Tag Archives: Insurance

PCF Insurance Services Secures $500 Million Preferred Equity Investment Co-Led by Carlyle Global Credit and HGGC

Valuation of $4.7 billion driven by 10% organic growth

LEHI, UTAH—February 17, 2023 — PCF Insurance Services (“PCF”), a top 20 U.S. insurance brokerage firm, today announced that it has secured a $500 million preferred equity investment in a transaction co-led by Carlyle’s Global Credit platform and private equity firm HGGC, an existing minority investor. PCF Insurance, led by Founder, Chairman and CEO Peter C. Foy and Chief Financial Officer and Chief Operating Officer Felix Morgan, also received significant investment participation in the transaction with funds managed by Owl Rock, a division of Blue Owl, and Crescent Capital, both of which have existing minority equity stakes in the business. At the time of investment, the valuation of PCF Insurance is $4.7 billion. J.P. Morgan served as the sole placement agent to PCF Insurance in connection with the transaction.

 

PCF Insurance is a risk management, benefits design, and insurance brokerage services company serving more than 415,000 clients. Since executing its management-led buyout in November 2021, PCF Insurance completed more than 100 partner transactions and increased its revenue to $700 million, while maintaining organic growth of 10%, by year-end 2022. Focusing on its proven practices, innovative, data-driven strategies, entrepreneurial spirit and the strong local relationships of its Agency Partners, PCF Insurance leverages the industry knowledge and experience of its more than 3,100 employees across 38 states to provide its first-class, highly diversified suite of services.

 

“This transaction marks a significant milestone in our pursuit of building a premier insurance brokerage firm in the U.S.,” said Foy. “We have built our agency-centric business model around long-term, sustainable growth, and I’m proud that PCF is positioned to continue investing in the growth of our agencies, especially during these recent times of economic uncertainty. We are grateful for the contributions of our partner investors who have supported us with the unique opportunity to accelerate growth.”

 

Gary Jacovino, Managing Director for Carlyle Global Credit, said: “PCF Insurance Services has experienced tremendous growth as a result of its unique client- and employee-centric operating model. We are delighted to be partnering with an exceptional management team and group of Agency Partners, and are confident PCF will achieve its long-term strategic growth objectives with the support of Carlyle Global Credit, HGGC and our partner investors.”

 

Matt Roesch, Principal of HGGC and PCF Insurance board member, added: “We continue to be impressed with the growth and operational advancements PCF has achieved since the onset of our partnership in 2020. We elected to continue as minority shareholders after the management buyout in 2021 because we see a very bright future for the business, and we are thrilled to extend our partnership with PCF, working in collaboration with Carlyle’s Global Credit platform, to help fuel its next phase of growth.”

 

 

About PCF Insurance Services

A top 20 U.S. broker headquartered in Lehi, Utah, PCF Insurance Services is a leading full-service consultant and insurance brokerage firm offering a broad array of commercial, life and health, employee benefits, and workers’ compensation solutions. Propelled by its people, PCF Insurance’s agency-centric operating model and entrepreneurial environment support its tremendous growth profile, offering partner agencies alignment through equity ownership, significant leadership incentives, and resources. Ranked #20 on Business Insurance’s 2022 Top 100 Brokers and #13 on Insurance Journal’s 2022 Top Property/Casualty Agencies, PCF Insurance is a notable leader in the insurance space, with 3,100 employees across the U.S. Learn more at pcfins.com.

 

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 Global Investment Solutions. With $373 billion of assets under management as of December 31, 2022, Carlyle’s purpose is to invest wisely and create value on behalf of its investors, portfolio companies and the communities in which it lives and invests. Carlyle employs more than 2,100 people in 29 offices across five continents. Further information is available at carlyle.com. Follow Carlyle on Twitter @OneCarlyle.

 

About HGGC

HGGC is a leading middle-market private equity firm with over $6.9 billion in cumulative capital commitments. Based in Palo Alto, California, HGGC is distinguished by its Advantaged Investing approach that enables the firm to source and acquire scalable businesses through partnerships with management teams, founders and sponsors who reinvest alongside HGGC, creating a strong alignment of interests. Since its inception in 2007, HGGC has completed more than 600 platform investments, add-on acquisitions, recapitalizations, and liquidity events with an aggregate transaction value of over $71 billion. More information, including a complete list of current and former portfolio companies, is available at hggc.com.

