MCI Group sells Netrisk stake for EUR 55 mln
MCI.EuroVentures, a fund of Warsaw-based private equity firm MCI Group, has sold a stake in Hungarian insurance broker Netrisk to peer TA Associates for EUR 55 million, MCI Group said on Wednesday, state news wire MTI reports.
MCI Group said AMC Capital IV, a minority shareholder in Netrisk, is also selling its entire stake in the insurance broker.
The transactions will give TA Associates 75% of Netrisk and Netriskʼs management 1.3%. MCI Group will retain a 23.7% stake in Netrisk "to actively help build value for the insurtech leader on a larger, regional scale", the firm said.
Netrisk is the biggest independent online insurance broker in Hungary, offering compulsory vehicle policies, comprehensive vehicle insurance, and home and travel insurance. Last year, Netrisk acquired one of its biggest competitors Biztositas.hu.
"In addition to sustained organic growth, Netrisk will consider acquisition opportunities in CEE, including online, multi-channel and offline companies involved in the distribution of personal-line insurance products," MCI Group said.
SUPPORT THE BUDAPEST BUSINESS JOURNAL
Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.