Specialist M&A insurer Icen Risk has entered the US, targeting the world's largest M&A market at a time of rising demand for transaction-related coverage.
The move comes six months after Zurich Insurance Group acquired a strategic equity stake in Icen, providing $50 million in underwriting capacity to support its US expansion.
Founded in 2018, Icen has built a strong foothold in Europe and now seeks to replicate that growth in North America, where M&A insurance premiums have surpassed $1 billion in recent years.
Operating from New York and London, Icen will initially provide tax liability and representations and warranties (R&W) coverage to private equity firms, investment funds and corporates. Its senior US team will be led by Chad Wilson, who will oversee tax liability insurance, and Jonathan Sprintz, who will head the R&W practice. They are joined by tax specialists Karishma Joshi, Laura Eguaras and Joshua Larrimore.
M&A insurance has grown rapidly over the past decade as dealmakers look to mitigate risks in increasingly complex and cross-border transactions. Coverage extends beyond tax and warranty liabilities to intellectual property, environmental exposures and other potential post-deal disputes.
Industry brokers have reported that insurers offering broader, faster and more flexible coverage are often favored in competitive bidding situations, particularly as deal timelines tighten.
The US market is highly competitive, with established players such as AIG, Liberty Mutual and Berkshire Hathaway Specialty Insurance active in the R&W segment. However, the sustained double-digit growth in demand has left room for new entrants. Analysts noted that specialist carriers with deep technical expertise, particularly in tax, are well positioned to carve out market share.
Dawn Bhoma, managing principal at Icen, said the company intends to differentiate through “innovative and tailored underwriting” in tax and M&A risks. She noted that while the market has expanded each year for the past five years, there remains scope for creative solutions backed by strong capacity.
Robert Brown, also a managing principal, said Zurich’s backing elevates Icen’s position as a long-term underwriting partner. He added that the insurer plans to expand its product suite in the US beyond tax and warranty cover as demand broadens.
Icen now employs more than 30 underwriters across the UK, US, Spain, Italy, Poland, Germany and Austria. It also holds coverholder status at Lloyd’s of London and continues to focus on mid-market transactions in both Europe and North America.
