Zurich Insurance Group has chosen a “considerable minority stake” in mergers and acquisitions (mergers and acquisitions) insurer ICEN risk to support its growth plans.
The investment is intended to help ICEN to increase its presence in both Europe and North American markets.
Icen Risk, founded in 2018 by Dawn Bhoma and Rob Brown, has built up his presence in M&A insurance from a private company.
The company reports gross written premiums (GWP) of £ 70 million ($ 90 million) and employs a team of 25 professionals.
Icen is active in Spain, Italy and Austria, and is a coverage at Lloyd’s or London.
By using their existing partnership, Zurich will acquire a share interest in ICEN to support the expansion of new products to more regions.
The mergers and acquisitions will maintain its current leadership and brand and retain its operational independence.
ICEN Managing Principal Dawn Bhoma said: “The talented team of ICEN and our Blue-Chip Capacity Providers have contributed to accelerating our growth in a market that has expanded 50% over the past five years.
“We are pleased that our success so far has been culminated by one of the world’s leading insurers.
“The global brand, international network and product expertise of Zurich will take us to the next level in the specialist M&A insurance market and deliver more choice for customers.”
The deal is set for completion by the third quarter of 2025, depending on the approval of the regulations.
Zurich Insurance Group Financial Lines and Cyber Global Head Stephen Moss said: “This partnership is ideally timed to take advantage of market shifts and long-term growth potential in M&A insurance.
“ICEN has become the quality player in this niche sector in a short time of time and the track record of Rob and Dawn in the market is unparalleled.
“The investment of Zurich is also in accordance with its strategic growth ambitions on the specialty market and helps us to improve our capacities and service bid for our customers.”
As part of the deal, Moss will join the board of directors of ICEN.
“Zurich takes the importance in M&A Insurance specialist icen risk” was originally made and published by Life Insurance International, a Global Data brand.
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