Zurich Insurance Group Invests in Icen Risk to Expand M&A Insurance Reach

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Zurich Insurance Group’s Strategic Investment in Icen Risk

Global multi-line insurer Zurich Insurance Group has made a strategic investment in Icen Risk (Icen), a specialist in M&A insurance. Icen offers tailored coverage for Warranty & Indemnity, Tax, IP, and Environmental risks specifically designed for European mid-market M&A transactions.

The transaction, which awaits regulatory approval, is anticipated to conclude by Q3 2025. This will enable Zurich to acquire an equity stake and aid in the introduction of new products to further geographic locations. Notably, Icen Risk will retain its independence, operating under its current brand and leadership team.

This investment aligns with Icen’s aspirations of expanding its footprint in the growing M&A insurance sector across Europe and North America. As part of the agreement, Stephen Moss, Global Head of Financial Lines and Cyber at Zurich, will join Icen Risk’s Board of Directors.

Founded in 2018 by industry veterans Dawn Bhoma and Rob Brown, Icen Risk has established a robust foundation in private company M&A insurance, boasting gross written premiums of £70 million. With a dedicated team of 25 across Spain, Italy, and Austria, the company holds Coverholder status through the esteemed Lloyd’s of London marketplace.

Dawn Bhoma, Managing Principal of Icen Risk, remarked, “Icen’s talented team and our blue-chip capacity providers have propelled our growth in a market that has expanded by 50% over the past five years. We are thrilled that our achievements have attracted investment from one of the world’s leading insurers. Zurich’s global brand, extensive network, and product expertise will elevate us to the next level in the specialist M&A insurance market, offering more choices for clients.”

Rob Brown, Managing Principal of Icen Risk, added, “Our leading expertise, innovation-driven approach, and consistent track record of underwriting profitability set Icen apart, making our partnership with Zurich a natural long-term fit.”

Brown continued, “Together with Zurich, we are uniquely positioned to capitalize on the robust growth of the £2.5 billion M&A insurance market as private equity, investment funds, and corporations seek to safeguard assets and mitigate risks in an increasingly complex dealmaking landscape. We eagerly anticipate collaborating with our existing partners to develop specialized products that address emerging risks and expand into new geographies, particularly North America and major European markets such as Germany.”

Stephen Moss stated, “This partnership is ideally timed to capitalize on market shifts and the long-term growth potential in M&A insurance. Icen has rapidly become a quality player in this niche sector, and Rob and Dawn’s track record in the market is unmatched. Zurich’s investment is aligned with its strategic growth ambitions in the Specialties market, which enhances our capabilities and service offerings for our clients.”