Zurich makes investment in M&A specialist Icen Risk

Zurich Insurance Group, a global multi-line insurer, has made a strategic investment in Icen Risk (Icen), a specialized M&A insurer that provides tailored coverage for Warranty & Indemnity, Tax, IP, and Environmental risks in mid-market M&A transactions in Europe.

The deal, subject to regulatory approval and scheduled to finalize in Q3 of 2025, will involve Zurich acquiring an equity stake to facilitate the introduction of new products in additional markets. Icen Risk will maintain its autonomy under its current brand and leadership structure.

The investment aims to bolster Icen’s expansion plans in the evolving M&A insurance market across Europe and North America. As part of the agreement, Stephen Moss, Zurich’s Global Head of Financial Lines and Cyber, will join the Board of Directors at Icen Risk.

Established in 2018 by industry experts Dawn Bhoma and Rob Brown, Icen Risk has carved a niche in private company M&A insurance, boasting £70 million in gross written premiums. With a team of 25 professionals across Spain, Italy, Austria, and Coverholder status within Lloyd’s of London market, the company has positioned itself as a key player in the sector.

Bhoma, Managing Principal of Icen Risk, highlighted the positive momentum the company has experienced due to their talented team and strong relationships with capacity providers. The partnership with Zurich, a global industry leader, is expected to propel Icen to new heights by leveraging Zurich’s brand, network, and product knowledge to better serve clients.

Brown, also Managing Principal at Icen Risk, emphasized the company’s commitment to innovation, underwriting excellence, and profitability, attributes that have differentiated Icen in the market and make the collaboration with Zurich a natural fit. The partnership positions both companies to capitalize on the robust growth in the £2.5 billion M&A insurance market as businesses seek to manage risks in complex deal environments.

Moss underlined the strategic synergy of the partnership, citing Icen’s quick rise as a quality player in the niche segment under the leadership of Bhoma and Brown. Zurich’s investment aligns with its expansion goals in the Specialties market, enhancing its offerings and capabilities for customers in the insurance sector.

In conclusion, the collaboration between Zurich Insurance Group and Icen Risk signifies a significant development in the M&A insurance landscape, poised to bring innovative solutions and enhanced services to clients in Europe and North America.