The individual health insurance industry in Europe plays a crucial role in providing citizens with essential healthcare coverage. It includes insurance companies, brokers, and tech-driven insurtech firms, all offering various products such as private medical insurance and supplementary health plans. Recent trends show a growing preference for tailored insurance solutions, driven by an increase in awareness of personal health needs. The industry is expected to shift further towards digital solutions, with more customers seeking user-friendly platforms. This evolution highlights the significance of innovation in shaping comprehensive health insurance offerings across the continent.


The list features a mix of corporate, venture capital, and private equity investors, showcasing a blend of strategies within the health insurance sector. Primarily based in major financial hubs like London and Paris, these investors vary in size, with employees ranging from a handful to over 10,000. Founded between 1969 and 2017, they collectively executed 398 investments in 2024 alone. This engagement points to a robust interest in individual health insurance, reflecting its potential for growth and innovation.


Top 14 Individual Health Insurance Investors in Europe


1. PIB Group

  • Website: pibgroup.co.uk
  • Type: Corporate
  • Headquarters: London, England, United Kingdom (UK)
  • Founded year: 2015
  • Headcount: 1001-5000
  • Number of deals in 2024: 9
  • LinkedIn: pib-group

PIB Group is a corporate insurance intermediary based in London, England, founded in 2015. With a workforce of 1001-5000 employees, PIB Group specializes in providing tailored insurance solutions across multiple sectors, including risk management, trade credit insurance, and employee benefits consulting. Notably, PIB Group has expanded its footprint in the individual health insurance market through its acquisition of Balens Insurance Finance Services Limited, a broker that specializes in health, wellbeing, fitness, and beauty sectors. This acquisition, announced on June 29, 2022, marks PIB Group's strategic move into the health insurance domain, complementing their existing offerings. Additionally, PIB Group has been active in acquiring various insurance firms, such as Campion Insurance and Alan Tierney & Partners Ltd, further solidifying their position in the insurance industry and enhancing their capabilities to serve both businesses and individual consumers.


2. Bpifrance French Tech Accélération


Bpifrance French Tech Accélération is a venture capital investor based in Paris, Île-De-France, France, founded in 2015. As a public entity and financial institution, Bpifrance supports entrepreneurs and businesses in France and internationally through a variety of services, including direct funding, export credit insurance, and private equity investments. The institution aims to foster entrepreneurship and innovation, helping businesses navigate growth and international expansion. Notably, Bpifrance has been involved in several transactions relevant to the individual health insurance sector, including a €3 million investment in Santexpat.fr, an insurtech company, and participation in funding rounds for other health-related startups like Kenko and Lovys. These investments highlight Bpifrance's commitment to supporting innovation in the health insurance space.


3. Howden Broking


Howden Broking, founded in 1994 and based in London, England, is a corporate insurance broker with a workforce exceeding 10,000 employees. The company offers a diverse range of insurance products, including Home & Contents Insurance and Employee Benefits, catering to both individual consumers and businesses. In 2024, Howden has made significant strides in the individual health insurance market, highlighted by its acquisition of Help Me Compare Group Limited (ActiveQuote), a UK health and life insurance broker, aimed at strengthening its position in the growing private medical insurance sector. This acquisition reflects Howden's strategy to meet the increasing demand for health insurance, which surged by 46% in the past year. Additionally, Howden's acquisition of Associated Beauty Therapists Ltd, which enhances its footprint in the health and wellbeing insurance sectors, further underscores its commitment to the health insurance market. These strategic moves position Howden as a key player in the individual health insurance landscape.


4. Index Ventures

  • Website: indexventures.com
  • Type: Venture Capital
  • Headquarters: London, England, United Kingdom (UK)
  • Founded year: 1996
  • Headcount: 51-200
  • Number of deals in 2024: 67
  • LinkedIn: index-ventures

Index Ventures is a venture capital firm founded in 1996, based in London, England. The firm invests in innovative startups across various sectors, including technology and healthcare, providing capital and strategic support to entrepreneurs. Notably, Index Ventures has been actively involved in the health insurance sector through its investments in Alan, a French startup that has raised significant capital over multiple funding rounds. Alan raised $28.4 million in Series A in 2018, followed by $45.2 million in Series B in 2019, $54.3 million in Series C in 2020, $220 million in Series D in 2021, and $194.4 million in Series E in 2022. These transactions highlight Index Ventures' commitment to supporting innovative solutions in the health insurance space, making them a relevant player in this industry.


5. Octopus Ventures

  • Website: octopusventures.com
  • Type: Venture Capital
  • Headquarters: London, England, United Kingdom (UK)
  • Founded year: 2008
  • Headcount: 51-200
  • Number of deals in 2024: 37
  • LinkedIn: octopus-ventures

Octopus Ventures is a venture capital firm based in London, England, founded in 2008. They focus on backing founders and startups across a diverse range of sectors, including B2B Software, Bio, Climate, Consumer, Deep Tech, Fintech, and Health. Octopus Ventures provides funding and strategic support to entrepreneurs, helping them navigate the challenges of building and scaling their businesses. Notably, they have invested in DeadHappy, an insurance technology startup that has raised significant funding through multiple rounds, including Seed, Series A, and Series B. This company aims to innovate within the insurance space, particularly in death-related products, which aligns with the health insurance sector. Additionally, they have been involved in the pet insurance market through their investment in Bought By Many, further showcasing their engagement in the insurance industry.


