Track Record

The management of Acathia Capital has successfully closed more than twenty financial services investments since 2003. All approvals have been obtained by the relevant regulators. Please find below a sample selection of those investments.



Danica Pension Försäkringsaktiebolag (2018)


Danica Pension Sweden is a Swedish life insurance company focusing exclusively on unit-linked life insurance business. It is a strongly growing life insurance provider having increased its assets under management from around €7 billion to around €9 billion in 2018 through premium income of over €2 billion. As the cost leader in Sweden, Danica has increased its market share eightfold over the last ten years from 1% to around 8%. We plan to support management in implementing its successful growth strategy in a spirit of partnership together with our investment partner Polaris Private Equity and co-investors.
For this investment, Acathia has launched the investment vehicle Viking Life SCS which is backed by German insurers and pension funds and which will be Danica‘s largest investor after completion of the transaction.

Investment details


  • Strongly growing life insurer with €9bn assets under management
  • Excellent market position based on cost leadership and good service quality
  • Support management in its successful development of Danica

Seller


  • Danske Bank

Buyer


  • Viking Life SCS, Polaris Private Equity, Co-Investors

"First A" Portfolio (2018)


Acathia Capital arranged the acquisition of the life insurance run-off portfolio "First A" from the Belgian life insurance company Ethias S.A. by Monument Re. The "First A" portfolio mainly consists of traditional life insurance policies with guaranteed return for the customers. After the distribution of new "First A" policies had been discontinued in 2008, the portfolio has been in run-off and consists of about 4,000 insurance policies as of year-end 2017.
This transaction is already the second investment in the Belgian life insurance market arranged by Acathia Capital, after Benelux Life Run-Off SCS had completed the acquisition of ABN AMRO Life Capital Belgium N.V.

Investment details


  • Traditional life insurance portfolio in run-off including c. 4,000 policies
  • Asset deal - Portfolio transfer of the entire „First A“ portfolio
  • Second investment in Belgian life market

Seller


  • Ethias

Buyer


  • Monument Re

ABN AMRO Life Capital (2017)


ABN AMRO Life Capital is strategically positioned to become the leading run-off platform for Belgian life insurance business by consolidating Belgian closed life books. In order to implement its growth strategy as a run-off platform, the company acquires entire Belgian life insurers as well as single Belgian life portfolios in the scope of portfolio transfers.
The administration of several life portfolios via one central platform enables the company to realize significant cost synergies. In addition, smart and tailor-made asset management solutions ensure that all interests of policyholders will be preserved. This transaction has been approved by the Belgian regulator NBB.

Investment details


  • Run-off platform for Belgian life insurance business
  • Consolidation strategy via follow-on acquisitions of further Belgian life companies and portfolios
  • Focus on realization of cost synergies and implementation of intelligent asset management strategy

Seller


  • ABN AMRO

Buyer


  • Benelux Life Run-off SCS / Monument Re

Basler Leben AG DfD (2016)


Acquisition of the life insurance portfolio of Basler Leben AG Direktion für Deutschland. The portfolio of more than 100.000 traditional life insurance policies was acquired as a portfolio transfer including the entire operations and a staff of almost 100.

Investment details


  • Acquisition of the entire traditional life insurance stock
  • Investments of approximately €2bn

Seller


  • Baloise Group

Buyer


  • Frankfurter Lebensversicherung AG

Frankfurter Lebensversicherung AG (2015)


The life insurer (formerly Uelzener Lebensversicherung AG) specializes as consolidation platform for the efficient management of life insurance companies and portfolios in Germany. The objective is to grow through the acquisition of life insurance companies and portfolios.

Investment details


  • Run-off platform for German life insurance business
  • Acquisition of life policy stocks as well as entire life insurance companies
  • Focus on traditional business with guarantees

Seller


  • Hanse-Merkur Versicherungsgruppe

Buyer


  • Taunus Insurance Opportunities

DARAG (2013)


The DARAG (German Insurance and Reinsurance AG) is the first German insurance company specialized on taking over the inactive business - the so-called run-off - of primary insurance and reinsurance companies onto their own balance sheet. The claim is to relieve the insurance companies from risks pertaining to the legacy business.

