partner with the team at PIC over the past eight years, during which time the company has scaled substantially and firmly established itself as a leading player in the UK pension insurance market. We wish the company every continued success under Athora’s ownership.”

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Trucordia to Receive $1.3 Billion Strategic Investment from Carlyle

Carlyle

Transaction positions company for accelerated growth through improved capital structure and simplified governance 

LINDON, Utah and NEW YORK, NY – June 4, 2025—Trucordia today announced it will receive a $1.3 billion strategic investment from global investment firm Carlyle’s Global Credit platform. The transaction will reduce Trucordia’s leverage and simplify its governance structure by repurchasing units from existing minority investors.

The transaction, which is expected to close this month and values Trucordia at $5.7 billion, provides the company with long-term financial flexibility to pursue a variety of strategic outcomes.

“This investment and partnership with Carlyle will meaningfully strengthen Trucordia’s long-term financial and ownership structure and accelerate our transformational growth strategy,” said Felix Morgan, CEO of Trucordia. “Alongside momentum from the recent rollout of our platform operating model, leadership appointments, and latest acquisitions, I’ve never been more excited about what the future holds for Trucordia.”

Trucordia is a top 20 U.S. insurance brokerage offering a broad array of commercial and personal lines, life, and employee benefits insurance solutions. Trucordia is underpinned by a strong performance driven-culture, organic growth, and strategic acquisitions.

“The investment from Carlyle will reduce Trucordia’s leverage, fortify our balance sheet, and enhance our financial flexibility,” said Trucordia Chief Financial Officer Brandon Gray. “We are well positioned to continue making the right investments in our business moving forward.”

“Trucordia has quickly established itself as a category leader with an experienced management team and a clear strategic vision,” said Andreas Boye, Partner and Head of Carlyle Credit Opportunities in North America. “We believe the company is well-positioned to capitalize on long-term growth opportunities in the insurance distribution sector, and we’re thrilled to support their continued success.”

Gary Jacovino, Partner on Carlyle’s Credit Opportunities team, added, “We are excited to strengthen our partnership with Trucordia as the organization continues to deliver an industry-leading client experience while pursuing scalable growth. We value building lasting partnerships with industry-leading management teams and support their vision for sustained success.”

The investment was led by Carlyle’s Credit Opportunities team, within the firm’s Global Credit platform. The strategy seeks to provide highly structured and privately negotiated solutions across the capital structure to family, founder, and management-owned companies, sponsor-backed companies, and special situations, with a focus on long-term value creation. Carlyle’s Global Credit platform has $199 billion in assets under management as of March 31, 2025.

J.P. Morgan acted as sole advisor and placement agent to Trucordia in connection with the transaction.

Orrick, Herrington & Sutcliffe LLP served as legal counsel to Trucordia.

Latham & Watkins LLP served as legal counsel to Carlyle.

About Trucordia

Trucordia, formerly PCF Insurance Services, is the group name for a top 20 U.S. insurance brokerage headquartered in Lindon, Utah. The Trucordia group of companies offers a broad array of commercial and personal lines, life and health, and employee benefits insurance solutions. Trucordia is an integrated organization united by a passion to deliver extraordinary opportunities and exceptional experiences for its clients, partners, and each other. With more than 5,000 team members across the U.S., Trucordia is a notable leader in the insurance brokerage space, ranking #19 on Business Insurance’s 2024 Top 100 Brokers and #13 on Insurance Journal’s 2024 Top Property/Casualty Agencies. Visit trucordia.com for more information.

About Carlyle

Carlyle (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 Carlyle AlpInvest. With $453 billion of assets under management as of March 31, 2025, 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 2,300 people in 29 offices across four continents. Further information is available at www.carlyle.com. Follow Carlyle on X @OneCarlyle and LinkedIn at The Carlyle Group.

For additional information: 

Trucordia Media Relations

communications@trucordia.com  

(385) 273-2270 

 

Carlyle

Kristen Ashton

Kristen.ashton@carlyle.com

(212) 813-4763

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Advent enters into exclusive negotiations to acquire Kereis, a leading European insurance broker, from Bridgepoint

Bridgepoint

Advent, a leading global private equity investor, today announced that it has entered into exclusive negotiations to acquire Kereis, a European leader in multi-channel insurance brokerage, from Bridgepoint, a leading quoted private asset growth investor. Terms of the potential transaction were not disclosed.

