The commercial insurance underwriting industry in Europe plays a critical role in mitigating risks for businesses across various sectors. Companies in this field, including brokers and underwriters, assess and price risks—offering tailored insurance solutions that cater to specific needs. As businesses face evolving risks from technology and climate change, this industry is pivoting towards digital transformation and innovative products, allowing insurers to streamline operations and meet client demands efficiently. With a focus on sustainability and enhanced customer engagement, the future promises to reshape traditional underwriting methods through advanced data analytics and emerging technologies.


This list features 15 investors actively shaping the commercial insurance underwriting landscape in Europe. Predominantly corporate entities, many are headquartered in key financial hubs like London and Paris. The sizes of these investors range from small firms with fewer than 50 employees to major players boasting over 10,000 staff. Established between 1981 and 2017, these investors made notable deals in 2024—12 companies recorded multiple investments with some like PIB Group and Howden Broking remaining prominent in recent transactions. Their strategic decisions reveal trends that reflect a dynamic marketplace, driven by growth and innovation in the sector.


Top 15 Commercial Insurance Underwriting 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 London-based corporate investor founded in 2015, specializing in insurance intermediary services. With a workforce of 1001-5000 employees, PIB Group has made significant strides in the insurance sector through a series of strategic acquisitions. Notable transactions include the acquisition of Campion Insurance for approximately $81 million, which marked a significant expansion in their capabilities. Additionally, PIB Group has acquired Munstergroup Insurance, further solidifying their presence in the Irish market, and Citynet Insurance Brokers, a Lloyd’s broker in London. These acquisitions reflect PIB Group's commitment to enhancing their service offerings in commercial insurance underwriting and risk management, catering to both businesses and consumers.


2. Howden Broking


Howden Broking, part of Howden Group, is a corporate investor based in London, England, founded in 1994. The firm operates as a global insurance broker, providing a diverse array of insurance products, including Home & Contents Insurance and Employee Benefits, tailored for both individual consumers and businesses. Howden has been actively expanding its footprint in the commercial insurance sector through strategic acquisitions. Notable transactions include the acquisition of NORTH Risk, Denmark's fourth largest insurance intermediary, aimed at establishing a retail presence in the Nordic market, and Bridges Insurance Services in New Zealand, enhancing their operations in the Pacific region. These acquisitions reflect Howden's commitment to strengthening its capabilities in commercial insurance underwriting and expanding its geographical reach.


3. 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, England. Founded in 2017, the firm has quickly established itself in the insurance market, providing a diverse range of services that cater to both individual consumers and businesses. Notably, Ardonagh has been active in expanding its footprint through strategic acquisitions, including the purchase of Swinton Group in 2018 for over $215 million, and the recent acquisition of PSC Insurance Group for A$2.43 billion in 2024, which significantly enhances its presence in the commercial insurance sector. Additionally, the acquisition of Rural Insurance Group, which specializes in agriculture, further underscores Ardonagh's commitment to diversifying its offerings within the commercial insurance underwriting space. These transactions highlight Ardonagh's strategic focus on building a comprehensive insurance platform, making it a key player in the industry.


4. 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 various services, including direct funding, export credit insurance, and private equity investments. The firm aims to foster entrepreneurship and innovation, helping businesses navigate growth and international expansion. Bpifrance has been actively involved in the commercial insurance underwriting sector, having invested in Tinubu Square, a software developer for credit and surety insurers, in funding rounds of €15m and €53m. Additionally, Bpifrance participated in a Seed funding round for Continuity, a company developing an AI assistant for insurance underwriters, which raised €5 million. These transactions highlight Bpifrance's commitment to supporting innovative solutions in the insurance industry.


5. 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, Aon operates globally, providing a range of services including insurance broking, risk analytics, and consulting. The firm has been actively expanding its footprint in the commercial insurance sector through strategic acquisitions. Notable transactions include the acquisition of CoverWallet, a digital insurance platform aimed at small and medium-sized businesses, and the significant acquisition of NFP for $13.4 billion, which is the largest deal in the global insurance broking sector. Additionally, Aon's acquisition of Willis Towers Watson for nearly $30 billion further solidifies its position in the market. These moves demonstrate Aon's commitment to enhancing its service offerings and market position in commercial insurance underwriting.


