The move strengthens Zurich’s position in the growing M&A insurance market while supporting Icen Risk’s expansion into North America and key European markets such as Germany.
Founded in 2018 and based in London, Icen Risk has rapidly established itself as a market leader in private company M&A insurance. The firm, which holds Coverholder status with Lloyd’s of London, reported £70 million in gross written premiums (GWP) and has a 25-member team across Spain, Italy, and Austria. Icen provides coverage for Warranty & Indemnity, Tax, Intellectual Property, and Environmental risks in European mid-market M&A transactions.
Dawn Bhoma, Managing Principal of Icen Risk, highlighted the significance of Zurich’s backing: “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, emphasized the firm’s market positioning: “With Zurich as a partner, we are uniquely placed to capitalize on the £2.5 billion 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, underscored the strategic importance of the investment: “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.”
With Zurich’s backing, Icen Risk is set to accelerate its growth trajectory, offering enhanced insurance solutions for M&A transactions across Europe and North America.