Founded in 1991 and headquartered in Paris, Kereis provides insurance broking services for insurers and banking partners, including the distribution of tailored solutions to a large network of retail brokers with over 1,700 dedicated employees across seven European countries.

Kereis is France’s largest insurance broker for housing protection insurance, managing over 17 million contracts in Western Europe. Under Bridgepoint’s ownership since 2020, Kereis has doubled its revenues, transformed its tech platform and diversified strategically into corporate risk, health and P&C. As a result, Kereis has become a top 5 wholesale broker in France with a strong and growing local broker network. With Bridgepoint’s support, the firm has accelerated its development and international expansion through a dynamic M&A strategy with significant transformational transactions in the last three years.

Philippe Gravier, Chief Executive Officer of Kereis, on behalf of the management team stated:

“This project opens a promising new chapter for Kereis, after five years of a successful partnership with Bridgepoint. Our unwavering commitment to provide excellent services to our business partners will remain unchanged. We look forward to working closely with Advent as we continue to invest for the long term in our digital capabilities, expand into new markets, and deliver innovative solutions to our partners and clients across Western Europe.”

Benjamin Buerstedde, Partner at Advent, said,

“We congratulate the management team on successfully building Kereis into a highly differentiated platform in the insurance brokerage space. We look forward to supporting the company’s journey to expanding its leadership position in wholesale broking and remaining the partner of choice for banking and insurance partners across an attractive product range.”

Hadrien de Bardies, Director at Advent, added,

“Our potential investment in Kereis builds on Advent’s long-standing track record in financial services. We will leverage our global network and operational resources to help Kereis scale further, broaden its product offering, and strengthen its leadership position in the European market.”

Vincent-Gael Baudet, Partner and Head of Bridgepoint Europe in France, said, “Since our initial investment in 2020, we’ve been dedicated to support Management in building enduring value – championing innovation, deepening client relationships, and building a European consolidating platform. The acquisition by Advent underscores the strength of long-term partnerships, the quality of the Management team led by Philippe Gravier, and reaffirms Bridgepoint’s proven track record of elevating French successes to leading positions on the world stage.”

Carl de Vergie, Partner at Bridgepoint, said,

“It’s been a pleasure to work alongside the great management team at Kereis to drive accelerated growth – gaining new clients, modernising the tech platform, and doubling revenue through diversification in new products, distribution channels, and geographic expansion. All the means developed were oriented to serve the growth ambition of the group, and we’re excited to see what’s next for Kereis.”

Advent has developed significant expertise and an extensive track record investing in the business & financial services sector. In the insurance space, Advent most recently invested in CCC Intelligent Solutions, the car-insurance software provider, and Shift Technology, an AI-powered software business focused on the insurance industry. Advent has been investing in France for over 25 years having made 15 platform deals, with the most recent investments being in Parfums de Marly – INITIO in 2023 and Mangopay in 2022.

The transaction is subject to customary regulatory approval and employee consultation.

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Nearmap to Acquire itel, Creating a Comprehensive Property Intelligence Platform Bridging Insurance Underwriting and Claims

Thomabravo

Combination of complementary data and software solutions transforms property insurance from first notice of loss to settlement

SALT LAKE CITY, UT—Nearmap, a leading property intelligence provider, today announced it is acquiring itel, an independent provider of critical property claims solutions including building material pricing and repair-versus-replace analysis. This strategic move unites two highly complementary and trusted brands in the insurance ecosystem that carriers rely on as the source of truth and certainty. Both companies have a shared passion and proven history of creating a more seamless experience for customers. Together, itel and Nearmap will provide customers and partners with a single, independent source of underwriting and claims insights across property portfolios, delivering value through faster claims processing, smarter claims settlement decisions, proactive risk mitigation, and defensible outcomes. From imagery to insights to answers, the addition of itel underscores the Nearmap promise to be the comprehensive source of truth for property intelligence.

Andy Watt, Nearmap CEO, will serve as Chief Executive Officer for the combined company. itel CEO Brian Matthews will continue to lead itel through closing and will serve on the Board of Directors. The leadership team will consist of individuals from both companies. Thoma Bravo, a leading software investment firm, will be the lead strategic investor in the combined company.

