Charterhouse's Siaci Saint Honore bolts on Driesassur

Driesassur CEO Alain Spruyt has joined the shareholding of SSH with the role of assisting the executive committee in the company's international development.

The acquisition will allow SSH to accelerate its development abroad in industrial risks and health and protection, especially in the countries where Driesassur is present (Belgium, Dubai, the US, Hong Kong and South Africa). Additionally, it should reinforce Driesassur's ability to develop new clients within SSH's portfolio in France, Asia, Middle East and Americas.

SSH has been private-equity-backed since Ardian bought a majority stake in SSH in 2015, investing via Ardian LBO Fund V, when Edmond de Rothschild acquired a 20% stake and the company's employees retained 23%. According to reports in the French press at the time, the deal valued SSH at €520m, including debt.

Last year Ardian and Edmond de Rothschild sold their stakes in SSH. The transaction saw the management team, led by Pierre Donnersberg, take a majority stake in the group and Charterhouse become a minority stakeholder in the business.

According to sources speaking to Unquote sister company Debtwire, the company was being marketed based on EBITDA of around €80m. Sources quoted by french publication L'Agefi suggested that the deal would value the business at just over €1bn.

Founded in 1932, SSH is an insurance brokerage and consulting service, supporting large and mid-cap companies in the management of their property and personal insurance risks in France and abroad.

Its services include risk management advice to the piloting and management of insurance schemes. Last year the firm counted around 2,500 employees worldwide and generated a premium income of around €322m in 2017. The business is based in Paris. It had a turnover of more than €350m in 2017.

Company
Founded in 1949 and based in Antwerp, Driesassur is an insurance broker for the international diamond trade, for both SMEs and individuals. Based in Antwerp, the company has offices in New York, Dubai, Mumbai, Hong Kong and Johannesburg.

Driesassur's team provides services including customised insurance policies for jewellers and credit insurance. In recent years the company has been particularly active in the art world, serving artist studios, galleries and private collectors. The business has a headcount of 100.

People
SIACI Saint Honore – Pierre Donnersberg (CEO).
Driesassur – Alain Spruyt (CEO).

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