 

About Blue Owl

Blue Owl is a global alternative asset manager with $138.2 billion of assets under management as of December 31, 2022. Anchored by a strong permanent capital base, the firm deploys private capital across Direct Lending, GP Capital Solutions and Real Estate strategies on behalf of Institutional and Private Wealth clients. Blue Owl’s flexible, consultative approach helps position the firm as a partner of choice for businesses seeking capital solutions to support their sustained growth. The firm’s management team is comprised of seasoned investment professionals with more than 30 years of experience building alternative investment businesses. Blue Owl employs over 545 people across 10 offices globally. For more information, please visit blueowl.com.

 

About Crescent Capital

Crescent Capital is a global credit investment manager with $40+ billion of assets under management. For over 30 years, the firm has focused on below investment grade credit through strategies that invest in marketable and privately originated debt securities including senior bank loans, high yield bonds, and private senior, unitranche, and junior debt securities. Crescent Capital is headquartered in Los Angeles with offices in New York, Boston, Chicago and London and more than 210 employees globally. For more information, please visit crescentcap.com.

 

# # #

 

 

For PCF Insurance Services

Dix & Eaton

Amy McGahan

216-241-3027

amcgahan@dix-eaton.com

 

For Carlyle

Charlie Bristow

+44 7384 513568
charlie.bristow@carlyle.com

 

For HGGC

Tom Faust

646-502-3513

tfaust@stantonprm.com

 

For Blue Owl

Nick Theccanat

212-970-6868

nick.theccanat@blueowl.com

 

For Crescent Capital

Investor Relations

310-235-5901

investor.relations@crescentcap.com

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Duck Creek Agrees to be Acquired by Vista Equity Partners for $2.6 Billion

Apax

Duck Creek Technologies (NASDAQ: DCT), the intelligent solutions provider defining the future of property and casualty (P&C) insurance, today announces it has entered into a definitive agreement to be acquired by Vista Equity Partners (“Vista”), a leading global investment firm focused exclusively on enterprise software, data and technology-enabled businesses, for $19.00 per share, in an all-cash transaction valued at approximately $2.6 billion.

Under the terms of the agreement, Duck Creek shareholders will receive $19.00 per share in cash, which represents a 46% premium to Duck Creek’s closing stock price on January 6, 2023, the last full trading day prior to the transaction announcement, and a premium of approximately 64% over the volume weighted average price of Duck Creek’s stock for the 30 days ending January 6, 2023.

“This transaction is a testament to the value of the Duck Creek platform, the success of our strategy and the strength of our incredible team. Following a deliberate and thoughtful process, the Board approved this transaction which delivers a great outcome for Duck Creek’s shareholders, providing them a certain and substantial cash value at an attractive premium,” said Michael Jackowski, Chief Executive Officer of Duck Creek. “Duck Creek is proud to have pioneered cloud-based mission-critical systems for the P&C insurance industry to deliver a best-in-class customer experience. We are excited to enter the next chapter for Duck Creek in partnership with Vista Equity Partners to continue supporting P&C insurance carriers’ move to the cloud.”

“Duck Creek is playing an outsized role in accelerating cloud strategies and unlocking all the advantages they provide this crucial sector of today’s economy,” said Monti Saroya, Senior Managing Director and Co-Head of Vista’s Flagship Fund. “Duck Creek’s modern cloud architecture and demonstrated market traction position it to define the next generation of mission-critical technology for P&C insurance.”

“Vista has an established track record of partnering with leading enterprise software businesses within the insurance industry and related verticals,” said Jeff Wilson, Managing Director at Vista. “We are excited to work with the Duck Creek team as we look to build on their best-in-class platform and solutions, which serve many of the world’s leading P&C insurance carriers.”

Certain Terms, Approvals and Timing

Transaction negotiations were led by a Special Committee of the Duck Creek Board of Directors, composed entirely of independent and disinterested directors. Following the recommendation of the Special Committee, the Duck Creek Board of Directors approved the merger agreement with Vista Equity Partners.

The transaction is expected to close in the second calendar quarter of 2023, subject to the satisfaction of customary closing conditions, including approval by Duck Creek’s stockholders and U.S. antitrust clearance. Upon completion of the transaction, Duck Creek’s common stock will no longer be publicly listed, and Duck Creek will become a privately held company. Vista Equity Partners intends to finance the transaction with fully committed equity financing that is not subject to any financing condition.

The agreement includes a “go-shop” period expiring at 11:59 p.m. Eastern time on February 7, 2023, which allows Duck Creek’s board of directors and its advisors to actively initiate, solicit and consider alternative acquisition proposals from third parties. Duck Creek’s board of directors will have the right to terminate the merger agreement to enter into a superior proposal subject to the terms and conditions of the merger agreement. There can be no assurance that this “go-shop” will result in a superior proposal, and Duck Creek does not intend to disclose developments with respect to the solicitation process unless and until it determines such disclosure is appropriate or otherwise required.