“This acquisition is transformative for property insurance,” said Andy Watt, CEO of Nearmap. “We have long admired the itel brand and by bringing our two companies together, we are combining the best of property intelligence and ground-truth data to create a true end-to-end solution that meets the most critical data needs across insurance claims and underwriting.”

“itel has always been about speed, accuracy, and independence in property claims – the ‘Source for Certainty’,” said Brian Matthews, CEO of itel. “Now, with instant access to property intelligence from Nearmap, we can help customers respond to claims more intelligently and ensure fast, fair, and frictionless outcomes. It’s a win-win for insurers, adjusters, contractors, and homeowners alike.”

“Two and a half years ago we made a great decision to partner with Andy Watt and the Nearmap team. We’re thrilled to support Nearmap in this transformative acquisition,” said A.J. Rohde, a Senior Partner at Thoma Bravo. “Nearmap and itel have both invested in building industry-leading solutions. The combination creates an exciting and truly unique proposition for the insurance end-market, with a world-class team and global scale.”

“We’re excited to be bringing together the complementary capabilities of Nearmap and itel,” said Peter Hernandez, a Senior Vice President at Thoma Bravo. “We believe the combined company is uniquely positioned to provide the most accurate and efficient insights across underwriting and claims workflows. We look forward to continuing to leverage our software expertise and operational capabilities to help drive further innovation and growth.”

Completion of the deal is expected in Q2 2025 and is subject to customary closing conditions. The financial terms of the deal were not disclosed. Goodwin Procter served as legal advisor to Nearmap and Thoma Bravo. Raymond James and Bank of America acted as financial advisors and Latham & Watkins acted as legal counsel to itel.

About Nearmap
Nearmap is the location intelligence provider customers rely on for consistent, reliable, high-resolution imagery, insights, and answers to create meaningful change in the world. The Betterview and ImpactResponse platforms by Nearmap are integrated technology solutions built for insurers applying proprietary AI and computer vision to high-resolution aerial imagery and geospatial data, generating highly accurate property intelligence. Insurance companies are empowered with on-demand insights throughout the policy lifecycle that increase quoting speed and accuracy, optimize underwriting efficiency, enhance property risk mitigation, and expedite claims. Nearmap is the only full stack provider of location intelligence—from camera, to capture, to processing, as utilized in the Betterview and ImpactResponse platforms. For more information, please visit www.nearmap.com.

About itel
itel is a data and technology company that is a source for certainty in the property insurance claims process. itel serves as an independent intermediary to insurers, adjusters, contractors and homeowners, providing objective data and expert analysis that optimize the claims process. With itel, claims are settled accurately, fairly and with greater efficiency. For more information, please visit www.itelinc.com.

About Thoma Bravo
Thoma Bravo is one of the largest software-focused investors in the world, with over US$179 billion in assets under management as of December 31, 2024. Through its private equity, growth equity and credit strategies, the firm invests in growth-oriented, innovative companies operating in the software and technology sectors. Leveraging Thoma Bravo's deep sector knowledge and strategic and operational expertise, the firm collaborates with its portfolio companies to implement operating best practices and drive growth initiatives. Over the past 20+ years, the firm has acquired or invested in approximately 520 companies representing approximately US$275 billion in enterprise value (including control and non-control investments). The firm has offices in Chicago, Dallas, London, Miami, New York and San Francisco. For more information, visit Thoma Bravo’s website at thomabravo.com.

Read the release on PR Newswire here.

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CED Group expands its service offering into the German market through the acquisition of Fair Damage Group

Rivean

29 April  2025

Capelle aan den IJssel/ Mönchengladbach – The CED Group (“CED”) announces the intended acquisition of Fair Damage Control Holding GmbH (Fair Damage Group). With the acquisition of Fair Damage Group, an insurance services provider in the property and electronic devices segments in Germany, CED further expands its European footprint.

Fair Damage Group is a leading service provider for assessment and management of damages and claims in the German market, offering clients nation-wide coverage of its claims management services. Fair Damage Group services its clients under the labels faircheck Schadenservice (loss adjustment services in the Property segment), RepairConcepts (repair management for property and home interior damages) and E.Via Schadenmanagement (loss adjustment and repair of damages of electronic devices). The service offering is supported by state-of-the-art digital solutions which are developed by the in-house technology department.

