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January 9, 2020

MCI Group divests stake worth €55m in Netrisk to TA Associates

MCI Group, a Poland-based private equity firm, has completed the sale of partial stake in in Hungarian insurance broker Netrisk to TA Associates for €55m.

As a result of the partial exit, MCI.EuroVentures, the buyout fund of MCI Group, has realised a return on investment of 3.0x CoC and 73% IRR.

MCI Group said AMC Capital IV, a small shareholder in Netrisk, is also selling its entire stake in the insurance broker firm.

MCI Partner Krzysztof Konopiński said: MCI is looking forward to continuing our active involvement with Netrisk and working closely with TA Associates to significantly increase the scale of Netrisk’s operations. We believe that TA is the right partner to help realize the goal of building Netrisk into a true regional leader.

Netrisk is said to be the biggest independent online insurance broker in Hungary, offering compulsory vehicle policies, comprehensive vehicle insurance along with home and travel insurance.

The firm said “The deal 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”.

Last year, Netrisk acquired one of its biggest competitors

MCI Group said “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.”

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