London-based Icen Risk, a specialist in M&A insurance, has received a significant minority investment from Zurich, a leading global insurer.
The deal strengthens Zurich’s foothold in the rapidly expanding M&A insurance sector while enabling Icen Risk to scale its operations in North America and key European markets, including Germany, according to InsurTech Insights.
Founded in 2018, Icen Risk has emerged as a major player in private company M&A insurance.
The company, which holds Coverholder status with Lloyd’s of London, reported £70m in gross written premiums (GWP) and operates with a 25-member team across Spain, Italy, and Austria.
It specialises in providing coverage for Warranty & Indemnity, Tax, Intellectual Property, and Environmental risks within European mid-market M&A transactions.
The investment from Zurich will facilitate Icen Risk’s expansion, allowing the firm to enhance its offerings and enter new markets.
With M&A activity increasing globally, the additional capital and Zurich’s industry expertise will position Icen Risk to meet growing demand for tailored insurance solutions in complex dealmaking environments.
Dawn Bhoma, managing principal of Icen Risk, highlighted the significance of the investment, stating, “Icen’s talented team and blue-chip capacity providers have driven our rapid growth in a market that has expanded by 50% over the last five years. Zurich’s global brand, international network, and product expertise will take us to the next level and provide more choice for clients.”
Robert Brown, managing principal at Icen Risk, also commented on the firm’s strategic positioning, adding, “With Zurich as a partner, we are uniquely placed to capitalise on the £2.5bn M&A insurance market as private equity, investment funds, and corporates seek greater protection in an increasingly complex dealmaking environment.”
Stephen Moss, Zurich’s global head of financial lines and cyber, emphasised the alignment between the investment and Zurich’s growth strategy: “This partnership aligns with Zurich’s growth ambitions in the Specialties market and enhances our capabilities in M&A insurance. Icen has quickly become a leader in this niche sector, and our investment is well-timed to support its expansion.”
The partnership is expected to accelerate Icen Risk’s growth trajectory, providing enhanced insurance solutions for M&A transactions across Europe and North America.
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