CED is a leading Pan-European insurance services company, offering its clients a full range of claims management services, ranging from risk taxation and inspection to emergency assistance, together with (injury) claim loss adjustment and handling, repair in kind and recourse. CED is active in the Property, Mobility and Vitality domains and has a strong cross-border claims organisation. With the acquisition of Fair Damage, CED adds Germany as its fifth core market to its existing European footprint in The Netherlands, France, Belgium and Spain. Future-proof digitization is key in CED’s strategy to provide its clients with the best client experience, always and everywhere: better, faster and cheaper than other players; personal where necessary, digital where possible.

Dr. Stefan Reiter, CEO Fair Damage Group: ‘We are pleased to have found an excellent partner for Fair Damage Group in CED. We look forward to pursuing our growth strategy with CED by our side and to working together to fulfil the needs of our valued clients.’

François Goffinet, CEO CED: ‘The acquisition of Fair Damage Group confirms our ambition to become the European market leader in claims management services. We look forward to working together with the team of professionals of Fair Damage Group. It is great to see that we share the same values and care for our clients with a strong focus on innovation.’

The acquisition is subject to merger control clearance in Germany and is expected to close in the second quarter of 2025.

For more information:
https://cedgroup.eu/
https://fairdamage.de/en/

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Bain Capital reaches agreement with Ageas to sell esure and establish a top-3 UK personal lines platform

BainCapital

Ageas and Bain Capital agree to a c. €1.510 billion cash transaction for esure
Ageas/esure combination creates multi-channel motor and home insurer with broad customer appeal across the UK

LONDON – April, 14, 2025 – Bain Capital today announced that it has reached an agreement with Ageas to sell esure, a leading digital personal lines insurer with strong positioning on price comparison websites (PCW) in the UK. The proposed transaction is fully aligned with Ageas’s strategic priorities for M&A in Europe under Elevate27. It increases Ageas’s European markets presence through the acquisition of a controlled entity, reinforces its positioning in the UK, generates shareholder value from the realization of synergies and enhances the cash generation of the Group.

The combination of Ageas UK and esure will create the third largest UK personal lines platform with a balanced and diversified distribution spanning Direct, PCW, brokers and partnerships. The acquisition of esure will enable Ageas UK to accelerate the diversification of its distribution strategy into the important PCW channel in the UK market. Its underwriting footprint will widen Ageas UK’s target customer demographics and enable growth to a top-line of £3.25 billion (€3.8 billion) by 2028.

Ageas UK has established itself as an accomplished insurer over the past four years by focusing on profitable growth solely in the personal lines business with a specialism in broker distribution, outstanding technical insurance skills and technology, and successfully delivering insurance solutions for its distribution partners and over four million customers.

esure is a leading UK personal lines insurer with a fully digital distribution model through the PCW channel and three popular brands – esure, Sheilas’ Wheels and First Alternative. In 2024, esure had more than 2.1 million policies and GWP of over £1 billion (€ 1.2 billion).

The acquisition of esure creates significant potential for operational synergies and capital benefits to be realized in the medium term. We expect economies of scale in our UK personal lines portfolio and the accelerated implementation of the EIS IT platform, including esure’s complementary claims module, to drive operational efficiencies and cost avoidance for Ageas UK. Continued focus on technology, data and AI is expected to create further competitive advantages. In addition, capital benefits from enhanced diversification and the inclusion of esure in Ageas’s partial internal model are expected to emerge over time.

Under the terms of the transaction, Ageas will pay Bain Capital a cash consideration of £1.295 billion (€ 1.510 billion) for esure, respecting a Solvency II target ratio of 150 percent as at year-end 2024.  The Group’s capital position will remain robust with Solvency II ratio expected to decrease by approximately only 10pp thanks to the inclusion of around €1 billion of Own Funds instruments in the financing mix.

The transaction will be financed through a combination of surplus cash and newly issued senior and hybrid debt and/or equity within the existing authorizations and subject to market conditions. A fully underwritten 2-year bridge facility is provided by BofA Securities and Deutsche Bank Luxembourg S.A..

