Global buyout house Advent International has bolstered its operations team, hiring insurance industry veteran Martin Strobel as an operating partner, according to a statement from the firm.
Strobel, whose appointment is effective immediately, was CEO of European insurance and pension services firm Baloise Group from 2009 to 2015. There, he also previously acted as the head of IT at Basler Switzerland, and served on the company’s corporate executive committee with responsibility for the corporate division Switzerland.
Before joining Baloise, Strobel held several roles at Boston Consulting Group, advising businesses in the banking and the insurance sectors between 1993 and 1999. Strobel has recently been appointed non-executive board director for RSA Insurance Group and has joined its audit, investment and remuneration committees.
“Finding investment opportunities in the insurance sector is a key area of focus for us. Martin brings a breadth of knowledge and expertise to the team and will help us navigate the fast changing landscape,” Nick Rose, a director in Advent’s business and financial services team, said in the statement.
“We look forward to finding new and exciting investment opportunities with him right the way across Europe and in all parts of the value chain; be it underwriters, distribution businesses or service providers.”
Advent’s operating partner programme includes more than 70 industry executives who work in specific sectors as independent consultants to Advent and its portfolio companies, assisting in activities such as finding attractive investment opportunities, conducting due diligence, and creating and supporting value creation plans, the firm said.
In March, Advent closed its eighth flagship fund on its $13 billion hard-cap after just six months in market. Around 90 percent of the commitments to the fund, which had an initial target of $12 billion, came from existing investors.
Advent International Global Private Equity VIII was reportedly marketed without a return hurdle rate with limited partners paying 1.5 percent on committed and invested capital and the manager taking 20 percent of profits accrued over the lifetime of the fund.