DC Advisory advised Summa Insurance on its sale to Acrisure

Background

• 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