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.
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