Adelis to become controlling shareholder in Hedvig – SEB and Nicklas Storåkers to co-invest
The fast-growing insurance company Hedvig raises SEK 333 million in an investment round led by Adelis Equity Partners as new controlling shareholder, with Swedish bank SEB and Nicklas Storåkers as co-investors. In conjunction with the transaction, SEB initiates a strategic distribution partnership with Hedvig. The new board of directors will be led by Nicklas Storåkers as chairman and include Michael Wolf as board member.
Only five years from inception, Swedish insurance company Hedvig has set a new standard in terms of customer service and availability, which has led to 10% of the Swedes choosing Hedvig when signing up for a new home insurance. As a result, Hedvig today has 130,000 members and a total GWP volume of SEK 200 million. To further accelerate the journey, Hedvig now raises SEK 333 million in a round led by new controlling shareholder Adelis, with SEB and Nicklas Storåkers as co-investors.
“Following this transaction, Hedvig will leave the startup phase, and with a fully capitalized business plan we will execute on a more focused growth strategy whilst reaching profitability. As part of the strategy, I am very happy to welcome Adelis as a strong and experienced growth partner”, says Lucas Carlsén, CEO and co-founder at Hedvig.
“Hedvig has built a unique position as challenger in the Swedish insurance market, with its market share growing fast and consistently every month. Over the past months, Hedvig has also proven its ability to grow in a cost-efficient manner, thanks to its successful partnership model as main growth driver. With a stronger capital base and an experienced board, we look forward to supporting Hedvig to become a leading insurance company in Sweden”, says Erik Hallert, partner at Adelis.
In conjunction with Adelis becoming the new controlling shareholder, SEB will co-invest and simultaneously initiate a strategic distribution partnership with Hedvig. Nicklas Storåkers, ex CEO of Avanza and Hedvig’s first investor in 2017, will also invest and become chairman of the board.
“I have followed Hedvig for six years, they offer an outstanding customer experience and are growing rapidly, not the least through partnerships. SEB is an example of a partner that will be able to distribute Hedvig’s products along with its core offering. Going forward, I am convinced that future partners to Hedvig will encompass everything from banks to car dealers, who will strengthen their offering with Hedvig insurances as an add-on”, says Nicklas Storåkers, incoming chairman at Hedvig.
The new board of directors will represent significant industry experience and include Michael Wolf (ex CEO of Swedbank), Henrik Rättzén (ex CFO of Trygg-Hansa) and Torgny Johansson (CEO of Futur Pension).
The transaction is subject to customary regulatory approval from the Swedish Financial Supervisory Authority and expected to close in the coming months.
For further information:
Lucas Carlsén, CEO and Co-founder at Hedvig AB
Phone: 072-529 88 65
E-mail: lucas@hedvig.com
Erik Hallert, Adelis Equity Partners
Phone: 070-936 80 41
E-mail: erik.hallert@adelisequity.com
About Hedvig
Hedvig is a Swedish insurance company on a mission to make it effortless to bounce back from loss. Launched in Sweden in 2018, Hedvig now insures 130,000+ people through home, accident, travel, and car insurance. Through stellar service and fast in-app claims handling, Hedvig defines a new type of insurance experience. For more information, please visit www.hedvig.com
About Adelis Equity Partners
Adelis is a growth partner for well-positioned, Nordic companies. Adelis partners with management and/or owners to build businesses in growth segments and with strong market positions. Since raising its first fund in 2013, Adelis has been one of the most active investors in the Nordic middle-market, making 38 platform investments and more than 180 add-on acquisitions. Adelis today manages approximately €2.5 billion in capital. For more information, please visit www.adelisequity.com