European private equity firm IK Partners announced that its IK Small Cap IV Fund has acquired a majority stake in French multi-specialty insurance brokerage Ascora Group.
The transaction, which takes the form of a management buyout (MBO), is intended to facilitate the succession of the company’s founders while accelerating the group’s expansion in France.
Founded in 1989 by Erik and Stéphane Henry, Ascora has grown to become one of the top 20 direct insurance brokers in France, offering end-to-end services from policy underwriting to claims management.
It operates primarily in the Île-de-France region and has expertise in the real estate sector; Property & Casualty Insurance (P&C); Ascora serves more than 12,000 clients.
Henry, founder of Ascora, said: “Over the past 30 years, we have worked hard to build a strong integrated platform in the French insurance brokerage market, and I am very proud of everything we have achieved together.
“As the Group enters its next phase with the support of IK, I would like to thank everyone who has contributed to Ascora’s success to date and look forward to supporting Bruno and the team in his new role on the Board.”
The deal marks a major shift for the company as Henry steps down as president after more than three decades.
Under the new structure, the existing management team, led by CEO Bruno Deschamps, will increase its shareholding in the company. Henry will remain involved as a board member.
Deschamps, CEO of Ascora, added: “On behalf of the management team and everyone at Ascora, I would like to thank Stéphane for his outstanding leadership over the past three decades.
“Our clients value the fact that we pick up the phone to fight their claims with the same determination as we would with our own assets, and provide real expertise – not just distribution. With IK as our partner, we will retain everything that makes Ascora special, while expanding our presence and capabilities in France.”
Ascora has successfully acquired 13 brokers to date and intends to continue executing on a targeted buy and build strategy, leveraging IK’s insurance brokerage expertise established through partnerships with Yellow Hive (Netherlands), Ascentiel Group (France) and Seventeen Group (UK).
The company also aims to strengthen its position as a leading insurance brokerage platform by accelerating growth in its core real estate and property and casualty insurance segments, supported by investments in its sales team and digital tools.
To ensure future scalability and effectiveness, it will seek to further professionalize its core functions and strengthen its organizational structure.
Pierre Gallix, Managing Partner at IK and Advisor to the IK SC IV Fund, commented: “Ascora is a high-quality platform operating at the core of a resilient, high-growth real estate niche and supported by strong fundamentals such as recurring revenue, market-leading technical performance and a highly skilled team.
“A hallmark of Ascora’s business model is its exceptional claims management capabilities, supported by a team of experienced legal professionals and in-house experts. This approach has delivered best-in-class loss ratios, high recovery rates and continued strong results for the group’s clients. We are delighted to partner with Bruno and his team on the next chapter and accelerate the group’s expansion through organic initiatives and bolt-on acquisitions.”
