AnaCap seals French insurance deal

The deal comes as AnaCap attempts to collect €900 million for its third fund.

UK-based AnaCap Financial Partners has bought AssurOne Group, a French digital insurance broker, from Seventure Partners and Bpifrance, according to a statement.

Financial details were not disclosed. AnaCap declined to comment beyond the statement.

AssurOne Group, which was founded in 2004, distributes and manages personal insurance products, including motor and home policies. Customers are able to buy products directly online, offline through a network of introductory sources, or via products sold by major car manufacturers and retailers. It has relationships with approximately 20 major insurers, according to the statement.

AnaCap hopes to capitalise on “the significant anticipated shift towards digitalisation over the coming years”, the firm said. In 2012, the French market reached €180 billion of insurance premiums, the third largest total in Europe. However only 4 percent of purchases were made online; that’s among the lowest in Western Europe, and far below countries such as the UK where the equivalent at 37 percent, according to AnaCap.

“We will focus on the acceleration of the business plan specifically through digitalisation, but also through a disciplined focus on new markets and products,” AnaCap’s Nassim Cherchali said.

The investment comes just a month after AnaCap agreed to acquire the Brightside Group, a broking business, for 25 pence per share, in a take-private deal that valued the company at £127 million.

The firm is currently investing AnaCap Financial Partners II, a €574 million 2009-vintage. This fund has so far delivered a net total value to paid (TVPI) multiple of 1.41x and a distributions paid in (DPI) of 0.26x as of June 30 2013, according to documents from The New Jersey Division of Investment.

AnaCap is also currently in market attempting to raise €900 million for its third fund, according to the documents. In February, New Jersey proposed to invest €125 million in AnaCap Financial Partners III.