Investment details


  • First and only run-off specialist for non-life insurance in Germany
  • Acquisition of insurance portfolios or entire insurance companies

Seller


  • American International Group (AIG)

Buyer


  • Augur Capital

LRI Invest (2011)


The LRI Invest S.A. is an independent service investment trust company based in Luxembourg with branch office in Germany issuing and managing investment funds for banks, insurers and asset managers. The LRI Invest S.A. disposes of excellent know-how and brilliant market knowledge of the administration of both traditional and alternative investment funds and mandates.

Investment details


  • Fund administrator with €8bn assets under administration
  • Clients are mid-sized banks, insurers and asset managers

Seller


  • Landesbank Baden-Wuerttemberg (LBBW)

Buyer


  • Augur Capital

myLife (2011)


As the only life insurer in Germany the myLife Lebensversicherung AG offers their clients exclusively real net tariffs which means tariffs without included commissions or sales acquisition costs. The consultant’s compensation is made by a separate fee, which has to be agreed individually with the customer. Thereby myLife takes a clear pioneering role on the way to modern and transparent insurance and provisions consulting.

Investment details


  • First German life insurer acquired by private equity investor
  • Market leader for insurance products for fee-based financial advisory

Seller


  • Ageas

Buyer


  • Augur Capital

Veritas (2008)


Veritas Investment is successfully active in the German market since 20 years. As an independent investment boutique they concentrate exclusively on the asset management. Veritas Investment is specialized on systematic, rule-based investment strategies. It is their goal to develop reliable investment strategies to sustainably create value.

Investment details


  • Asset manager focused on ETF based fund-of-funds
  • Company development via strategic buy & build acquisition of Pall Mall

Seller


  • Société Générale

Buyer


  • Augur Capital

WUEBA (2004)


In 1983 the WUEBA (Wuerttembergische and Badische Versicherungs-AG) emerged from the intermediary and insurance brokerage business. In the summer of 1993 the Elektra insurance was taken over. In the end of 1998 the Nord-Deutsche Versicherungs AG (Hamburg) and the Neu Rotterdam Deutschland (Cologne) were purchased. At that time the WueBa had about 840,000 contracts, 470,000 losses and 7,000 brokers.

Investment details


  • First German insurer acquired by private equity investor
  • Sold to AIG after buy & build acquisition of an AXA subsidiary

Seller


  • Wuestenrot & Wuerttembergische

Buyer


  • JC Flowers

The management team of Acathia Capital has successfully closed more than ten financial services investments since 2003. All approvals have been obtained by the relevant regulators. Please find below a sample selcection of those investments.



Danica Pension Försäkringsaktiebolag (2018)


Danica Pension Sweden is a Swedish life insurance company focusing exclusively on unit-linked life insurance business. It is a strongly growing life insurance provider having increased its assets under management from around €7 billion to around €9 billion in 2018 through premium income of over €2 billion. As the cost leader in Sweden, Danica has increased its market share eightfold over the last ten years from 1% to around 8%. We plan to support management in implementing its successful growth strategy in a spirit of partnership together with our investment partner Polaris Private Equity and co-investors.
For this investment, Acathia has launched the investment vehicle Viking Life SCS which is backed by German insurers and pension funds and which will be Danica‘s largest investor after completion of the transaction.

Investment details


  • Strongly growing life insurer with €9bn assets under management
  • Excellent market position based on cost leadership and good service quality
  • Support management in its successful development of Danica

Seller


  • Danske Bank

Buyer


  • Viking Life SCS, Polaris Private Equity, Co-Investors

"First A" Portfolio (2018)


Acathia Capital arranged the acquisition of the life insurance run-off portfolio "First A" from the Belgian life insurance company Ethias S.A. by Monument Re. The "First A" portfolio mainly consists of traditional life insurance policies with guaranteed return for the customers. After the distribution of new "First A" policies had been discontinued in 2008, the portfolio has been in run-off and consists of about 4,000 insurance policies as of year-end 2017.
This transaction is already the second investment in the Belgian life insurance market arranged by Acathia Capital, after Benelux Life Run-Off SCS had completed the acquisition of ABN AMRO Life Capital Belgium N.V.

Investment details


  • Traditional life insurance portfolio in run-off including c. 4,000 policies
  • Asset deal - Portfolio transfer of the entire „First A“ portfolio
  • Second investment in Belgian life market

Seller


  • Ethias

Buyer


  • Monument Re


ABN AMRO Life Capital (2017)


ABN AMRO Life Capital is strategically positioned to become the leading run-off platform for Belgian life insurance business by consolidating Belgian closed life books. In order to implement its growth strategy as a run-off platform, the company acquires entire Belgian life insurers as well as single Belgian life portfolios in the scope of portfolio transfers.
The administration of several life portfolios via one central platform enables the company to realize significant cost synergies. In addition, smart and tailor-made asset management solutions ensure that all interests of policyholders will be preserved. This transaction has been approved by the Belgian regulator NBB.