6. SoftBank Investment Advisers


SoftBank Investment Advisers, also known as the SoftBank Vision Fund, is a venture capital fund based in London, England, founded in 2017. The fund specializes in investing in technology-focused companies, particularly those innovating in artificial intelligence. With a diverse portfolio, SoftBank has made notable investments in the health tech sector, including significant funding rounds for companies like Devoted Health and Collective Health. Devoted Health, a tech-enabled Medicare Advantage company, raised $1.15 billion in a Series D funding round led by SoftBank, highlighting their commitment to expanding health insurance solutions. Similarly, Collective Health has received substantial funding from SoftBank, aimed at enhancing health benefits management across the United States. These transactions reflect SoftBank's strategic interest in the health insurance industry, alongside their broader focus on technology and innovation.


7. Cvc

  • Website: cvc.com
  • Type: Private Equity
  • Headquarters: Luxembourg
  • Founded year: 2005
  • Headcount: 1001-5000
  • Number of deals in 2024: 16
  • LinkedIn: cvc-capital-partners

CVC Capital Partners is a prominent private equity investment firm based in Luxembourg, founded in 2005. With approximately €193 billion in assets under management, CVC specializes in private equity, credit, secondaries, and infrastructure investments. The firm has a diverse portfolio, including significant investments in the health sector. Noteworthy transactions include the acquisition of Icario, a health action company, and MedRisk, LLC, where CVC invested $1.15 billion to acquire a majority interest. Additionally, CVC's acquisition of ExamWorks further emphasizes their focus on health-related services. These strategic investments reflect CVC's commitment to delivering sustainable value and growth in the healthcare industry, particularly in areas relevant to individual health insurance.


8. Ardonagh Specialty

  • Website: ardonagh.com
  • Type: Corporate
  • Headquarters: London, England, United Kingdom (UK)
  • Founded year: 2017
  • Headcount: 1001-5000
  • Number of deals in 2024: 7
  • LinkedIn: ardonagh-specialty

Ardonagh Specialty, part of The Ardonagh Group, is an independent insurance broker based in London, UK, founded in 2017. The firm provides a wide range of insurance services, including motorcycle and travel insurance, catering to both individual consumers and businesses. Notably, Ardonagh Specialty has been active in the individual health insurance market, exemplified by its acquisition of Usay Group Limited, a key player in personal medical insurance, in September 2021. This acquisition highlights Ardonagh's commitment to expanding its footprint in the health insurance sector. Additionally, the firm has made other strategic acquisitions, such as AccuRisk and a stake in Stanhope Cooper, which further enhance its capabilities in various insurance domains. With a total of seven investments in 2024, Ardonagh Specialty continues to strengthen its position in the insurance market, making it a relevant player in the individual health insurance space.


9. Mundi Ventures


Mundi Ventures is a venture capital firm based in Madrid, Spain, founded in 2015. The firm specializes in investing in early-stage and growth-stage technology companies, with a strong focus on sectors such as insurtech and health tech. Mundi Ventures manages approximately €500 million in assets and aims to support startups by providing capital and strategic guidance to help them achieve their sustainability goals. Notably, Mundi Ventures has participated in significant funding rounds for companies in the individual health insurance space, including a $10 million Series B investment in Sami, a Brazilian health plan operator, and a $35 million Series B investment in SafetyWing, an insurance firm that has developed a Remote Health offering. Additionally, they have invested in asistensi, an insurtech startup that provides emergency medical insurance for migrants, further showcasing their commitment to enhancing health insurance solutions.


10. Seedcamp

  • Website: seedcamp.com
  • Type: Venture Capital
  • Headquarters: London, England, United Kingdom (UK)
  • Founded year: 2007
  • Headcount: 11-50
  • Number of deals in 2024: 40
  • LinkedIn: seedcamp_2

Seedcamp is a venture capital firm based in London, England, founded in 2007. The firm specializes in investing in early-stage startups across Europe, focusing on technology-driven companies that aim to innovate and grow. Seedcamp provides not only financial backing but also support to founders in areas such as product-market fit and sales, leveraging a vast network of investors. Notably, Seedcamp has been involved in multiple funding rounds for wefox, a Berlin-based digital insurer that has raised substantial capital, including $650 million in a Series C funding round in June 2021. This involvement highlights Seedcamp's interest in the insurance sector, particularly in companies that are transforming the health insurance landscape through technology. Their investments in wefox, which has raised over $918 million since its inception, demonstrate their commitment to supporting innovative solutions in the insurance industry.