—//

About Duck Creek Technologies

Duck Creek Technologies (NASDAQ: DCT) is the intelligent solutions provider defining the future of the property and casualty (P&C) and general insurance industry. We are the platform upon which modern insurance systems are built, enabling the industry to capitalize on the power of the cloud to run agile, intelligent, and evergreen operations. Authenticity, purpose, and transparency are core to Duck Creek, and we believe insurance should be there for individuals and businesses when, where, and how they need it most. Our market-leading solutions are available on a standalone basis or as a full suite, and all are available via Duck Creek OnDemand. Visit www.duckcreek.com to learn more. Follow Duck Creek on our social channels for the latest information – LinkedIn and Twitter.

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EURAZEO to invest in BMS Group, a high growth independent (RE)Insurance broker, alongside BCI, PCP and Management

Eurazeo

Eurazeo, through its Mid-large buyout team1 and its affiliates, to invest up to £355m in BMS Group and acquire up to 34% of its share capital. Eurazeo and its affiliates will join BMS alongside its existing shareholders British Columbia Investment Management Corporation (BCI), Preservation Capital Partners (PCP) and BMS’ management and employees. Eurazeo and BCI together will be majority shareholders of the Company for its next phase of growth. Completion of the transaction is subject to obtaining relevant regulatory approvals.

Definitive financial information will be disclosed once the transaction has been completed.

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 14 countries with 28 offices around the world (US, Canada, Latin America, Australia, Europe and Asia).

BMS represents Eurazeo’s latest investment in financial services, one of its four key sector of focus. Eurazeo, BCI and PCP will support, Nick Cook, CEO of BMS, and the rest of the BMS senior management team to pursue its proven growth strategy. In the period 2019 to 2022, revenues at BMS have increased from c.£100m to more than £250m, while staff numbers have risen by nearly 75% to c.900 people globally. The investment from Eurazeo and other shareholders is expected to enable BMS to further expand as a global independent specialty (re)insurance broker by growing its foothold internationally both organically and through an active M&A strategy.

EURAZEO’S DEEP EXPERTISE IN FINANCIAL SERVICES

With over €2.5 billion invested in financial services in over 30 companies across all stages of their lifecycle, Eurazeo has developed a strong expertise in this sector with over 30 global investment professionals across strategies (Venture, Growth and Buyout). Eurazeo’s unique “investment flywheel” has led to deep industry knowledge and key relationships across the financial services sector. The specialty insurance segment has been a key focus for Eurazeo, with existing investments such as Albingia (commercial P&C specialty insurer) and Descartes Underwriting (MGA focused on specialty risks).

Marc Frappier, Member of the Executive Board, Managing Partner of Mid-large buyout, commented:

“Our “investment flywheel” operates across the entire Eurazeo group, accelerating and enhancing our sourcing, due diligence and value creation activities in our core sectors, notably financial services. We offer a rare combination of deep sector expertise, global presence and collaborative culture to support successful businesses, like BMS, and their management team achieve their global growth ambitions”.

Maxime de Bentzmann and Eric Sondag, Managing Directors – Mid-large buyout, said:

“We have been exploring specialty insurance and reinsurance markets for some time and we are impressed by BMS’ growth trajectory over the recent years including significant expansion of its US Reinsurance business segment. Together with our powerful international network, we are convinced that the Group has tremendous potential across the globe both organically and through M&A”.

Nick Cook, BMS CEO, stated:

“The Eurazeo DNA focused on culture, agility and global ambitions resonates strongly with BMS values, making Eurazeo a clear partner of choice for our next stage of growth. We are excited to partner with them and leverage their deep sector expertise and transformational growth experience”.

——————–

1 Part of the Eurazeo Mid Cap Company

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Consortium led by Capital A acquires Hampden Insurance Group in the Netherlands

Capital-A

On the 9th of December, a group of investors led by Capital A acquired Hampden Insurance Group B.V. (HIG) from Hampden Holdings Ltd. Maas Lloyd, a non-life insurance company, falls under the Hampden Insurance Group. With this acquisition, Maas Lloyd strengthens its position as a nationwide insurance company with a focus on MGA’s and run-off business. The CEO of Maas Lloyd, Elbert-jan Offereins, said the following: “The acquisition of HIG by the consortium fits perfectly with our long-term (growth) ambitions. By bundling our forces, we can strengthen our position in the market and serve our clients in a better manner going forward. Through this acquisition, Maas Lloyd fall back into Dutch hands, which is the first time since its inception in 1984”. The investors of the consortium have acquired 100% of the outstanding shares of HIG. The name Hampden Insurance Group shall be changed to Halcyon Insurance Group going forward and shall remain active as a holding company for Maas Lloyd and other daughter companies.

