Icen Risk, the London-based MGA specializing in M&A insurance, has launched into the U.S. market with $50 mn in underwriting capacity provided by Zurich Insurance Group.
The move comes six months after Zurich acquired what it described as a significant minority stake in the firm.
The MGA called the U.S. M&A market the largest and most dynamic globally, with transaction-related cover now surpassing $1 bn in annual premium.
From offices in New York and London, Icen will focus on specialist policies for tax exposures and representations and warranties, targeting private equity, investment funds, and corporates active in the deal market.
Managing principal Dawn Bhoma said U.S. M&A insurance has posted double-digit growth every year for the past five years.
She argued there remains ample room for creative underwriting, provided capacity is strong. Zurich’s backing gives Icen entry with top-tier support.
The U.S. M&A insurance market has experienced double-digit growth every year in the last five years, but with plenty of opportunity for creative underwriting backed by the highest quality capacity
Dawn Bhoma, managing principal
Zurich and Icen declined to specify the size of the Swiss carrier’s equity stake, though Icen noted earlier this year that the investment would help expand both U.S. and European operations.
Founded in 2018, Icen Risk is a Lloyd’s coverholder with a book of £70mn gross written premiums and a 25-person team.
Its portfolio spans warranty and indemnity, tax, intellectual property, and environmental cover, largely serving European mid-market deals. The firm maintains offices in the U.K., U.S., Spain, Italy, Poland, Germany, and Austria.
