Private Equity News

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• September 2022: Nonantum Capital Partners, a middle-market private equity firm, today announced the acquisition of LJP Waste Solutions ("LJP") from Aperion Management. LJP is a leading regional provider of non-hazardous solid waste and recycling services specializing in zero landfill and waste-to-energy solutions.
• August 2022: Indian firm Trilegal acted as the sole advisor to global consumer internet group and technology investor Prosus Ventures and PayU India for the acquisition of IndiaIdeas.com Limited (BillDesk). It is the largest-ever acquisition in the digital payments space in India, and the deal is valued at USD 4.7 billion.

• March 2022, the China-based XPeng led an investment into a new fund of around USD 200 million. The fund is focused on backing up frontier technology startups and electric vehicle production. The fund is named as Rockets Capital and includes capital investors such as eGarden, IDG Capital, 5Y Capital, Sequioa China, and GGV Capital.
• December 2021, the India-based Razorpay Software Private Limited, raised USD 375 million in the largest funding round to date. The payment gateway company was valued at USD 7.5 billion. The funding round was led by Lone Pine Capital LLC, TCV, and Alkeon Capital Management. Existing investors of the company include Tiger Global Management, Y Combinator, Sequoia Capital, Ribbit Capital, and GIC. 

• December 2023: Conferma Pay and Mastercard expanded their partnership to enable mobile virtual card payments. Mastercard’s commercial bank clients were expected to be able to offer the convenience of contactless virtual card payments to their corporate customers using Conferma Pay.
• May 2022: Mastercard and fintech giant OPay announced a strategic partnership for broader financial inclusion and economic prosperity by opening digital commerce to millions across the Middle East and Africa.

In February 2023, the French MACIF Group announced that it was acquiring windshield repair company Mondial Pare-brise. Across France, Mondial Pare-Brise is the third largest player in the space and has a network of 806 locations. Macif is the first French insurer that acquire a car glass repair and replacement network.

In February 2022, AXA executed a share repurchase agreement with an investment services provider. AXA will buy back its shares for a maximum of USD 0.55 billion (EUR 0.5 billion) to neutralize earnings dilution from disposals.

• December 2022: ERGO launched a new brand claim and accompanying product campaign focusing on 'Making Insurance Easier' in all its marketing and customer communications.
• July 2022: Hanover Insurance introduced the Hanover i-on Sensor program to reduce business debt. Hanover Insurance Group is a leading non-life insurance company. Through strategic partnerships, Hanover's i-on-sense program provides business owners and organizations with a comprehensive suite of technology services to help prevent theft, property damage, workplace injuries, and other losses.

• December 2023: Cathay Insurance Vietnam joined hands with SAWAD to unveil an all-inclusive "Dual Finance" initiative. This program empowers customers to seek financial assistance while securing mandatory insurance coverage seamlessly. To cater to its clientele's diverse needs, Cathay has set to roll out a personal injury insurance scheme in December, complementing its existing financial support and automobile insurance offerings.
• November 2023: In a significant move, Vietnam joined the Association of Southeast Asian Nations (ASEAN) Compulsory Motor Insurance Scheme (ACMI). Under this scheme, all motor vehicles, while in transit or en route to any ASEAN member state, must have mandatory third-party motor liability insurance.

• In March 2023: To grow, Medi Assist, a third-party administrator for health insurance, acquired Raksha Insurance. Medi Assist, based in Bengaluru, will be able to increase significantly its retail capabilities and fortify its position in the nation's interior thanks to the agreement.
• In December 2022, Sedgwick set up a new business unit focused on resource solutions for its insurance clients in the United Kingdom. Sedgwick's experience and technical expertise help clients with temporary and permanent placements across claims handling divisions.

• October 2023: Fanhua Inc, an independent financial services provider in China, made a strategic partnership with Asia Insurance Co., Ltd, a wholly-owned subsidiary of Asia Financial Holdings Ltd. Together, the two companies formed two joint ventures: a life insurance brokerage company and an insurance technology company.
• October 2023: Chubb Life Hong Kong and AEON credit service companies launched a distribution partnership to take advantage of cross-sector opportunities across the insurance and retail markets. Chubb provides property and casualty insurance, personal accident and supplemental health insurance, reinsurance, and life insurance to a diverse group of clients. The partnership will likely see Chubb Life’s insurance products become available on AEON’s online and offline platforms.

• November 2023: Howden introduced a specialized European cyber and technology errors and omissions line slip tailored for primary businesses. This innovative offering from Howden provides comprehensive coverage for both 1st and 3rd-party prior cyber and tech errors and omissions, incorporating insurer-led breach response capabilities. The package includes a 24/7 hotline and multilingual support to cater to diverse language requirements. This service is extended to businesses across various European countries, with a notable presence in the Netherlands.
• April 2022: Swiss Re's cutting-edge digital B2B/C insurer, optic, has formed a strategic partnership with Dutch financial aggregator Independent to launch Dutch home insurance under its new consumer brand, Bentley. The recently unveiled home insurance product is designed to deliver a seamless and digital experience throughout the entire process, from sales to customer service.

• September 2023: Abu Dhabi Securities Exchange (ADX) collaborated with Sharjah Islamic Bank (SIB) to enhance and streamline access to Initial Public Offering (IPO) subscriptions for investors.
• March 2023: Aafaq Islamic Finance, a prominent provider of Shariah-compliant financial products and services, partnered with Rasmala, a distinguished regional investment management firm. This partnership aims to develop and broaden product offerings for Aafaq's clients, as well as to provide advisory services to Aafaq on its proprietary investment book.