Icen Risk, a leading specialist M&A insurer, today announces a significant strategic investment from Zurich Insurance Group (Zurich), a leading global multi-line insurer. This investment supports Icen’s ambition to expand its presence in the rapidly growing M&A insurance market across Europe and North America.

Founded in 2018 by industry veterans Dawn Bhoma and Rob Brown, Icen has rapidly become a market leader in private company M&A insurance, with GWP of £70 million and a 25-strong team
with a presence in Spain, Italy and Austria, and Coverholder status through Lloyd’s of London. The Company offers bespoke coverage for Warranty & Indemnity, Tax, IP, and Environmental risks in European mid-market M&A transactions.

Building on the existing relationship between the two companies, Zurich has agreed to acquire an equity stake, supporting the roll out of new products to additional geographies. Icen will
continue to operate independently under its existing brand and leadership team.

Dawn Bhoma, Managing Principal of Icen, 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.”

Robert Brown, Managing Principal of Icen, said: “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 £2.5bn 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.”

Stephen Moss, Global Head of Financial Lines and Cyber at Zurich, 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.”

Stephen Moss will become a member of the board of directors of Icen.

The transaction is subject to regulatory approval and is expected to close in Q3 2025.