The consortium is led by Capital A, an investment company active in the Netherlands. Friso Janmaat, the managing partner of Capital A, said the following on the transaction: “Acquiring an insurance company has been on our wish list for a long time. We believe in the strategy that HIG has and trust that they can expand their current activities in the Dutch non-life insurance market with our help.”

HIG will continue to operate with the same workforce, which means that no changes will take place with regards to the main points of contact for business.

Maas Lloyd

N.V. Schadeverzekeringsmaatschappij Maas Lloyd is a non-life insurance company that has been offering run-off services since 2002 and started up business as an active commercial insurer since 2019. Maas Lloyd does so focused on SME companies and private individuals, mainly through MGA’s.

Capital A

Capital A is one of the most established private equity investors in the Netherlands, with a focus on investing in fast (both autonomous and acquisitive) growing companies. Originally started at ABN AMRO in the 1980’s as an investment fund focused on SMEs, Capital A continued independently in 2018 with support from investors such as ABN AMRO, Five Arrows, Alpinvest, Bregal, LGT, entrepreneurs of former portfolio companies and the Capital A team itself. From offices in Amsterdam and Antwerp, Capital A manages approximately EUR 1 billion in assets under management and has a portfolio of more than 30 growth companies that are predominantly active in Europe.

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Oyster Raises $3.6 Million Seed Funding to Modernize Personal Insurance

New Stack Ventures

New Stack Ventures leads round alongside Conversion Capital, GFC

Today, we’re excited to announce that Oyster has raised $3.6 million in Seed funding to launch a modern personal insurance platform for seamless point-of-sale and post-purchase experiences.

We’re grateful to be supported by an incredible group of angels and investors, led by New Stack Ventures alongside Global Founders Capital, Conversion Capital, Cambrian Ventures, Kearny Jackson, Valia Ventures, Interlace Ventures, V1 VC, Polymath Capital, Position Ventures, Kevin Mahaffey (Founder of Lookout), Garrett Koehn (President of CRC Insurance), Gokul Rajaram (executive at DoorDash), Eugene Marinelli (Founder of Blend), Joe Schmidt (Partner at a16z), and Tanay Jaipuria (Partner at Wing).

Together, we’re working to build a better customer experience from the ground-up in the world of personal insurance, anchored by a strong belief in the potential of technology.

Insurance doesn’t work for consumers

Over the last two decades, the world has seen a boom in the investment of technology that powers finance. The development and success of entirely new capabilities, like instant stock trading, to new purchasing paradigms, like buy-now-pay-later, teaches us two lessons: (1) across industries, consumer expectations are rising when it comes to the way they interact with everyday facets of their lives; and (2) the successful application of technology can have a transformational impact on both an entire industry and the way consumers interact with that industry.

Today, insurance is one of the remaining financial sectors that has yet to see the same kind of impact from all of the technological advances of the last two decades. Understanding of insurance remains low amongst consumers, every process from discovery to application to claims remains arduously manual and opaque, and incumbents in an inherently risk-averse industry have been unsuccessful in changing the status quo.

For many of our most valuable possessions, a service that protects against theft, damage, and loss is invaluable. However, the decoupling of the insurance-buying journey from the actual purchase of the item drives issues of discoverability, unclear coverages and processes, pricing and underwriting inefficiencies, and higher loss ratios, which all ultimately lead to a poor customer experience and widespread coverage gaps.

 

Introducing Oyster

Oyster was founded to solve these problems from first principles, bringing innovation to the P&C insurance industry through technology and underwriting.

Oyster’s omni-channel platform allows merchants to offer insurance to their customers at the point-of-sale. With a focus on point-of-sale underwriting, technology, and partnerships with retailers, we’re solving each of these issues while simultaneously helping customer-centric merchants offer better protection to their customers, open new revenue streams, and most importantly, provide a differentiated customer experience in an increasingly competitive market.

The new investment will propel the launch of our point-of-sale insurance platform and expand our merchant partnership network to make personal insurance accessible to more consumers at the point-of-sale. At the same time, we’re ensuring that personal property in any category can be covered by rolling out a comprehensive suite of insurance products that cover bikes, eBikes, jewelry, collectibles, phones, electronics and more.

