Cinven taps new financial services fund for Swedish insurance brokerage Säkra

European buyout major Cinven has agreed a buyout of Swedish insurance brokerage Säkra, one of the country’s largest insurance intermediaries.

Säkra provides life and non-life insurance products, as well as pension and wealth management services, to more than 35,000 SME clients and over 115,000 individual customers.

Cinven said the company was an attractive investments given its cash-generative business model and recurring revenue base, strong brand equity and its robust performance during the Covid-19 pandemic and prior economic downturns.

The deal is the fourth from Cinven’s €1.5bn dedicated financial services fund, SFF, which it closed in the summer.

Luigi Sbrozzi, partner and co-head of the SFF, said, “The investment is supported by a resilient underlying market in Sweden and is well-positioned to grow organically, with further upside through its demonstrated M&A trajectory.

“Säkra offers a high-quality scalable platform, with associated benefits for clients as the business develops and expands over the long-term.”

Previous SFF investments have included specialist insurance and reinsurance broker Miller, life insurance provider International Financial Group and Compre, a specialist global consolidator of closed books of non-life insurance policies.

Source: Alt Assets