The integration of Ageas UK and esure is anticipated to be completed, in all material respects, during the Elevate27 strategic cycle. Entering the next strategic period, we project that the transaction will generate a full cost saving potential in excess of  100 million (c. €115 million) per annum, before tax. On a run-rate basis, this transaction is expected to generate an unlevered return on investment of over 12 percent for Ageas and an uplift in the Return on Equity of more than 1pp. It will become Holding Free Cash Flow accretive per share of c. 10 percent as from 2028.

The completion of the transaction is expected to occur in 2H 2025 and remains subject to regulatory approvals.

Luca Bassi, Partner at Bain Capital, said: “We are pleased to have supported esure through its transformation and growth journey. During our ownership, esure has built the leading tech platform in UK insurance and their highly efficient operations have set a new standard for the industry. This transaction is a testament to esure’s strong market position and the state-of-the-art technology platform built under Bain Capital’s tenure, with the business now at record levels of profitability. We are confident that Ageas is the right partner to continue this legacy of success and innovation.”

Commenting on the agreement, Hans De Cuyper, Ageas Group CEO, said: “We are delighted to have reached an agreement to acquire esure. In recent years, Ageas has experienced significant growth in the UK, making it an increasingly important part of the Group. This transaction will allow us to offer competitive value propositions to a wider customer profile via a multi-channel distribution model, positioning Ageas UK as one of the top three personal lines insurers. Acquiring esure also supports our strategic ambitions of re-balancing our Group profile towards businesses with high cash conversion. We remain, of course, committed to our Elevate27 financial objectives, including our commitment to a progressive dividend policy, and will observe the full synergies of this transaction in the forthcoming strategic period.”

Ant Middle, Ageas UK CEO, said: “esure is a significant addition to the Ageas UK business and aligns perfectly with our growth strategy. As demand for motor and home insurance grows, Ageas will be perfectly positioned to gain market share and become the insurer of choice for our existing and new customers. The combined Ageas and esure franchise will benefit from an outstanding customer offering, through market leading technology and prominent brands, that will drive our expansion into new customer demographics. Under Elevate27, we want to continue to grow our broker and partnerships personal lines business in the UK, and esure will help us to rapidly expand our direct distribution, our customer reach, and our scale overall. esure’s technical capabilities will match Ageas UK’s and will enable us to develop our well-balanced business at greater pace and serve a wider range of customers. We’re really excited for the potential this brings our UK business and wider Group.”

David McMillan, esure Group CEO, said: “This transaction brings together two highly complementary businesses and creates an even stronger platform for continued innovation, growth and excellent delivery for our customers. Combining Ageas’s scale, financial strength and excellent broker relationships with esure’s strong retail brands, market-leading data capabilities and strength on PCWs, alongside a shared technology platform, will enhance our combined ability to invest in our customer proposition and open up new opportunities for growth. I am deeply proud of what the esure team has achieved to date. We look forward to working alongside the Ageas team to build the UK’s leading personal lines insurer.”

BofA Securities is acting as financial adviser and Allen Overy Sherman Sterling LLP is acting as legal counsel to Ageas in relation to the transaction

Fenchurch Advisory Partners LLP and Goldman Sachs International served as financial advisers to Bain Capital and esure. Weil, Gotshal & Manges (London) LLP served as legal adviser and Norton Rose Fulbright LLP served as regulatory adviser to Bain Capital and esure.

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About Bain Capital:

Founded in 1984, Bain Capital is one of the world’s leading private investment firms. The firm has a significant history in Europe, starting with the establishment of a London office in 2000 and expanding to include other European locations, with a focus on private equity, credit and special situations investments. We are committed to creating lasting impact for our investors, teams, businesses, and the communities in which we live. As a private partnership, we lead with conviction and a culture of collaboration, advantages that enable us to innovate investment approaches, unlock opportunities, and create exceptional outcomes. Our global platform invests across five focus areas: Private Equity, Growth & Venture, Capital Solutions, Credit & Capital Markets, and Real Assets. In these focus areas, we bring deep sector expertise and wide-ranging capabilities. We have 24 offices on four continents, more than 1,850 employees, and approximately $185 billion in assets under management. To learn more, visit www.baincapital.com. Follow @BainCapital on LinkedIn and X (Twitter).

