The commercial insurance underwriting industry in the Nordics is characterized by a robust network of companies that assess and manage risk for businesses. These organizations provide tailored insurance solutions, including property, liability, and specialty coverages. The sector has seen a rise in InsurTech innovations, transforming traditional underwriting processes with technology. As focus shifts towards sustainability and customer-centric services, many insurance providers prioritize digital tools, enhancing client engagement and operational efficiency. Notable trends include increased investment in data analytics and AI, revolutionizing how insurers gauge risk, streamline claims, and boost overall service delivery.


The list of investors in the Nordics showcases a variety of corporate and private equity firms, primarily headquartered in Stockholm, Oslo, and Helsinki. With founding years spanning from 1767 to 2017, these investors range in size from 1 to over 10,000 employees. In 2024, the collective investment activity revealed diverse interests, with notable deal counts from firms like EQT Group and Nordic Capital. This dynamic environment illustrates the steady growth and innovative momentum driving commercial insurance underwriting investments in the Nordic region.


Top 16 Commercial Insurance Underwriting Investors in the Nordics


1. Nordic Capital

  • Website: nordiccapital.com
  • Type: Private Equity
  • Headquarters: Stockholm, Stockholm, Sweden
  • Founded year: 1989
  • Headcount: 201-500
  • Number of deals in 2024: 10
  • LinkedIn: nordic-capital

Nordic Capital is a private equity firm based in Stockholm, Sweden, founded in 1989. The firm specializes in investments across various sectors, including healthcare and technology, but has also made notable strides in the commercial insurance industry. They have partnered with management teams to drive growth and operational improvements in their portfolio companies. Noteworthy transactions include the acquisition of Helmsauer Group, a German commercial insurance broker serving over 40,000 customers, and Solid Forsakrings, which they acquired in 2012. Additionally, their investment in Max Matthiessen, a financial advisory firm, and One Inc, an InsurTech company, highlights their focus on enhancing customer offerings and supporting innovation in the insurance sector. Nordic Capital's clients primarily consist of institutional investors seeking sustainable investment opportunities, and they emphasize creating long-term value and sustainability in their investments.


2. Söderberg & Partners


Söderberg & Partners is a corporate financial advisory firm based in Stockholm, Sweden, founded in 2004. The firm provides a comprehensive range of services, including pension advisory, insurance brokerage, and wealth management, catering to both individual consumers and businesses. In recent years, Söderberg & Partners has made strategic acquisitions to enhance its position in the insurance sector. Notably, they acquired a 74% stake in Grupo Galilea, a leading independent insurance broker in Spain, which positions them to expand their operations in the commercial insurance market. Additionally, they acquired Frisia Verzekeringen, further solidifying their presence in the insurance brokerage space. Their acquisition of Ensure International Insurance Broker in 2016 also highlights their commitment to growing their insurance capabilities. These transactions demonstrate Söderberg & Partners' active role in the commercial insurance underwriting industry, as they seek to provide tailored solutions to enhance financial security and investment strategies for their clients.


3. EQT Group

  • Website: eqtgroup.com
  • Type: Private Equity
  • Headquarters: Stockholm, Stockholm, Sweden
  • Founded year: 1994
  • Headcount: 1001-5000
  • Number of deals in 2024: 30
  • LinkedIn: eqt-partners

EQT Group is a private equity investment firm based in Stockholm, Sweden, founded in 1994. The firm specializes in a diverse range of investment strategies, including private equity, infrastructure, real estate, growth equity, and venture capital. EQT serves institutional investors by providing expertise in managing diverse investment portfolios across multiple sectors and geographies. Notably, EQT has made significant investments in the insurance sector, including a Series D investment in Bought By Many, a prominent pet insurance provider, which raised USD 350 million and achieved a pre-money valuation of over USD 2 billion. Additionally, EQT acquired International Health Insurance Danmark, further solidifying its presence in the insurance market. The firm also invested in MHC Asia Group, which manages corporate healthcare benefits, showcasing its commitment to the insurance and healthcare sectors. These transactions highlight EQT's strategic interest in the insurance industry, making it a noteworthy investor in commercial insurance underwriting.