6. Accenture

  • Website: accenture.com
  • Type: Corporate
  • Headquarters: Dublin, Dublin, Ireland
  • Founded year: 2001
  • Headcount: 10001+
  • Number of deals in 2024: 51
  • LinkedIn: accenture

Accenture is a global consulting firm based in Dublin, Ireland, specializing in information technology and management consulting services. Founded in 2001, the company has grown to employ over 10,000 professionals and operates across various industries, providing solutions that help businesses innovate and improve efficiency. In recent years, Accenture has made strategic acquisitions to bolster its presence in the insurance sector, including the acquisition of ON Service GROUP, a German business process services provider focused on insurance operations, announced in October 2023. Additionally, Accenture acquired Duck Creek Technologies in July 2011, a key player in software solutions for the property and casualty insurance industry. These investments highlight Accenture's dedication to enhancing its offerings in commercial insurance underwriting and related services.


7. Mundi Ventures


Mundi Ventures is a venture capital firm based in Madrid, Spain, founded in 2015. The firm specializes in early-stage and growth-stage technology companies, managing approximately €500 million in assets. Mundi Ventures focuses on sectors such as insurtech and health tech, providing capital and strategic guidance to help startups achieve their sustainability goals. Notably, Mundi Ventures has participated in several significant transactions in the insurtech space, including multiple funding rounds for Wefox, a Berlin-based digital insurer that has raised substantial capital to expand its operations. Their investments in Wefox include a Series B funding round of $125 million in March 2019 and another Series B round of $110 million in December 2019, as well as a Series C round of $650 million in June 2021. Additionally, they have invested in Artificial Labs, a London-based insurtech company, which raised £4.2 million in seed funding to enhance its digital platform and expand its market reach. These transactions highlight Mundi Ventures' active role in the commercial insurance underwriting sector.


8. JMG Group

  • Website: jmg-group.co.uk
  • Type: Corporate
  • Headquarters: Leeds, England, United Kingdom (UK)
  • Founded year: 2020
  • Headcount: 501-1000
  • Number of deals in 2024: 8
  • LinkedIn: jmg-group

JMG Group, founded in 2020 and based in Leeds, England, is a corporate investor and insurance broker that specializes in delivering tailored insurance solutions and risk management services to both businesses and individuals. With a strong emphasis on client relationships and expert advice, JMG Group operates across various sectors to ensure optimal outcomes for their clients' insurance needs. The company has been actively expanding its presence in the insurance market through strategic acquisitions. Notable transactions include the acquisition of Butterworth Spengler Insurance Brokers, Executive Insurance, BJP Insurance Brokers, and Bickley Insurance, which collectively enhance JMG's capabilities and market reach. These acquisitions reflect JMG Group's commitment to growth and its focus on the commercial insurance underwriting landscape, as they continue to invest in and support the development of their acquired firms while maintaining their existing management structures.


9. Davies

  • Website: davies-group.com
  • Type: Corporate
  • Headquarters: London, England, United Kingdom (UK)
  • Founded year: 1968
  • Headcount: 5001-10000
  • Number of deals in 2024: 8
  • LinkedIn: daviesgroup

Davies is a corporate consulting firm based in London, England, founded in 1968. The firm specializes in providing professional services and technology solutions tailored for the insurance and financial services sectors. With a workforce of 5001-10000 employees, Davies has been actively expanding its footprint in the insurance industry through strategic acquisitions. Notably, they acquired Asta Capital, a third-party managing agent at Lloyd's, which significantly bolstered their global insurance services practice by managing 16 syndicates and four MGAs with over £1.5 billion in gross premiums. Additionally, their acquisition of IAS Claim Services, a property claims specialist, and Johnson Claim Service Inc., a transportation claims specialist, further demonstrates their commitment to enhancing claims management capabilities. These transactions position Davies as a key player in the commercial insurance underwriting landscape, providing a range of services that improve operational efficiency and risk management for their clients.


10. Allianz X

  • Website: allianzx.com
  • Type: Corporate
  • Headquarters: Munich, Bavaria, Germany
  • Founded year: 2016
  • Headcount: 11-50
  • Number of deals in 2024: 6
  • LinkedIn: allianzx

Allianz X is a corporate venture capital firm based in Munich, Bavaria, Germany, founded in 2016. It specializes in investing in digital growth companies within the insurtech and fintech sectors, providing strategic support and capital to help these companies scale their operations. Allianz X's investment portfolio includes significant transactions in the commercial insurance underwriting space, such as their participation in the Series E funding round for Next Insurance, a small business insurer that raised $265 million to expand its operations. Additionally, Allianz X played a crucial role in the acquisition of a 66% stake in Jubilee Allianz General Insurance Limited in Kenya, enhancing Allianz's presence in the African insurance market. They have also invested in Pie Insurance, which focuses on providing workers' compensation insurance, further emphasizing their commitment to the commercial insurance sector. Overall, Allianz X is dedicated to supporting innovation and growth in the financial services industry, particularly in areas related to insurance.