About esure Group:

esure Group is one of the UK’s leading providers of Motor and Home insurance products through the esure, Sheilas’ Wheels and First Alternative brands. Founded in 2000, esure Group has the scale, heritage and expertise capable of inspiring the trust and confidence of their 2.1m customers, combined with the entrepreneurial mindset and agility of an insurtech. esure Group is focused on using their market-leading technology platform, insights and data, alongside fantastic customer service, to deliver more personalized experiences that meet the evolving needs and expectations of customers.

About Ageas:

Ageas is a listed international insurance Group with a heritage spanning of 200 years. It offers Retail and Business customers Life and Non-Life insurance products designed to suit their specific needs, today and tomorrow, and is also engaged in reinsurance activities. As one of Europe’s larger insurance companies, Ageas concentrates its activities in Europe and Asia, which together make up the major part of the global insurance market. It operates successful insurance businesses in Belgium, the UK, Portugal, Turkey, China, Malaysia, India, Thailand, Vietnam, Laos, Cambodia, Singapore, and the Philippines through a combination of wholly owned subsidiaries and long-term partnerships with strong financial institutions and key distributors. Ageas ranks among the market leaders in the countries in which it operates. It represents a staff force of about 50,000 people and reported annual inflows of EUR 18.5 billion in 2024.

For analysts:

An analyst meeting regarding this transaction will be held on Monday, April 14, 2025, from 10:00 to 11:00 am CET (9:00 to 10:00 am UKT). The Teams call can be accessed using the following link: https://ageas.com/en/esure-2025

Note to editors:

To support its expansion, in 2024 Ageas UK announced a partnership with Saga, growing its offering to the over-50s segment, which is strategically in line with Ageas’s focus on an ageing population.

 

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Synex Propels Its Growth with Two Renowned New Shareholders

Cdpq
CDPQ and Ares Invest in the Leading Independent Brokerage Firm

Synex Business Performance (Synex), a rapidly growing player in the independent insurance brokerage sector across Canada, is proud to welcome two renowned institutional investors, the Caisse de dépôt et placement du Québec (CDPQ) and Ares Management Credit funds (Ares), as minority shareholders.

In less than five years, Synex has become one of the largest groups of insurance brokers in Canada, with more than twenty firms and over 700 employees, generating over $1 billion in annual premium volume. Thanks to its unique model, Synex has quickly developed a solid reputation and established strong relationships across the insurance industry, with both insurers and brokers.

The investment by CDPQ and Ares is expected to enable Synex to further accelerate its growth through acquisitions, strengthen its already well-established footprint across Canada, and penetrate new markets. The company aims to double its size in the coming years.

“More than ever, Synex is establishing itself as a leading player in insurance brokerage in Canada. We believe the support of CDPQ and Ares sends a strong signal: our model and vision work and are seeking to redefine the future of independent brokerage. We approach this new stage with great enthusiasm.”
— Yan Charbonneau, President and Chief Visionary Officer of Synex

“With this transaction, CDPQ is supporting Synex in its ambitious growth plan through both equity and debt financing. We are proud to now stand alongside this Quebec-based player in its acquisition-driven expansion across Canada, together with Ares, a long-standing partner of CDPQ.”
— Kim Thomassin, Executive Vice-President and Head of Québec, CDPQ

“We are excited to support Synex in further enabling the continued execution of their growth strategy. Our relationship with Synex underscores Ares’ ability to combine our deep knowledge of the insurance sector with our ability to deliver scaled and flexible capital solutions.”
— Scott Rosen, Partner at Ares

A Local Presence, A National Strength

Thanks to the strength of the group, Synex is able to offer diversified and competitive insurance products from a wide range of insurers. The client is thus at the heart of priorities, benefiting from objective advice, a wide choice of products, expertise, and an even more competitive offer. By combining the diversity of the offer with enhanced negotiating power through volume, Synex offers a rare balance between the agility of local firms and the advantages of a large group.

Operating nationwide through approximately 20 firms specializing in property and casualty insurance and group insurance, Synex generates a significant annual premium volume, with half of it coming from Quebec.

With this new leverage, Synex intends to continue its expansion, consolidate its leadership position, and multiply opportunities for its firms, employees, and clients.

