LONDON: Oakley Capital, a leading pan-European private equity investor, is pleased to announce that Oakley Capital Fund V is investing in Konzept & Marketing (“K&M”). K&M is a leading, independent Managing General Agent (“MGA”) in the German, personal non-life insurance market.
Oakley will be investing alongside insurance veteran, Joachim Müller, former CEO of Allianz Commercial, who will oversee a buy-and-build strategy as Chairman.
Founded in 2001 and based in Hanover, K&M operates as an underwriting agent in Germany for private non-life insurance products (property, accident, liability), a growing market that is currently worth €28 billion. K&M develops, markets and administers tailored insurance products on behalf of insurance companies in an asset light model.
The Company has experienced continuous organic growth, driven by high and consistent renewal rates thanks to its strong reputation for customer care and a focus on providing innovative solutions delivered through seamless digital processes.
Germany’s insurance distribution market is highly fragmented and lagging other markets such as the UK and US in the role that independent MGAs play as intermediaries. There is significant value creation potential for K&M to pursue a consolidation strategy spanning insurance brokerage and underwriting with differentiated product capabilities at its core.
In partnership with incoming Chairman Joachim Müller, Oakley will support the K&M management team to expand K&M’s product offering, strengthen the distribution function of the business, and pursue further M&A opportunities. The acquisition is expected to complete in Q4 2024.
Oakley Capital co-Founder and Managing Partner Peter Dubens said: “Germany’s insurance landscape is undergoing significant change, providing advantages for innovative businesses such as K&M to take on more of the insurance value chain while delivering a better service to end customers. We look forward to working with Joachim Müller to realise his growth and diversification strategy for the business, leveraging his strong reputation for successful business building and customer satisfaction.”
K&M Incoming Chairman Joachim Müller said: “By partnering with Oakley we can take advantage of their considerable expertise scaling businesses. We see enormous opportunity to create a leading player in Germany’s insurance ecosystem by leveraging excellence in underwriting and distribution combined with modern technology”.
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