Retailers such as Bulls Bikes, Jewels by Grace, Zooz Bikes, Bario Neal, Area 13 Ebikes, The New Wheel, and more rely on Oyster to provide a seamless insurance experience both online and in-store for their customers. But the journey for Oyster has just begun. We have a lot of challenging problems to solve, and if we can do so, an immense opportunity to change the way people interact with insurance.

The insurance industry is still in the early innings of digital transformation. As such, we’re accelerating the speed of innovation in order to provide the best-in-class products and services to our customers and partners. If you’re interested in building a future of insurance that is powered by technology and data, reach out to us and share your big ideas.

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Oyster Raises $3.6 Million Seed Funding to Modernize Personal Insurance

New Stack Ventures

New Stack Ventures leads round alongside Conversion Capital, GFC

Today, we’re excited to announce that Oyster has raised $3.6 million in Seed funding to launch a modern personal insurance platform for seamless point-of-sale and post-purchase experiences.

We’re grateful to be supported by an incredible group of angels and investors, led by New Stack Ventures alongside Global Founders Capital, Conversion Capital, Cambrian Ventures, Kearny Jackson, Valia Ventures, Interlace Ventures, V1 VC, Polymath Capital, Position Ventures, Kevin Mahaffey (Founder of Lookout), Garrett Koehn (President of CRC Insurance), Gokul Rajaram (executive at DoorDash), Eugene Marinelli (Founder of Blend), Joe Schmidt (Partner at a16z), and Tanay Jaipuria (Partner at Wing).

Together, we’re working to build a better customer experience from the ground-up in the world of personal insurance, anchored by a strong belief in the potential of technology.

Insurance doesn’t work for consumers

Over the last two decades, the world has seen a boom in the investment of technology that powers finance. The development and success of entirely new capabilities, like instant stock trading, to new purchasing paradigms, like buy-now-pay-later, teaches us two lessons: (1) across industries, consumer expectations are rising when it comes to the way they interact with everyday facets of their lives; and (2) the successful application of technology can have a transformational impact on both an entire industry and the way consumers interact with that industry.

Today, insurance is one of the remaining financial sectors that has yet to see the same kind of impact from all of the technological advances of the last two decades. Understanding of insurance remains low amongst consumers, every process from discovery to application to claims remains arduously manual and opaque, and incumbents in an inherently risk-averse industry have been unsuccessful in changing the status quo.

For many of our most valuable possessions, a service that protects against theft, damage, and loss is invaluable. However, the decoupling of the insurance-buying journey from the actual purchase of the item drives issues of discoverability, unclear coverages and processes, pricing and underwriting inefficiencies, and higher loss ratios, which all ultimately lead to a poor customer experience and widespread coverage gaps.

 

Introducing Oyster

Oyster was founded to solve these problems from first principles, bringing innovation to the P&C insurance industry through technology and underwriting.

Oyster’s omni-channel platform allows merchants to offer insurance to their customers at the point-of-sale. With a focus on point-of-sale underwriting, technology, and partnerships with retailers, we’re solving each of these issues while simultaneously helping customer-centric merchants offer better protection to their customers, open new revenue streams, and most importantly, provide a differentiated customer experience in an increasingly competitive market.

The new investment will propel the launch of our point-of-sale insurance platform and expand our merchant partnership network to make personal insurance accessible to more consumers at the point-of-sale. At the same time, we’re ensuring that personal property in any category can be covered by rolling out a comprehensive suite of insurance products that cover bikes, eBikes, jewelry, collectibles, phones, electronics and more.

Retailers such as Bulls Bikes, Jewels by Grace, Zooz Bikes, Bario Neal, Area 13 Ebikes, The New Wheel, and more rely on Oyster to provide a seamless insurance experience both online and in-store for their customers. But the journey for Oyster has just begun. We have a lot of challenging problems to solve, and if we can do so, an immense opportunity to change the way people interact with insurance.

The insurance industry is still in the early innings of digital transformation. As such, we’re accelerating the speed of innovation in order to provide the best-in-class products and services to our customers and partners. If you’re interested in building a future of insurance that is powered by technology and data, reach out to us and share your big ideas.

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CVC agrees the sale of APRIL Group

CVC Capital Partners

After refocusing its activities around insurance distribution and carrying out an in-depth transformation of its business model since its acquisition by CVC Capital Partners Fund VII in 2019, enabling the group to return to a high level of performance, the APRIL Group announces that it has signed a long-term strategic partnership with global investment firm KKR. By teaming up with KKR, APRIL, which is already one of the leading insurance brokers in Europe, is preparing to accelerate its development and digitalization in the markets for borrowers, health and personal protection, niche property and casualty, international health insurance and wealth management in France and internationally.