4. Kinnevik

  • Website: kinnevik.com
  • Type: Venture Capital
  • Headquarters: Stockholm, Stockholm, Sweden
  • Founded year: 1936
  • Headcount: 11-50
  • Number of deals in 2024: 10
  • LinkedIn: investment-ab-kinnevik

Kinnevik is a Stockholm-based investment company founded in 1936, specializing in partnering with innovative entrepreneurs across various sectors, including healthcare, software, marketplaces, and climate tech. With a focus on redefining industries and addressing global challenges, Kinnevik provides both capital and operational support to help companies scale and create long-term value. In the commercial insurance underwriting context, Kinnevik has made notable investments in companies such as Sure, which raised $100 million in a Series C funding round to enhance global expansion and customer experiences in embedded insurance. They also led a $35 million Series B funding round for SafetyWing, an insurance firm that offers remote health solutions. Furthermore, Kinnevik participated in funding rounds for BIMA, a microinsurance provider, demonstrating their active engagement in the insurance sector and commitment to innovative insurance solutions.


5. Creandum

  • Website: creandum.com
  • Type: Venture Capital
  • Headquarters: Stockholm, Stockholm, Sweden
  • Founded year: 2003
  • Headcount: 11-50
  • Number of deals in 2024: 17
  • LinkedIn: creandum

Creandum is a venture capital firm based in Stockholm, Sweden, founded in 2003. The firm specializes in supporting early-stage entrepreneurs in building global, category-defining companies across various sectors, including fintech and health tech. Creandum provides venture capital investment, strategic support, and networking opportunities to startups, nurturing them from seed to IPO. Notably, Creandum has invested in Laka, a London-based bicycle insurance company, participating in multiple funding rounds including a seed round in 2020 and a Series A in 2022. Additionally, they invested in SafetyWing, an insurance firm that secured $35 million in a Series B funding round in 2022, aimed at scaling its Remote Health offering. These transactions highlight Creandum's active role in the insurance industry, particularly in innovative and emerging insurance solutions.


6. Katapult

  • Website: katapult.vc
  • Type: Venture Capital
  • Headquarters: Oslo, Oslo, Norway
  • Founded year: 2017
  • Headcount: 11-50
  • Number of deals in 2024: 8
  • LinkedIn: katapult-accelerator

Katapult is an impact investment firm based in Oslo, Norway, founded in 2017. The firm focuses on tech startups that address global challenges, providing investment, accelerator programs, and mentorship to early-stage companies. Katapult has been active in various sectors, including climate-tech and ocean-tech. Notably, they have invested in OKO, a Mali-based InsurTech that raised $500,000 to enhance insurance access for farmers through innovative technology. This investment highlights Katapult's engagement in the commercial insurance underwriting space, as OKO utilizes satellite imagery and weather forecasting to automate risk assessment and claims management. Additionally, Katapult has participated in other funding rounds, but their involvement with OKO is particularly relevant to the commercial insurance sector.


7. Nordea

  • Website: nordea.com
  • Type: Corporate
  • Headquarters: Helsinki, Uusimaa, Finland
  • Founded year: 1820
  • Headcount: 10001+
  • Number of deals in 2024: 6
  • LinkedIn: nordea

Nordea Bank Abp is a prominent financial services company based in Helsinki, Finland, providing a comprehensive range of banking and investment management services to both individual and corporate clients. Founded in 1820, Nordea has established a strong presence in the Nordic region, offering personal banking, business banking, and asset management solutions. In recent years, Nordea has made significant strides in the insurance sector, highlighted by their acquisition of the occupational and individual pension portfolios from Frende Livsforsikring AS for approximately NOK 4.2 billion. This strategic move aims to enhance their insurance offerings through their Norwegian subsidiary, Nordea Liv. Additionally, their acquisition of Gjensidige Bank for €578 million further solidifies their position in the insurance market, as it includes a long-term distribution cooperation that enhances their customer base and asset management capabilities. These transactions reflect Nordea's commitment to expanding its footprint in the commercial insurance underwriting industry.


8. EQT Ventures

  • Website: eqtventures.com
  • Type: Venture Capital
  • Headquarters: Stockholm, Stockholm, Sweden
  • Founded year: 2015
  • Headcount: 11-50
  • Number of deals in 2024: 28
  • LinkedIn: eqt-ventures

EQT Ventures is a venture capital firm based in Stockholm, Sweden, founded in 2015. The firm specializes in investing in early-stage tech startups, providing not only financial support but also operational assistance to entrepreneurs. EQT Ventures has a strong focus on technology and innovation, connecting startups with a global network of industry experts and resources to foster growth. Notably, EQT Ventures has made significant investments in the insurtech space, including leading a €50 million Series B funding round for Luko, a French insurtech startup, and a £25 million Series B funding round for Cytora, a UK-based insurtech. These investments highlight EQT Ventures' commitment to transforming the insurance industry through technology, making them a key player in the commercial insurance underwriting landscape. Additionally, their investment in Kota, which modernizes employee benefits, further demonstrates their engagement in sectors related to insurance.


