Eurazeo, through its Mid-large buyout strategy1, has entered into exclusive discussions with a consortium led by La financière de Blacailloux (“Fiblac”), the financial holding of the Chamoin family, regarding the sale of Albingia, a leading company in the French commercial insurance lines market, headed by Valentine de Lasteyrie. Fiblac leads a consortium composed of the management team, as well as Krefeld, the family office of the Hermès families, and Fairfax Financial Holdings, a Canadian company specialising in insurance and re-insurance.
Under the terms of this agreement, Eurazeo would sell its entire financial stake of 70% in Albingia, for a return – including dividends – of 2.2x cash-on-cash. The transaction is expected to bring approximately €289m of sale revenues to Eurazeo’s balance sheet. With this sale, Eurazeo is reaffirming its strategy of supporting sector champions whilst generating significant value for its clients and shareholders.
The transaction remains subject to the approval of the relevant authorities and to various requirements, such as documentary conditions, and is expected to be finalised in spring 2025.
As of today, Albingia is the only independent player in the French commercial insurance lines market. In 2023, the company collected more than €334m in insurance premiums, with a combined net ratio of 84% and a balance sheet of 1.15 billion euros. Operating across the whole French territory, Albingia distributes its products exclusively via a network of partner brokers. Albingia is among the highest quality signatories in the French insurance market as demonstrated by its solvency ratio, which is almost three times higher than the regulatory requirements set by the European Solvency II Directive.
EURAZEO’S EXPERTISE IN FINANCIAL SERVICES
With almost 3 billion euros invested in financial services in over 30 companies at all levels of maturity, Eurazeo has developed a strong expertise in this sector and has a team comprising over 30 investment professionals worldwide across its different strategies (Venture, Growth and Buyout). Eurazeo’s unique investment model has enabled it to acquire an in-depth knowledge of the industry and establish key relationships across the whole of the financial services sector.
Valentine de Lasteyrie, CEO, Albingia, declared:
“I would like to warmly thank Eurazeo for the quality of their support and their unwavering commitment. This partnership has played a key role in the growth strategy, development and transformation projects that we have successfully led together in recent years. I would also like to thank them for enabling Albingia’s continued independence throughout this transaction.”
Maxime de Bentzmann, Co-Head, Eurazeo Mid-large buyout, commented:
“The support and expertise we provided to Albingia is a testimony of our ability to back differentiated high-quality assets with growth potential, particularly in financial services. We are proud to have accompanied the development of an exceptional group and contributed to this phase of its growth. We would like to thank Bruno Chamoin, Valentine de Lasteyrie and the entire management team for their trust and dedication during this period of collaboration and we wish Albingia every success in the coming years.”
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