About Synex Business Performance

Synex Business Performance is a Canadian consolidator founded in Quebec in 2020, operating under the brands Synex Insurance and Synex Group Solutions. Majority-owned and led by Quebec interests, Synex now includes more than 20 brokerage firms specializing in commercial and personal property and casualty insurance, group insurance, and financial services. Its mission is to preserve the independence of brokerage in Canada and give entrepreneurs greater control over their future by offering cutting-edge expertise and services tailored to partner firms. Synex is also a member of the Canadian Broker Network and the American network Intersure. synexcorp.com

About CDPQ

At CDPQ, we invest constructively to generate sustainable returns over the long term. As a global investment group managing funds for public pension and insurance plans, we work alongside our partners to build enterprises that drive performance and progress. We are active in the major financial markets, private equity, infrastructure, real estate and private debt. As at December 31, 2024, CDPQ’s net assets totalled CAD 473 billion. For more information, visit cdpq.com, consult our LinkedIn or Instagram pages, or follow us on X.

CDPQ is a registered trademark owned by Caisse de dépôt et placement du Québec and licensed for use by its subsidiaries.

About Ares Management

Ares Management Corporation (NYSE: ARES) is a leading global alternative investment manager offering clients complementary primary and secondary investment solutions across the credit, real estate, private equity and infrastructure asset classes. We seek to provide flexible capital to support businesses and create value for our stakeholders and within our communities. By collaborating across our investment groups, we aim to generate consistent and attractive investment returns throughout market cycles.

As of December 31, 2024, including the acquisition of GCP International which closed on March 1, 2025, Ares Management Corporation’s global platform had over $525 billion of assets under management, with operations across North America, Europe, Asia Pacific and the Middle East. For more information, please visit www.aresmgmt.com.

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Fortitude Re Announces $4 Billion Annuity Reinsurance Agreement with Taiyo Life Insurance Company

Carlyle

HAMILTON, Bermuda, March, 21, 2025–FGH Parent, L.P., (together with its subsidiaries, “Fortitude Re”), a leading global reinsurance company, today announced the signing and closing of a $4 billion reinsurance transaction between its subsidiary, Fortitude International Reinsurance Company Ltd. (“FIRL”) and Taiyo Life Insurance Company (“Taiyo Life”), a wholly owned subsidiary of T&D Holdings, Inc (“T&D”).

Under the transaction, which is effective as of February 28, 2025, Taiyo Life has reinsured a significant portion of its whole life annuity business to Fortitude Re. Taiyo Life will continue to service and administer the reinsured policies.

This transaction marks Fortitude Re’s second reinsurance transaction with Taiyo Life and Fortitude Re’s sixth deal in Japan.

“We are honored that Taiyo Life continues to place their trust in us and we look forward to building on our successful partnership,” said Leonard Lin, Head of Asia, Fortitude Re. “This transaction further demonstrates our deep commitment to the Japan market and to helping our partners achieve their risk, capital and growth aspirations.”

“The track record Fortitude Re has built in Japan underscores the power of the partnership between Fortitude Re and its shareholders,” said Alon Neches, CEO, Fortitude Re. “T&D’s origins and extensive activities in Japan combined with Carlyle’s 25-year track record in the country and leading asset origination capabilities, have helped grow our business ensuring that our policyholders benefit from the compelling value proposition we have built. Together, we are delivering innovative solutions that provide long-term value for insurers in Japan and around the world.”

The transaction with Taiyo Life comes on the heels of the announcement of the signing of Fortitude Re’s long-term care and individual disability insurance reinsurance agreement with a subsidiary of Unum Group last month in the U.S. Upon closing of that transaction, Fortitude Re will have originated over $8 billion in reserves this year, reinforcing Fortitude Re’s industry-leading capabilities.

Sidley Austin LLP and Mori Hamada & Matsumoto served as legal counsel to Fortitude Re on the Taiyo Life transaction.

Media Contact

Mary Beth Conklin

Marybeth.conklin@fortitude-re.com

423-596-1449

About Fortitude Re
Fortitude Re is a leading provider of reinsurance solutions with $106 billion in total assets as of Dec. 31, 2024. The foundations of our business model are our exceptional insurance professionals and the support of the world’s most sophisticated insurance investors, including Carlyle and T&D Insurance Group. Our people, our capital strength and our capabilities drive strategic reinsurance solutions designed to meet our clients’ highest priority goals and to create sustainable, long-term value for our shareholders, our teammates, and the communities in which we operate. For more information visit, www.fortitude-re.com and follow Fortitude Re on LinkedIn.

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