ICG European Mid-Market announces partnership with Staysure Group

"We see further structural growth in Staysure’s core market of PEMC travel insurance and with that presents an opportunity to build on the company’s strong brand reputation, underpinned by marketing expertise and technical capability."

ICG, the global alternative asset manager, today announced that its European Mid-Market team (“ICG Mid-Market”) have agreed to invest in leading UK travel insurance specialist, Staysure Group (“Staysure”, “the Group” or “the company”).

Founded in 2004 by entrepreneur Ryan Howsam, the Group started with the creation of the Staysure brand, a leading UK travel insurance provider which focuses on older individuals and those with pre-existing medical conditions (PEMC). Over the past 20 years, the Group has experienced substantial growth through both organic expansion and strategic acquisitions. Staysure Group now operates a portfolio of insurance brands and products, which includes Avanti travel insurance and ROCK, a business-to-business travel insurance offering.

This partnership will see ICG leverage its deep experience to support Staysure’s growth trajectory via expansion of its distribution channels, alongside further investment in the company’s sector-leading pricing and marketing capabilities, through use of enhanced technology, data & AI. ICG will work alongside Staysure’s founder, Ryan Howsam, who will remain as majority shareholder.

Mark Piasecki, Managing Director at ICG, commented:

We have followed the impressive growth journey of Staysure for a number of years and are delighted to be its new partner. We see further structural growth in Staysure’s core market of PEMC travel insurance and with that presents an opportunity to build on the company’s strong brand reputation, underpinned by marketing expertise and technical capability. Staysure is well-poised to expand into adjacent areas and new geographies. We look forward to working closely with Ryan, Finn and the talented management team to fulfil its significant potential.

Ryan Howsam, Founder of Staysure, added:

This marks a significant milestone for us, one that reflects our dedication to growth and expansion. It is also a great testament to the loyalty and hard work that our employees have delivered to both the Group and our customers over the years. We’re thrilled to welcome ICG as investors and partners into the Staysure family to support the next phase of our successful growth journey. The partnership enables us to access ICG’s significant capital and experience whilst at the same time ensuring further stability for our employees and suppliers.

Finn Walsh, CEO of Staysure Group, said:

We are excited to have found in ICG strategic partners who share our vision for the future of Staysure. Their understanding and appreciation of the unique strengths of our business, coupled with their experience, capital and relationships mean they are well placed to accelerate our organic growth and acquisition-based strategy. It’s an exciting time and I couldn’t be more optimistic about the future.

The terms of the transaction have not been disclosed and are subject to customary regulatory approvals in the UK and Gibraltar.

ICG was advised by KPMG Corporate Finance, Proskauer Rose LLP (legal), Oliver Wyman Limited (commercial), PricewaterhouseCoopers LLP (financial, tax, regulatory, ESG), Gallagher Insurance UK (insurance) and Seedcloud Advisory Limited (technology).

Staysure was advised by Continuum Advisory Partners Limited, Skadden, Arps, Slate, Meagher & Flom (UK) LLP (legal) and KPMG LLP (UK) (tax).

For further information please contact:

Catherine Armstrong
Interim Head of Corporate Communications
T. +44 20 3545 1850
M. +44 7710 385 313
Email: [email protected]

About ICG

ICG provides flexible capital solutions to help companies develop and grow. We are a leading global alternative asset manager with over 35 years’ history, managing $86.3bn of assets* and investing across the capital structure. We operate across four asset classes: Structured and Private Equity, Private Debt, Real Assets, and Credit.

ICG develops long-term relationships with its business partners to deliver value for shareholders, clients and employees, and uses its position of influence to benefit the environment and society. ICG is committed to being a net zero asset manager across our operations and relevant investments by 2040.

ICG is a member of the FTSE 100 and listed on the London Stock Exchange (ticker symbol: ICP). Further details are available at www.icgam.com. You can follow ICG on LinkedIn, X (Twitter) and Instagram.

* As at 31 December 2023