Insurer April is planning acquisitions, to grow its health and personal protection business and aming to become a global player following its takeover by private equity firm KKR.
KKR has set a timeline of eight to ten years for its investment in the business, which is the parent company of international private medical insurance (IPMI) provider April International.
The insurer announced the details on closing its financing round with its new shareholders, led by the investment fund, alongside four major French investors.
These are:
- Arkea, a subsidiary of Crédit Mutuel Arkea, the banking and financial services group which has accompanied the April executive since 2019;
- Burrus Group which is specialised in insurance brokerage, financial management and technology;
- Evolem, the family office of April founder, Bruno Rousset;
- Téthys Invest, the investment holding of the Bettencourt Meyers family.
It is also opening up the capital to create a long-term minority shareholding group which will combine management, employees and long-term investors.
This will be done through a company investment fund that will be created in the next few months, the insurer said.
The insurer told Health & Protection it would not be making any changes to the governance of the organisation following the deals.
It did not reveal what percentage of shareholding or how much was paid by KKR, or what the shareholding available through the long-term minority scheme would be.
Accelerate acquisitions
April added it has set its sights on accelerating development on the markets of loan insurance, health and personal protection, property and casualty niche markets, international health insurance and wealth management.
It also said it intends to amplify digitalisation for the benefit of broker partners and policyholders, improve customer experience across all its activities and accelerate acquisitions in France and internationally.
Eric Maumy, president and CEO of the April Group, said: “We want to perpetuate April’s success story and make it an independent company on a global level.
“To support these strong ambitions, we have chosen to partner with the international investment fund KKR, the executive team, investors who are committed to supporting the company’s management on a long-term basis, and our employees, to whom we will offer the opportunity to invest in equity.
“We are delighted that Arkéa Group and the investment holdings of the Bettencourt Meyers, Burrus and Rousset families have decided to join us.”