Summa Insurance is an independent insurance broker intermediating over EUR 70m of premiums and generating revenues of EUR 12m. Summa Insurance has developed a unique platform to consolidate the fragmented insurance distribution sector in Spain, operating in 20 offices and 51 franchisees across the region
Summa Insurance is owned by its founders and BP Marsh:
The founders and senior management of Summa Insurance own 22.75% of the company
BP Marsh is a British private equity fund with a market capitalisation of EUR 140m, specialising in early-stage investment in financial services companies. Having first invested in Summa Insurance in 2005, BP Marsh now owns 77.25% of the business
Acrisure is based in the US and is one of the largest insurance brokerages in the world. Acrisure has revenues of EUR 2.4bn and an EBITDA of EUR 900m
Process
DC Advisory (DC) advised Summa Insurance across a number of workstreams including:
the identification of candidates consistent with the objectives of the shareholders,
the comparison of bids;
and the execution of the winning alternative
Outcome
DC acted as exclusive financial advisor to Summa Insurance and optimised the interest of the shareholders resulting in the sale of a majority stake to Acrisure
As Acrisure enters the Spanish market and expands its business in continental Europe, its financial strength and operational experience will allow Summa Insurance to develop its own ambitious growth plan
The founders and senior management of Summa Insurance retain a minority stake and will lead the development of the company in the coming years, participating in the creation of value through an incentive scheme
This transaction once again bolsters DC’s track record in the insurance space and is a demonstration of its strong cross-border network and expertise
