Broker April Sold to KKR
Based in Lyon, France, wholesale broker April in November 2022 was acquired by U.S. venture capital firm Kohlberg Kravis Roberts (KKR). Previously owned by CVC Capital Partners, another venture capital firm which had acquired April from its founder Bruno Rousset in 2019, the company changed hands for a reported EUR 2.3bn.
Present in 18 countries with 2 300 employees, the company in 2021 earned EUR 544 million in fees and commissions, up by 5% from 2020. 71% of its earnings come from life insurance. It is the largest wholesale broker in France. The runner-up, Entoria, is much smaller at EUR 125m.
In 2019, the company, which then employed 3,800 people, was valued at EUR 900 million over sales of EUR 928 million; since then, the group has been strongly refocused on a reduced number of business lines and its profitability improved. For example, April owned life, non-life, and reinsurance carriers (Axeria) which were disposed of when CVC became the majority shareholder.
New Subsidiary for iPMI in Germany
In a separate move, April announced it had opened a subsidiary devoted to iPMI in Germany, April International GmbH, based in Cologne. It will operate both as a broker and as a wholesale broker. According to April, Germany has 3.6 million expatriates and 3.8 million companies with business abroad, making it a high-potential market. However, most German expatriates of working age and of German exports go to the European Economic Area and to North America, where coverage is provided either by local plans or local social security.