Zurich Acquires Stake in U.K. M&A Insurer Icen Risk

Zurich Insurance Group has agreed to acquire a significant minority stake in Icen Risk, a London-based specialist in mergers and acquisitions (M&A) insurance, as part of its strategy to expand in North America and Europe. The investment, which values Icen Risk at approximately £150 million, will enable Zurich to support the rollout of new products in key markets such as Germany. Icen Risk, founded in 2018 and boasting £70 million in gross written premiums, provides coverage for various risks associated with mid-market M&A transactions. The firm will maintain its independent operations and leadership following the deal, which is expected to close in the third quarter of 2025, pending regulatory approval. Zurich's global head of financial lines and cyber, Stephen Moss, will join Icen Risk's board as part of the agreement. This move aligns with Zurich's broader growth ambitions in the specialty insurance sector, particularly as demand for M&A insurance continues to rise amid increasing dealmaking activity.