Icen Risk, founded in 2018, offers insurance solutions to companies and private equity firms, covering risks such as breaches of warranties, tax liabilities, and environmental concerns associated with M&A transactions. The firm has reported £70 million in gross written premiums.
According to Bloomberg, Zurich has strengthened its focus on specialty insurance through recent acquisitions, as demand for M&A insurance has surged over the past decade, driven by a period of intense dealmaking by private equity firms, supported by low interest rates. This insurance allows sellers to receive a larger portion of their proceeds upfront, while also providing buyers with recourse.
Specialty insurance, encompassing M&A coverage as well as risks like professional indemnity and piracy, was identified as one of Zurich’s key growth areas during its 2024 investor day. Last year, the company purchased American International Group’s global travel insurance business and acquired a majority stake in India’s Kotak General Insurance Company Ltd.
Zurich’s announcement of the acquisition of Icen Risk’s stake comes at a time of renewed activity in the M&A insurance sector. In early 2025, a consortium led by Allianz, including BlackRock and Japan’s T&D Holdings, announced the €3.5 billion (US$3.83 billion) acquisition of Viridium Group from private equity firm Cinven. Viridium manages €67 billion in assets for 3.4 million policyholders, with the deal expected to close in the second half of the year.
Meanwhile, Japan’s Mitsui Sumitomo Insurance has unveiled plans to acquire a 15% stake in US-based W.R. Berkley, triggering a 7.5% rise in the latter’s stock on Friday. In another strategic shift, Bain Capital has begun selling its stake in Tower, an insurer operating in Australia and New Zealand.
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