Ontario Teachers’-led group to buy stake in insurance merger

An investor consortium led by Ontario Teachers' Pension Plan Board has agreed to a 30 percent stake in the merger of the Siaci Saint Honore Group and Burrus Group.

An investor consortium led by Ontario Teachers’ Pension Plan Board has agreed to a 30 percent stake in the merger of the Siaci Saint Honoré Group and Burrus Group. No financial terms were disclosed. The merger will form a European provider of insurance consulting and brokerage services. As part of this transaction, Charterhouse Capital Partners, which acquired a majority stake in Siaci Saint Honoré in 2018, will exit the business,

PRESS RELEASE

Paris, July 2nd, 2021 – The management of the SIACI SAINT HONORÉ Group, the leading independent French insurance broker, and Christian Burrus, the majority shareholder of DIOT and LSN, have signed an agreement to create the leading independent European insurance broker operating worldwide. A consortium of institutional investors, led by Ontario Teachers’ Pension Plan Board (“Ontario Teachers”) and including Bpifrance and Cathay Capital, will become significant shareholders in the Group.

With this transaction, the BURRUS GROUP, headed by Christian Burrus, together with the management of the newly formed Group will hold the majority of the share capital and voting rights in the Group, guaranteeing its independence and sustainability. Pierre Donnersberg will become Chairman of the group and Christian Burrus Managing Director.

The merger of SIACI SAINT HONORÉ and BURRUS GROUP will create a significant independent European alternative to the major global brokers.

The combined Group will strengthen its market position in France and around the world in the large company, mid-cap and SME market segments, in employee benefits, international mobility, property and liability insurance, marine & transport, credit insurance and reinsurance. It will be among the top 10 global players in the sector with a turnover of almost €700 million and close to 5,000 employees in over 40 countries.

As part of this transaction, Charterhouse Capital Partners, which acquired a majority stake in SIACI SAINT HONORÉ’s in 2018, will exit the business, following a period of significant organic and acquisitive growth under its ownership. Ontario Teachers’ Pension Plan will acquire a 30% stake and become the largest institutional shareholder in the newly formed Group, with Bpifrance (10%) and Cathay Capital (5%), alongside other institutions like Ardian, comprising the remaining shareholders.

The transaction is expected to close in the second half of 2021, subject to customary regulatory and anti-trust filings.

Pierre Donnersberg commented: “We share common values and a wealth of opportunities. This merger will generate new possibilities and the implementation of ambitious growth plans built on large business synergies.”
Christian Burrus added: “The family shareholding values that drive me remain at the heart of this project: they preserve our independence and guarantee it in the long term in the interest of our teams, our clients and our investors.”

Nick Jansa, Senior Managing Director, Europe, the Middle East and Africa, for Ontario Teachers’ said: “We are pleased to be partnering with Pierre Donnersberg, Christian Burrus and the combined management team to help them to create an independent European leader in insurance brokerage. Ontario Teachers’ brings its global reach and deep expertise in investing in the insurance sector to support the Group in its strategic ambitions.”

Fabrice Georget, Partner at Charterhouse Capital Partners remarked: “We have been delighted to support the execution of SIACI SAINT HONORÉ’s growth strategy in recent years. The newly combined Group will form an international leader in the insurance broking sector and create an important European champion, well positioned for further strategic expansion.”

ABOUT SIACI SAINT HONORÉ
SIACI SAINT HONORE, a leading provider of consulting and brokerage services in property and personal insurance, designs and develops customized solutions for its large, mid-cap and SME corporate clients. The Group assists them over the entire value chain to manage their risks in Property and Casualty, Marine and Cargo, Employee Benefits and Consulting and International Mobility. The firm has more than 3,000 employees and insures 3 million individuals worldwide. In 2020 it reported turnover of €465 million.