Zurich to take stake in £70m GWP Lloyd’s coverholder

Insurer Zurich is buying a stake in Lloyd’s of London coverholder Icen Risk.

Founded in 2018, Icen Risk offers bespoke coverage for warranty and indemnity, tax, IP and environmental risks in European mid-market M&A transactions.

The firm, which is made up of 25 staff, also controls a gross written premium (GWP) of £70m.

Zurich has agreed to acquire a minority stake in the business to support its roll out of new products to additional geographies.

Icen Risk will continue to operate independently under its existing brand and leadership team.

Robert Brown, managing principal at Icen Risk, said: “Our leading expertise, innovation-first approach and consistent track record of underwriting profitability stands Icen Risk 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 £2.5bn M&A insurance market as private equity, investment funds and corporates seek to protect assets and mitigate risk in an increasingly complex dealmaking environment.

“We look forward to working with our existing partners to develop specialist products that address emerging risks and expand into new geographies, particularly North America and major European jurisdictions such as Germany.”

People move

The transaction is subject to regulatory approval and is expected to close in Q3 2025.

As part of the deal, Stephen Moss, global head of financial lines and cyber at Zurich, will become a member of the board of directors at Icen Risk.

Moss said: “This partnership is ideally timed to capitalise on market shifts and the long-term growth potential in M&A insurance.

“Icen Risk has become the quality player in this niche sector in a short space of time.

“Zurich’s investment also aligns with its strategic growth ambitions in the specialties market and helps enhance our capabilities and service offering for our customers.”