Zurich invests in M&A specialist Icen Risk

Global multi-line insurer Zurich Insurance Group has strategically invested in Icen Risk (Icen), a specialist M&A insurer which offers bespoke coverage for Warranty & Indemnity, Tax, IP, and Environmental risks in European mid-market M&A transactions.

The transaction, which is subject to regulatory approval and expected to close in Q3 2025, will see Zurich acquiring an equity stake, supporting the rollout of new products to additional geographies.

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

The investment supports Icen’s ambition to expand its presence in the growing M&A insurance market across Europe and North America.

Under the terms of the transaction, Stephen Moss, Global Head of Financial Lines and Cyber at Zurich, will become a member of the Board of Directors of Icen Risk.

Founded in 2018 by industry veterans Dawn Bhoma and Rob Brown, Icen Risk has a strong base in private company M&A insurance, with gross written premiums of £70 million. The company has a 25-strong team in Spain, Italy, Austria, and Coverholder status through the specialist Lloyd’s of London marketplace.

Bhoma, Managing Principal of Icen Risk, commented, “Icen’s talented team and our blue-chip capacity providers have helped accelerate our growth in a market which has expanded 50% in the last 5 years. We are delighted that our success to date has culminated in this investment by one of the world’s leading insurers. Zurich’s global brand, international network, and product expertise will take us to the next level in the specialist M&A insurance market and deliver more choice for clients.”

Brown, Managing Principal of Icen Risk, added, “Our leading expertise, innovation-first approach and consistent track record of underwriting profitability stands Icen 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 £2.5 billion 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.”

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

“Icen has become the quality player in this niche sector in a short space of time and Rob and Dawn’s track record in the market is unrivalled. 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.”

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