Two Entrepreneurs Set for Major Windfall After Stake Sale to Zurich Insurance Group

The founders of Icen Risk, Robert Brown and Dawn Bhoma, are poised to receive substantial financial rewards after negotiating the sale of a 49% stake in their firm to Zurich Insurance Group. This transaction values Icen Risk at approximately £150 million, marking a remarkable achievement for the insurance start-up that has only been in operation for less than seven years.

Both Brown and Bhoma are expected to earn around £30 million each as a result of this agreement. Brown, an early pioneer in mergers and acquisitions insurance within the Lloyd’s of London market, teamed up with Bhoma, a former City tax lawyer, in 2012 to establish Icen Risk in November 2018. The company has since expanded to employ 25 individuals, including teams based in Madrid, Milan, and Vienna.

Icen Risk specialises in providing insurance cover related to mergers and acquisitions, safeguarding businesses and individuals from potential risks during the buying and selling processes. The firm’s clients range from private equity firms to corporate entities, all seeking protection against unforeseen tax liabilities and safeguarding critical intellectual property.

The demand for M&A insurance saw considerable growth following the financial crisis of 2007-2009, as buyers became increasingly cautious. Brown noted that this shift in market sentiment played a pivotal role in accelerating the sector’s expansion. He stated that the landscape has changed, creating more opportunities for firms like Icen Risk.

Post-acquisition, Brown and Bhoma will continue to lead the company as managing principals. Their strategy involves leveraging Zurich’s resources to facilitate further expansion across Europe, particularly in markets such as Germany and North America. Stephen Moss, an executive at Zurich, will join Icen’s board, furthering the partnership’s potential to tap into the enduring growth opportunities within the M&A insurance sector.

This collaboration comes at a strategic moment, aligning with the evolving market dynamics and offering a promising future for both Icen Risk and Zurich Insurance Group.