Investment details


  • Run-off platform for Belgian life insurance business
  • Consolidation strategy via follow-on acquisitions of further Belgian life companies and portfolios
  • Focus on realization of cost synergies and implementation of intelligent asset management strategy

Seller


  • ABN AMRO

Buyer


  • Benelux Life Run-off SCS / Monument Re


Basler Leben AG DfD (2016)


Acquisition of the life insurance portfolio of Basler Leben AG Direktion für Deutschland. The portfolio of more than 100.000 traditional life insurance policies was acquired as a portfolio transfer including the entire operations and a staff of almost 100.

Investment details


  • Acquisition of the entire traditional life insurance stock
  • Investments of approximately €2bn

Seller


  • Baloise Group

Buyer


  • Frankfurter Lebensversicherung AG


Frankfurter Lebensversicherung AG (2015)


The life insurer Frankfurter (formerly Uelzener Lebensversicherung AG) specializes as consolidation platform for the efficient management life insurance companies and portfolios in Germany. The objective is to grow through the acquisition of life insurance companies and portfolios.

Investment details


  • Run-off platform for German life insurance business
  • Acquisition of life policy stocks as well as entire life insurance companies
  • Focus on traditional business with guarantees

Seller


  • Hanse-Merkur Versicherungsgruppe

Buyer


  • Taunus Insurance Opportunities


DARAG (2013)


The DARAG Deutsche Versicherungs- und Rückversicherungs-AG [German Insurance and Reinsurance AG] is the first German insurance company specialized on taking over the inactive business - the so-called run-off - of primary insurance and reinsurance companies onto their own balance sheet. The claim is to relieve the insurance companies from risks pertaining to the legacy business.

Investment details


  • First and only run-off specialist for non-life insurance in Germany
  • Acquisition of insurance portfolios or entire insurance companies

Seller


  • American International Group (AIG)

Buyer


  • Augur Capital



LRI Invest (2011)


The LRI Invest S.A. is an independent service investment trust company based in Luxembourg with branch office in Germany issuing and managing investment funds for banks, insurers and asset managers. The LRI Invest S.A. disposes of excellent know-how and brilliant market knowledge of the administration of both traditional and alternative investment funds and mandates.

Investment details


  • Fund adminis-trator with €8bn assets under administration
  • Clients are mid-sized banks, insurers and asset managers

Seller


  • Landesbank Baden-Wuerttemberg (LBBW)

Buyer


  • Augur Capital



myLife (2011)


As the only life insurer in Germany myLife Lebensversicherung AG exclusively offers its clients net tariffs, i.e. tariffs without commissions. Thereby myLife is a pioneer on the way to modern and transparent insurance products.

Investment details


  • First German life insurer acquired by private equity investor
  • Market leader for insurance products for fee-based financial advisory

Seller


  • Ageas

Buyer


  • Augur Capital



Veritas (2008)


Veritas Investment is successfully active on the German market since 20 years. As an independent investment boutique they concentrate exclusively on the asset management. Veritas Investment is specialized on systematical, rule-based investment strategies. It is their goal to develop reliable investment strategies to sustainably create values.

Investment details


  • Asset manager focused on ETF based fund-of-funds
  • Company development via strategic buy & build acquisition of Pall Mall

Seller


  • Société Générale

Buyer


  • Augur Capital



WUEBA (2004)


In 1983 the WUEBA (Wuerttembergische and Badische Versicherungs-AG) emerged from the intermediary and insurance brokerage business. In the summer of 1993 the Elektra insurance was taken over. In the end of 1998 the Nord-Deutsche Versicherungs AG (Hamburg) and the Neu Rotterdam Deutschland (Cologne) were purchased. At that time the WueBa had about 840,000 contracts, 470,000 losses and 7,000 brokers.

Investment details


  • First German insurer acquired by private equity investor
  • Sold to AIG after buy & build acquisition of an AXA subsidiary

Seller


  • Wuestenrot & Wuerttembergische

Buyer


  • JC Flowers