With a turnover of €544 million in 2021, double-digit growth dynamics for 2022 and a nearly 20-point rise in its NPS, the APRIL Group has completed its transformation, achieving its objectives more than a year in advance. Building on this upward trajectory and its position as the French leader in wholesale insurance, the group has decided to take its ambitions to the next level and secure the means to become a key player at an international level.

To support this new stage of growth, the APRIL Group will now be supported by KKR, which, as a majority shareholder, will bring its global expertise in insurance and financial services.

The transaction will be subject to the usual legal and regulatory approvals.

Quotes

After a great collaboration with CVC… our aim is to continue the history of this great company and to make it a French champion

Eric Maumy President & CEO, APRIL Group

“The APRIL Group was created 35 years ago by a visionary entrepreneur. After a great collaboration with CVC Capital Partners, April recovered its original strength. Our aim is to continue the history of this great company and to make it a French champion on a global scale. This next chapter will be enabled by the management team, our 2,300 employees, and KKR, for the benefit of our partners and policyholders,” states Eric Maumy, President & CEO of APRIL Group.

Over the past three years, the APRIL Group has reinvented itself:

  • Organic growth of +8% in 2021 thanks to substantial work on products in France and worldwide across all its markets – loan insurance, health / personal protection, casualty niche insurance, international medical insurance – and entering a new market, property insurance, through the acquisition of Magnacarta;
  • Improvement in customer experience, as recognised by 24-point NPS;
  • Returned to its position as an industry leader, with all actors mobilised around the liberalisation of the loan insurance market;
  • Strengthened digital and technological capabilities, with the creation of the dedicated APRIL X hub and the acquisition of ELOA and Comparadise;
  • 800 employees recruited in three years;
  • International expansion, with offices opened in Germany and Dubai.

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Allianz X to acquire Innovation Group

Allianz X will acquire Innovation Group, supporting its growth and further development

● Innovation Group is a leading global provider of claims and technology solutions to the insurance and automotive industries

● Innovation Group will continue to operate independently, serving all customers

Munich/London, 10 October 2022 — Allianz X announced today it has entered into binding agreements with the shareholders of UK-headquartered Innovation Group to fully acquire the Company. The transaction is subject to approval by the relevant competition and regulatory authorities.

Innovation Group’s subsidiaries include auto and property service solution leaders that offer technology-based business process solutions. Further, Innovation Group operates a pioneering digital claims management platform, Gateway, which is a sophisticated, independent software platform for the automotive sector and, in time, the property sector. Gateway bundles the diverse processes in claims management into one integrated software. It allows digital management of the claims journey, from First Notification of Loss (FNOL) to repair and settlement, providing an entirely collaborative ecosystem for all parties involved in the claims process.

“Innovation Group’s digital solutions bring together all the relevant parties and data to facilitate smooth, efficient, and transparent claims management, from First Notification of Loss to repair and settlement, which is what the market is increasingly demanding,” said Nazim Cetin, CEO of Allianz X. “It’s a future-ready business with lots of potential and we want to help unleash it.”

“Allianz X’s support will accelerate the roll-out of our industry-leading platform, Gateway, open up new opportunities for growth, and enable us to deliver market-leading services for our clients,” said Tim Griffiths, CEO of Innovation Group. “We are delighted to have the backing of Allianz X as we enter the next phase of our development.”

Following the transaction, Innovation Group will maintain its management team and continue to operate independently. The Company will retain its name, brand, and culture, and will continue to offer its full range of services at the highest quality to all clients.

For more information, please contact:

Allianz X

Gregor Wills

+49 89 3800 61313

gregor.wills@allianz.com

Innovation Group (via Instinctif Partners)

Tim McCall / Victoria Hayns

+44 20 7457 2020

Hubert Becker / Christiane Zimmer

+49 22 1420 7524

innnovationgroup@instinctif.com

About Innovation Group

Innovation Group delivers transformational expertise to the world’s leading insurers, brokers, fleet managers and automotive manufacturers, helping them to open new growth frontiers with revolutionary solutions. Clients trust us to transform their claim management processes, manage critical vehicle and property incidents and generate more revenue through value-added services. Innovation Group connects more than 1,200 global clients in the insurance and automotive sectors with an ecosystem of thousands of integrated regional network repairers and suppliers.

