The target provides customised coverage for W&I, tax, intellectual property, and environmental risks for European mid-market m&a transactions
Zurich Insurance Group said it acquired a relevant minority of UK Icen Risk, a provider of m&a risks coverage without disclosing details (press release). The transaction may close in 3Q25 upon the receipt of the regulatory approvals.
Bloomberg reported that Zurich acquired little less than 50% of Icen Risk on the ground of an enterprise value in the region of 150 million GBPs.
Dawn Bhoma and Rob Brown founded the target in 2018 and made the company a leader of the M&A insurance sector. Inces gross insurance premiums amount to 70 million. The company, a Lloyd’s of London Coverholder, has a team of 25 persons working in Spain, Italy and Austria. The company offers customised coverage for W&I, tax, intellectual property and environmental risks in European mid-market m&a transactions.
The resources that Zurich poured in the company will allow Incen to expand in Germany and other areas while keeping its brand and team.
Dawn Bhoma, a managing principal of Icen, said: “The combination of Icen’s talented team with our capacity providers helped accelerate our growth in a market that grew by 50 per cent in the last five years. We are delighted that our success culminated in the investment of one of the world’s leading insurance companies. Zurich’s global brand, international network and product expertise will take us to the next level in the specialist m&a insurance market and offer more choice to customers.”
Robert Brown, managing principal of Icen, added: “Our experience, innovation-driven approach and consistent track record of underwriting profitability sets Icen apart and makes our partnership with Zurich a natural long-term fit. With Zurich, we are uniquely positioned to capitalise on the strong growth of the 2.5 billion insurance m&a market as private equity, investment funds and corporates seek to protect assets and mitigate risks in an increasingly complex trading environment. We look forward to working with our existing partners to develop specialised products that address emerging risks and expand into new geographies, particularly North America and important European jurisdictions such as Germany.”
Stephen Moss, Zurich Global Head of Financial Lines and Cyber, said: “This partnership comes at an ideal time to capitalise on market changes and long-term growth potential in M&A insurance. Icen quickly became the quality operator in this niche sector, and Rob and Dawn’s track record in the market is unrivalled. Zurich’s investment also aligns with its strategic ambitions for growth in the Specialties market and helps to enhance our capabilities and service offering for our clients.”