9. Heartcore Capital

  • Website: heartcore.com
  • Type: Venture Capital
  • Headquarters: Copenhagen, Denmark
  • Founded year: 2007
  • Headcount: 11-50
  • Number of deals in 2024: 17
  • LinkedIn: heartcorecapital

Heartcore Capital is a venture capital firm based in Copenhagen, Denmark, founded in 2007. The firm specializes in investing in early-stage technology companies and focuses on building long-term relationships with entrepreneurs by providing both capital and guidance throughout their business journey. Heartcore operates globally and has been active in various sectors, including the insurance industry. Notably, they participated in the Series A funding round for Lovys, a France-based InsurTech, which raised €17 million to enhance its international expansion and customer experience. Additionally, Heartcore invested in CarbonPool, a carbon credit insurance firm that raised $12 million in seed funding. This company is developing customized risk models and is in the process of obtaining an insurance license in Switzerland, indicating a strong focus on commercial insurance underwriting. These transactions highlight Heartcore's engagement in the insurance sector, particularly in innovative and technology-driven solutions.


10. Inventure

  • Website: inventure.vc
  • Type: Venture Capital
  • Headquarters: Helsinki, Uusimaa, Finland
  • Founded year: 2005
  • Headcount: 11-50
  • Number of deals in 2024: 9
  • LinkedIn: inventure

Inventure is a venture capital firm based in Helsinki, Uusimaa, Finland, founded in 2005. The firm focuses on backing ambitious Nordic and Baltic founders, providing venture capital investment and portfolio management services to early-stage tech startups. Inventure has been actively involved in the InsurTech sector, with notable investments in companies such as Omocom and Insurello. Omocom, a Swedish InsurTech startup, raised €3.7 million in funding in May 2020, co-led by Inventure, to enhance product development and expand into new verticals. Additionally, Insurello, a Stockholm-based InsurTech, raised $17.4 million in July 2021, with Inventure leading the funding round aimed at international expansion. These transactions highlight Inventure's commitment to supporting innovation in the commercial insurance underwriting space, particularly through technology-driven solutions.


11. Adelis Equity Partners


Adelis Equity Partners is a private equity firm based in Stockholm, Sweden, founded in 2012. The firm specializes in growing businesses in the Nordic region and provides investment management and strategic consulting services across various sectors, including technology, healthcare, and business services. Notably, Adelis has made significant strides in the commercial insurance underwriting space through its acquisition of Säkra Falkenberg, a company that operates within the insurance sector, and its investment in Hedvig, a digital insurance provider that raised over $31 million in a Series B funding round. These transactions highlight Adelis's commitment to expanding its portfolio in the insurance industry, showcasing their capability to drive growth and innovation in this field.


12. Luminar Ventures

  • Website: luminarventures.com
  • Type: Venture Capital
  • Headquarters: Stockholm, Stockholm, Sweden
  • Founded year: 2017
  • Headcount: 1-10
  • Number of deals in 2024: 7
  • LinkedIn: luminar-ventures

Luminar Ventures is a venture capital firm based in Stockholm, Sweden, founded in 2017. The firm specializes in pre-seed and seed-stage investments, providing funding and strategic guidance to innovative startups, particularly in the technology sector. Notably, Luminar Ventures has made significant investments in the InsurTech space, including a €3.7 million investment in Omocom, a Swedish InsurTech startup, aimed at enhancing product development and expanding into new verticals. Additionally, they participated in funding rounds for Insurello, a Stockholm-based insurtech that raised €7.1 million for international expansion, and Insurely, which completed a €19 million Series A funding round to accelerate its market expansion. These transactions highlight Luminar's commitment to supporting companies that are transforming the insurance industry through technology, making them a relevant player in the commercial insurance underwriting sector.


13. Sampo plc

  • Website: sampo.com
  • Type: Corporate
  • Headquarters: Helsinki, Uusimaa, Finland
  • Founded year: 1909
  • Headcount: 51-200
  • Number of deals in 2024: 1
  • LinkedIn: sampo-plc

Sampo plc, founded in 1909 and based in Helsinki, Uusimaa, Finland, is a corporate investor primarily focused on the insurance sector. The company specializes in property and casualty (P&C) insurance and life insurance, providing tailored insurance solutions across the Nordic region. Sampo is committed to risk management and sustainability, ensuring comprehensive coverage for various risks faced by both individual consumers and businesses. Recently, Sampo made headlines with its €4.42 billion offer to acquire the remaining shares of Danish insurer Topdanmark, where it already held a 48.5% stake. This acquisition, expected to finalize by September 2024, is set to enhance Sampo's market share in the Nordic P&C insurance sector to approximately 20%. Additionally, Sampo has a history of strategic acquisitions, such as the acquisition of Mandatum Bank in 2000, which further illustrates its active role in the financial and insurance markets.