About Allianz X

Allianz X invests in digital frontrunners in ecosystems relevant to insurance and asset management. In just a few years, it has grown to a portfolio of more than 25 companies and AuM of over 2 billion euros. Allianz X has counted 11 unicorns among its portfolio so far. The heart and brains behind it all is a talented team of around 40 people. As one of the pillars of the Allianz Group’s digital transformation strategy, Allianz X provides an interface between Allianz Operating Entities and the broader digital ecosystem, enabling collaborative partnerships in insurtech, fintech, and beyond. As an investor, Allianz X supports mature digital growth companies to take the next bold leap and reach their full potential.

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Cinven to acquire Säkra

Cinven

International private equity firm, Cinven, announces that it has reached an agreement to acquire Säkra, a leading insurance broker headquartered in Stockholm, Sweden. Financial details of the transaction are not disclosed. The acquisition of Säkra marks the fourth investment from Cinven’s inaugural Strategic Financials Fund (‘SFF’), which held its final closing in July 2022 with total capital committed of €1.5 billion.

Founded in 1990, Säkra is one of Sweden’s largest insurance intermediaries, providing life and non-life insurance products, as well as pension and wealth management services, to more than 35,000 SME clients and more than 115,000 individual customers. Säkra has more than 60 offices across Sweden and employs approximately 350 people.

Cinven believes Säkra is an attractive investment opportunity for the SFF based on:

  • The company’s high-quality, cash generative business model and attractive, recurring revenue base;
  • Säkra’s strong position in the insurance markets it serves, with strong brand equity and a long-standing client base;
  • Its proven track record of steady and consistent growth, delivering robust performance through the COVID-19 pandemic and prior economic downturns;
  • The opportunity to accelerate the company’s long-term growth profile through a combination of organic growth and incremental bolt-on M&A;
  • The resilient growth prospects of the underlying insurance market through economic cycles; and
  • Säkra’s strong management team, led by CEO, Eva Pantzar Waage, and deep bench of talent, with significant expertise across its specialist areas.

Luigi Sbrozzi, Partner and co-head of the SFF, said:

“Cinven is very pleased to be making this investment in Säkra. It is a highly attractive, resilient specialist insurance intermediary business with strong long-term growth opportunities across all of its segments and a history of consistent growth through various economic cycles. The investment is supported by a resilient underlying market in Sweden and is well-positioned to grow organically, with further upside through its demonstrated M&A trajectory. Säkra offers a high-quality scalable platform, with associated benefits for clients as the business develops and expands over the long-term. We look forward to working with Säkra’s CEO and her colleagues in further developing and growing the business.”

Eva Pantzar Waage, President and CEO at Säkra, added:

“We are delighted to be partnering with Cinven to deliver the next phase of Säkra’s growth. Säkra is a firm with a strong reputation, skilled employees and significant future growth opportunities, with scope to build on the company’s existing strengths through incremental, targeted strategic investments. Cinven’s skills and expertise, including its knowledge of the sector and proven track record of investing in established European financial services businesses, will help accelerate Säkra’s growth going forward.”

The transaction is subject to customary regulatory and antitrust approvals.

The SFF builds on Cinven’s leading financial services investment platform in Europe with an investment strategy focused on areas where Cinven has developed significant investment expertise, such as life and non-life insurance and reinsurance, asset-backed speciality finance, wealth management, insurance distributors and other ‘capital light’ tech-enabled financial service providers.

To date, the SFF has invested in Miller (investment completed in March 2021), a leading specialist insurance and (re)insurance broker, acquired in partnership with GIC; Compre (April 2021), a specialist global consolidator of closed books of non-life insurance policies, acquired in partnership with British Columbia Investment Management Corporation; and International Financial Group Limited (investment agreed in 2022, with completion pending customary regulatory and antitrust approvals), a leading life insurance provider of cross-border, long-term savings products for internationally mobile clients.

Cinven Funds’ previous investments in the European insurance sector include Guardian Financial Services in the UK and Viridium in Germany. Other UK-headquartered financial services investments by the Cinven Funds include Partnership Assurance, NewDay and Premium Credit.

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RiskPoint Group partners with Nordic Capital as minority investor to support continued growth journey

Nordic Capital

RiskPoint Group partners with Nordic Capital as minority investor to support continued growth journey Image

Nordic Capital and RiskPoint Group (“RiskPoint” or the “Group”) announces today that they have entered an agreement for Nordic Capital to acquire an interest in RiskPoint (subject to regulatory approvals). The investment by Nordic Capital in RiskPoint will help accelerate the Group’s global growth ambitions and support the company in achieving its long-term strategy.

