Zurich to acquire stake in Icen Risk
By Aidan Gregory
April 1 - (The Insurer) - Zurich Insurance Group has acquired a “significant minority stake” in Icen Risk, an MGA focused on the M&A insurance market.
In a statement on Tuesday, Icen Risk said Zurich’s backing will support its ambition to expand in the “rapidly growing” M&A insurance market in Europe and North America.
The deal is expected to close in the third quarter of 2025, subject to regulatory approval. Financial terms of the transaction have not been disclosed.
Stephen Moss, global head of financial lines and cyber at Zurich, will join Icen Risk’s board once the transaction closes.
Icen Risk was launched in 2018 by Dawn Bhoma and Rob Brown and now underwrites gross written premium of 70 million pounds ($90.3 million) with around 25 staff.
Zurich said the investment in Icen Risk was part of its strategy to grow its presence in specialty.
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