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August 10, 2022

Switzerland’s Partners Group taps US insurance space with FRP deal

Swiss private markets firm Partners Group has agreed to buy a controlling stake in US-based specialist insurance broker Foundation Risk Partners (FRP).

The value of the deal, which will see the Swiss firm on behalf of its clients take control of FRP from Warburg Pincus, was not disclosed.

As per the agreed terms, FRP’s management will continue to hold a significant stake in the firm, whereas Warburg Pincus will hold a ‘meaningful’ minority interest.

With a base in Daytona Beach, Florida, FRP is engaged in serving the insurance needs of businesses and affluent clients.

Its specialisations include commercial insurance, employee benefits, personal insurance, and risk management services.

Clients use FRP’s services to evaluate risks, secure the right coverage at competitive prices, and manage claims.

The insurance intermediary operates 139 offices across 18 states, with a focus on Florida, New Jersey, New York, and California.

Post-acquisition, Partners Group will work alongside management to help grow FRP further and bolster its presence by realigning the acquisition strategy and expanding M&A, launching products in new markets, and investing in technology.

Partners Group partner and co-head of private equity services Joel Schwartz said: “FRP provides us with access to the growing insurance brokerage market in the US, which benefits from stable non-discretionary demand and favourable tailwinds.

“We have been tracking this market for several years and were attracted to FRP’s diversified service offering and client base, as well as the transformational platform-building opportunity it represents.”

Foundation Risk Partners CEO Charlie Lydecker said: “As we look to grow and break into new markets, we believe Partners Group’s track record of building leading platforms, as well as its deep resources, will be highly valuable to the next phase of our growth.”

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