RiskPoint Group is a global independent specialty insurance Managing General Underwriter (“MGU”) based in Copenhagen with offices in Stockholm, Oslo, Helsinki, Amsterdam, Frankfurt, Zurich, Madrid, London and New York. The Group offers a wide range of traditional and niche insurance solutions within the areas of Mergers & Acquisitions, Renewable Energy, Liabilities including Financial Lines and Cyber, Off-Shore Upstream, Property & Construction and Accident & Health. The Group was founded in 2007 and has since then enjoyed successful and profitable growth in Europe and the U.S., focusing on providing leading underwriting, claims and operational capabilities. RiskPoint Group has built a unique global team of over 150 employees with a strong commercial mindset and best in class service.

As one of the leading and most experienced Financial Services investors with deep understanding of the sector and an ability to accelerate organic and acquisitive growth, Nordic Capital will support RiskPoint’s continued growth journey in close partnership with the management team.

The ability to enable the execution of strategic long-term goals while retaining the Group’s independence and partnership-controlled business model, was paramount to RiskPoint when finding the right investor. Likewise, the alignment of values and culture between RiskPoint and Nordic Capital were key drivers in the decision-making process.

“This partnership is a great fit for RiskPoint, with a high degree of alignment across the board and a common goal to continue to build our value proposition of being the underwriter of choice for clients and brokers,” says Kenneth Nielsen, CEO of RiskPoint Group.

He continues: “In our pursuit to provide service excellence and expand our geographic footprint, I am proud to partner with Nordic Capital to continue our journey as an independent MGU. This partnership and the alignment between us are founded on the importance and value of our employees and will ensure that our unique company culture can flourish, now and in the future.”

“RiskPoint Group provides a unique business model and a strong value proposition to selected markets globally. We are impressed by the team’s ability to grow and diversify the Group in recent years and expand into strategically important new markets. Furthermore, Nordic Capital has a strong alignment with RiskPoint’s busi ness philosophy and strategy and is very pleased to be partnering with RiskPoint to support the continued growth and its vision of being the underwriter of choice,” says Christopher Ekdahl, Managing Director, Nordic Capital Advisor.

Nordic M&A acted as financial advisor to RiskPoint Group and TigerRisk Capital Markets & Advisory acted as financial advisor to Nordic Capital. The terms of the transaction are not disclosed. The transaction is subject to customary regulatory approvals. RiskPoint’s founders and partner group will remain majority owners.

 

Media contacts:

Nordic Capital
Katarina Janerud, Communications Manager
Nordic Capital Advisors
Tel: +46 8 440 50 50
e-mail: katarina.janerud@nordiccapital.com

 

RiskPoint

Rebecca Spencer Søltoft
Marketing & Communications Specialist
Tel:     +45 4445 1709
Email:  rebecca.soeltoft@riskpoint.eu

 

About RiskPoint Group

RiskPoint Group is a global Managing General Underwriter (MGU) providing best in class insurance solutions to businesses and their advisors under the brands of RiskPoint and RP Underwriting. RiskPoint Group operates globally with locations in 10 countries in Europe and the U.S. Our specialist and seasoned underwriters have in depth industry and product knowledge whilst our professional claims team provide a unique and pro-active approach to assisting our clients when claims occurs. Together we offer a wide range of insurance solutions within the areas of Mergers & Acquisitions, Renewable Energy, Liabilities, including Financial Lines and Cyber, Off-Shore Upstream, Property & Construction and Accident & Health. For more information about RiskPoint Group, please visit: www.riskpoint.eu or www.rpuw.com.

 

About Nordic Capital

Nordic Capital is a leading private equity investor with a resolute commitment to creating stronger, sustainable businesses through operational improvement and transformative growth. Nordic Capital focuses on selected regions and sectors where it has deep experience and a long history. Focus sectors are Healthcare, Technology & Payments, Financial Services, and selectively, Industrial & Business Services. Key regions are Europe and globally for Healthcare and Technology & Payments investments. Since inception in 1989, Nordic Capital has invested more than EUR 20 billion in over 125 investments. The committed capital is principally provided by international institutional investors such as pension funds.  Nordic Capital Advisors have local offices in Sweden, the UK, the US, Germany, Denmark, Finland, Norway and South Korea. For further information about Nordic Capital, please visit www.nordiccapital.com.


“Nordic Capital” refers to, depending on the context, any, or all, Nordic Capital branded entities, vehicles, structures and associated entities. The general partners and/or delegated portfolio managers of Nordic Capital’s entities and vehicles are advised by several non-discretionary sub-advisory entities, any or all of which are referred to as “Nordic Capital Advisors”

 

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