Financial services private equity firm AnaCap Financial Partners has completed the buyout of AssurOne Group, a French digital insurance broker.
AssurOne specialises in the online distribution and management of personal insurance products, including motor and home policies.
Under the terms of the agreement, funds advised by AnaCap and AssurOne’s management team will acquire 100 per cent of AssurOne Group from financial investors Seventure Partners and Bpifrance, who have supported the growth of the business since 2006 and 2008 respectively.
Founded in 2004, AssurOne Group initially focused on the direct sale of insurance products as a single carrier supplier. Subsequently it has developed an indirect and direct brokerage business and has relationships with at least 20 major insurers. Customers are able to purchase products directly online, offline through a large network of introductory sources, or via “white-labelled” products sold by major car manufacturers and retailers.
As part of the transaction, AnaCap will partner with the chief executive, president and team, all of whom are seasoned in the French insurance market and the digital space.
Nassim Cherchali, at AnaCap, says: “With the benefit of AnaCap’s intensive, operationally focused investment approach and the industry’s attractive underlying market trends we believe there is an excellent opportunity for AssurOne Group. Working alongside a very strong management team we will focus on the acceleration of the business plan specifically through digitalisation, but also through a disciplined focus on new markets and products.”
Bertand Vialle, CEO of AssurOne, says: “The buyout will enable AssurOne Group to capitalise on the existing opportunity set within the French insurance broking sector and continue its robust growth trajectory. The business will greatly benefit from its partnership with AnaCap; an operationally driven, private equity firm with unparalleled expertise within the European financial sector.”