11. BlackFin Capital Partners


BlackFin Capital Partners is a private equity firm based in Paris, Île-De-France, France, founded in 2009. The firm specializes in investments within the financial services sector, including a focus on FinTechs. BlackFin aims to create operational value and support the growth of its portfolio companies through asset-light buyouts and investment management services. Notably, BlackFin has made significant investments in the commercial insurance underwriting space, including a key investment in Descartes Underwriting, a climate change-focused InsurTech that raised $120 million in its Series B funding round, as well as earlier rounds of funding. Additionally, they invested in FRISS, which raised EUR 15 million to combat insurance fraud globally. These transactions highlight BlackFin's active role in the insurance industry, particularly in innovative and technology-driven solutions.


12. B.P. Marsh & Partners Plc


B.P. Marsh & Partners Plc is a private equity firm based in London, England, founded in 1990. The firm specializes in providing tailored investment solutions and strategic support to early-stage financial services businesses, particularly in the insurance sector. They focus on minority equity positions and aim to be the capital provider of choice in the financial services industry. Notable transactions include their investments in Nexus Underwriting Management, Sterling Insurance, and Stewart Specialty Risk Underwriting Ltd., where they acquired a 30% shareholding and provided a loan facility. Additionally, they have stakes in The Fiducia MGA and Asia Reinsurance Brokers, further solidifying their involvement in the commercial insurance underwriting space.


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. In the commercial insurance underwriting context, Apax has made significant investments, including the acquisition of HUB International in 2007, Assured Partners in 2015, and PIB Insurance and PIB Group in 2021. These transactions highlight Apax's strategic focus on enhancing the growth and acquisition strategies of companies within the insurance sector, serving institutional investors seeking to enhance their capital through strategic investments in private equity funds.


14. 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, and is known for providing capital and strategic support to entrepreneurs. Notably, Index Ventures has participated in funding rounds for companies in the commercial insurance underwriting space, such as CoverWallet, which raised $18.5 million in Series B funding, and Metromile, a pay-per-mile car insurance company that raised $90 million in Series E funding. These transactions highlight Index Ventures' commitment to supporting businesses that are transforming the insurance industry, particularly in the commercial sector.


15. Allianz

  • Website: allianz.com
  • Type: Corporate
  • Headquarters: Munich, Bavaria, Germany
  • Founded year: 1890
  • Headcount: 10001+
  • Number of deals in 2024: 5
  • LinkedIn: allianz

Allianz is a leading insurance company based in Munich, Bavaria, Germany, founded in 1890. With a workforce of over 10,000 employees, Allianz provides a wide range of insurance products and investment management services to both individuals and businesses. The company is dedicated to risk management and asset protection, helping customers navigate financial uncertainties. Allianz has a global presence and aims to create long-term value for stakeholders through innovative solutions. Recently, Allianz has made significant strides in the commercial insurance underwriting space, acquiring a 51% stake in Jubilee General Insurance Co. of Tanzania, enhancing their market position in Africa. They also announced the acquisition of TUA Assicurazioni for €280 million, which will strengthen their presence in Italy's property and casualty insurance sector. Furthermore, Allianz is set to acquire a 51% majority stake in Income Insurance Limited in Singapore for approximately USD 1.6 billion, which will elevate their status in the Asian insurance market. These strategic acquisitions underscore Allianz's commitment to expanding its commercial insurance underwriting capabilities.



Commercial Insurance Underwriting Insights: Key Investors in Europe


InvestorHeadquarterSizeFoundedDeals 2024
PIB GroupLondon, England, United Kingdom (UK)1001-500020159
Howden BrokingLondon, England, United Kingdom (UK)10001+199414
Ardonagh SpecialtyLondon, England, United Kingdom (UK)1001-500020177
Bpifrance French Tech AccélérationParis, Île-De-France, France1-102015198
AonLondon, England, United Kingdom (UK)10001+19872
AccentureDublin, Dublin, Ireland10001+200151
Mundi VenturesMadrid, Madrid, Spain11-5020157
JMG GroupLeeds, England, United Kingdom (UK)501-100020208
DaviesLondon, England, United Kingdom (UK)5001-1000019688
Allianz XMunich, Bavaria, Germany11-5020166
BlackFin Capital PartnersParis, Île-De-France, France11-5020095
B.P. Marsh & Partners PlcLondon, England, United Kingdom (UK)11-5019904
ApaxLondon, England, United Kingdom (UK)201-50019818
Index VenturesLondon, England, United Kingdom (UK)51-200199667
AllianzMunich, Bavaria, Germany10001+18905


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