11. Partech

  • Website: partechpartners.com
  • Type: Venture Capital
  • Headquarters: Paris, Île-De-France, France
  • Founded year: 1982
  • Headcount: 51-200
  • Number of deals in 2024: 24
  • LinkedIn: partech

Partech Partners is a venture capital firm based in Paris, Île-De-France, France, founded in 1982. The firm specializes in providing funding and support to startups across various sectors, particularly in technology. Partech focuses on helping founders navigate the challenges of scaling their businesses through investment and strategic advisory services. They operate globally with a diverse portfolio of companies. Notably, Partech has invested in Alan, a French health insurance startup, participating in a $13 million funding round in 2016 and a $28.4 million Series A round in 2018. Additionally, they have invested in RelianceHMO, a health insurance provider, contributing to their Series A and Series B funding rounds, which raised $6 million and $40 million, respectively. These transactions highlight Partech's active engagement in the individual health insurance sector.


12. Aon

  • Website: aon.com
  • Type: Corporate
  • Headquarters: London, England, United Kingdom (UK)
  • Founded year: 1987
  • Headcount: 10001+
  • Number of deals in 2024: 2
  • LinkedIn: aon

Aon plc is a professional services firm specializing in risk management and human capital solutions, founded in 1987 and headquartered in London, England. With over 10,000 employees, Aon operates globally, providing a range of services including insurance broking, risk analytics, and consulting. In recent years, Aon has made significant acquisitions to enhance its capabilities in the health insurance sector. Notably, they acquired Admix, a health and benefits brokerage firm in Brazil, to strengthen their position in the Latin American market. Additionally, Aon's acquisition of Benefits Corredores de Seguros Ltda in Chile aims to bolster their Health Solutions capabilities. Furthermore, their acquisition of The Farmington Company enhances their Voluntary Benefits and Enrollment Solutions business, which is relevant to individual health insurance. These strategic moves highlight Aon's commitment to expanding its footprint in the health insurance industry.


13. Apax

  • Website: apax.com
  • Type: Private Equity
  • Headquarters: London, England, United Kingdom (UK)
  • Founded year: 1981
  • Headcount: 201-500
  • Number of deals in 2024: 8
  • LinkedIn: apax-partners

Apax Partners LLP is a private equity firm based in London, England, founded in 1981. The firm specializes in managing investments across various sectors, including technology, internet/consumer, healthcare, and services. Apax collaborates with management teams of high-potential companies to drive growth and innovation. Notably, Apax has made several significant acquisitions in the healthcare and insurance sectors, including GENEX Services, a leading provider of integrated managed care services, acquired in June 2014. They also acquired MagnaCare Holdings in January 2002, which operates within the health insurance domain. Furthermore, their acquisition of PIB Group in January 2021, a specialist insurance intermediary, highlights their ongoing interest in the insurance market. These transactions demonstrate Apax's active role in the healthcare and insurance industries, making them a notable player in the individual health insurance investment landscape.


14. Speedinvest

  • Website: speedinvest.com
  • Type: Venture Capital
  • Headquarters: Vienna, Vienna, Austria
  • Founded year: 2011
  • Headcount: 51-200
  • Number of deals in 2024: 45
  • LinkedIn: speedinvest

Speedinvest is a venture capital firm based in Vienna, Austria, founded in 2011. The firm specializes in funding early-stage tech startups across Europe, providing both capital and hands-on support to help these companies scale. Speedinvest's investment focus spans various technology sectors, including Deep Tech, Fintech, and SaaS. Notably, they have participated in significant transactions within the health insurance context, such as their investments in wefox, a Berlin-based digital insurer that has raised substantial funding to expand its operations, and 9amHealth, which raised $3.7 million in a seed round. These investments highlight Speedinvest's engagement in the health insurance industry, showcasing their commitment to supporting innovative solutions in this space.



Individual Health Insurance Insights: Key Investors in Europe


InvestorHeadquarterSizeFoundedDeals 2024
PIB GroupLondon, England, United Kingdom (UK)1001-500020159
Bpifrance French Tech AccélérationParis, Île-De-France, France1-102015198
Howden BrokingLondon, England, United Kingdom (UK)10001+199414
Index VenturesLondon, England, United Kingdom (UK)51-200199667
Octopus VenturesLondon, England, United Kingdom (UK)51-200200837
SoftBank Investment AdvisersLondon, England, United Kingdom (UK)201-500201714
CvcLuxembourg1001-5000200516
Ardonagh SpecialtyLondon, England, United Kingdom (UK)1001-500020177
Mundi VenturesMadrid, Madrid, Spain11-5020157
SeedcampLondon, England, United Kingdom (UK)11-50200740
PartechParis, Île-De-France, France51-200198224
AonLondon, England, United Kingdom (UK)10001+19872
ApaxLondon, England, United Kingdom (UK)201-50019818
SpeedinvestVienna, Vienna, Austria51-200201145


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