Zurich Insurance Group has picked a “significant minority stake” in mergers and acquisitions (M&A) insurer Icen Risk to support its growth plans.
The investment is intended to help Icen grow its presence in both Europe and North American markets.
Go deeper with GlobalData
Established in 2018 by Dawn Bhoma and Rob Brown, Icen Risk has built its presence in private company M&A insurance.
The company reports gross written premiums (GWP) of £70m ($90m) and employs a team of 25 professionals.
Icen operates in Spain, Italy and Austria, and is a coverholder at Lloyd’s of London.
Leveraging their existing partnership, Zurich will acquire an equity stake in Icen to support the expansion of new products into more regions.
The M&A insurer will maintain its current leadership and brand, as well as retain its operational independence.
Icen managing principal Dawn Bhoma said: “Icen’s talented team and our blue-chip capacity providers have helped accelerate our growth in a market which has expanded 50% in the last five years.
“We are delighted that our success to date has culminated in this investment by one of the world’s leading insurers.
“Zurich’s global brand, international network and product expertise will take us to the next level in the specialist M&A insurance market and deliver more choice for clients.”
The deal is set for completion by the third quarter of 2025, contingent on regulatory approval.
Zurich Insurance Group Financial Lines and Cyber global head Stephen Moss said: “This partnership is ideally timed to capitalise on market shifts and the long-term growth potential in M&A insurance.
“Icen has become the quality player in this niche sector in a short space of time and Rob and Dawn’s track record in the market is unrivalled.
“Zurich’s investment also aligns with its strategic growth ambitions in the Specialties market and helps enhance our capabilities and service offering for our customers.”
As part of the deal, Moss will join Icen’s board of directors.