14. Visma

  • Website: visma.com
  • Type: Corporate
  • Headquarters: Oslo, Oslo, Norway
  • Founded year: 1996
  • Headcount: 10001+
  • Number of deals in 2024: 16
  • LinkedIn: visma

Visma is a corporate investor based in Oslo, Norway, founded in 1996. It specializes in providing cloud-based software solutions for accounting, payroll, invoicing, and HR, primarily serving small and medium businesses as well as public sector organizations. Visma has a strong presence in Europe and Latin America, operating through a network of entrepreneurial companies that contribute to its innovative software offerings. Notably, Visma has made strategic acquisitions that enhance its capabilities in areas related to commercial insurance underwriting. For instance, the acquisition of Reliforce in March 2022 aims to improve policy administration and absenteeism management, which are critical components in the insurance sector. Additionally, Visma's acquisition of House of Control in September 2022 further demonstrates its commitment to expanding its software solutions, potentially benefiting clients in the insurance industry. These transactions indicate that while Visma is not exclusively focused on commercial insurance underwriting, it is actively engaging in areas that support the insurance process.


15. Altor Equity Partners

  • Website: altor.com
  • Type: Private Equity
  • Headquarters: Stockholm, Stockholm, Sweden
  • Founded year: 2003
  • Headcount: 51-200
  • Number of deals in 2024: 6
  • LinkedIn: altor

Altor Equity Partners is a private equity investment management firm based in Stockholm, Sweden, founded in 2003. The firm specializes in providing consulting services to businesses across various sectors, including technology and consumer products, with a strong emphasis on enhancing operational efficiency and sustainable growth through tailored investment strategies and digital transformation solutions. Notably, Altor has made significant investments in the financial services sector, including a recent acquisition of an 8.0% minority stake in Mandatum plc, which highlights their interest in companies involved in insurance and pension savings. This transaction, along with their previous involvement with Max Matthiessen, a financial services provider, underscores their engagement in the insurance industry, particularly in areas relevant to commercial insurance underwriting.


16. LähiTapiola

  • Website: lahitapiola.fi
  • Type: Corporate
  • Headquarters: Espoo, Uusimaa, Finland
  • Founded year: 1982
  • Headcount: 1001-5000
  • Number of deals in 2024: 1
  • LinkedIn: l-hitapiola

LähiTapiola Keskinäinen Vakuutusyhtiö is a Finnish mutual insurance company founded in 1982, headquartered in Espoo, Uusimaa, Finland. The company offers a comprehensive range of insurance products, including property, life, and health insurance, alongside investment and savings services. It serves individuals, businesses, and organizations, helping them manage risks and secure their financial future through tailored financial solutions. A significant recent transaction includes the acquisition of a 70% majority stake in Suomen Vahinkovakuutus Oy, also known as POP Insurance, announced on March 21, 2023. This acquisition aims to enhance LähiTapiola's digital services for customers and strengthen its capabilities in digital insurance sales and marketing, further solidifying its position in the commercial insurance underwriting market.



Commercial Insurance Underwriting Insights: Key Investors in the Nordics


InvestorHeadquarterSizeFoundedDeals 2024
Nordic CapitalStockholm, Stockholm, Sweden201-500198910
Söderberg & PartnersStockholm, Stockholm, Sweden1001-500020044
EQT GroupStockholm, Stockholm, Sweden1001-5000199430
KinnevikStockholm, Stockholm, Sweden11-50193610
CreandumStockholm, Stockholm, Sweden11-50200317
KatapultOslo, Oslo, Norway11-5020178
NordeaHelsinki, Uusimaa, Finland10001+18206
EQT VenturesStockholm, Stockholm, Sweden11-50201528
Heartcore CapitalCopenhagen, Denmark11-50200717
InventureHelsinki, Uusimaa, Finland11-5020059
Adelis Equity PartnersStockholm, Stockholm, Sweden11-5020123
Luminar VenturesStockholm, Stockholm, Sweden1-1020177
Sampo plcHelsinki, Uusimaa, Finland51-20019091
VismaOslo, Oslo, Norway10001+199616
Altor Equity PartnersStockholm, Stockholm, Sweden51-20020036
LähiTapiolaEspoo, Uusimaa, Finland1001-500019821


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