Syntaxis Capital, a provider of mezzanine finance in Central Europe, has completed an investment in BIK Brokers, a Polish motor insurance broker.
The investment from Syntaxis will support an ambitious growth strategy for the Gdansk-based broker.
BIK is a commercial wholesale insurance broker in Poland. The company acts as an intermediary between its wide range of blue-chip clients (car fleet management firms, leasing companies, vehicle manufacturers or corporates) and insurance providers in Poland.
For its clients, BIK helps analyse, structure and secure third party liability insurance, CASCO cover and claims management, in addition to providing a range of value-added services. For its insurance partners, it handles key outsourced processes related to the issuance and servicing of their insurance policies.
Przemek Szczepanski, a partner at Syntaxis, says: “Having screened the insurance intermediation market we identified BIK as an attractive target – an innovation leader providing world class services to a blue chip customer base. We believe the company has strong organic growth potential and is a great platform for a buy-and-build strategy. We are also impressed by quality of the management team, which has devised a comprehensive long-term growth plan.”
Roman Czarnowski, CEO of BIK, says: “We are pleased to have secured Syntaxis as a financial investor for the company, which will allow us to execute on our expansion strategy. We believe now is the perfect timing for investment as the market is ripe for consolidation, and we are delighted our new partner fully supports both organic and acquisitive growth initiatives.”
