Business Moves: Private Equity Firm J.C. Flowers Acquires Italian Insurance Broker Caleas; UIB International Sells Minority Stake in UIB Insurance Brokers (India)

Private Equity Firm J.C. Flowers Acquires Italian Insurance Broker Caleas

J.C. Flowers & Co. (JCF), a private equity investment firm that focuses on financial services investments, announced that investment vehicles affiliated with JCF — JCF Funds — have acquired Caleas Srl in Italy.

The acquisition of Caleas by affiliates of JCF marks JCF Funds’ fifth investment in the Italian insurance sector since May 2025, including add-on investments, which are part of JCF’s plan for a roll up in the Italian insurance space. (Roll-up mergers combine multiple small companies to form a larger entity).

Financial details of the deal were not disclosed.

Founded in 1979 by Dr. Andrea Cardini and Carlo Lecchi, Caleas is a corporate and SME-focused insurance brokerage franchise in Milan offering a broad range of solutions for complex risks. The company also provides home and life coverage as part of its bespoke offering for private clients.

“J.C. Flowers is committed to investing in best-in-class companies in the Italian insurance market,” said Tughan Alioglu, managing director at JCF, in a statement. “Caleas enjoys a long history of service and innovation and is highly respected in the marketplace. Its founders and their management teams have consistently demonstrated their ability to meet the specific insurance needs of a diverse and growing customer base, and we look forward to supporting the company’s continued growth.”

Alioglu said the change in ownership will be seamless for Caleas’ employees and clients. The company’s management will continue to retain a minority ownership stake alongside the JCF Funds.

“J.C. Flowers is one of the leading global investors in financial services, and their recognition of the business our team has built over the years is extremely gratifying. We expect that there will be major commercial opportunities for us to capitalize on as we develop our business with the support of J.C. Flowers,” commented Alessandro Lecchi, CEO of Caleas.

JCF’s current Italian insurance investments include Consulbrokers and Enablia (formerly wefox MGA S.r.l. and wefox Services Italy Srl), as well as two of Consulbrokers’ recent acquisitions, Intermedia I. B. s.r.l and Etisicura s.r.l.

Founded in 1998 and headquartered in New York City, J.C. Flowers & Co. has invested more than $18 billion of capital, including co-investment, in 71 portfolio companies in 19 countries across a range of industry subsectors including banking, insurance and reinsurance, securities firms, specialty finance, and services and asset management. With approximately $5 billion of assets under management, J.C. Flowers & Co. has offices in New York, London and Palm Beach.

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UIB International Sells Minority Stake in UIB Insurance Brokers (India)

UIB International Ltd., the holding company for the UIB Group’s global investments, announced the sale of its minority shareholding in UIB Insurance Brokers (India) Private Ltd. (UIB India) to Edme Services Private Ltd., an affiliate of Samara Capital, an Indian private equity firm.

Financial details of the transaction were not disclosed.

This transaction, conducted in partnership with majority shareholders Indorama SPL Group and Lucas & Mayo Group, marks the successful conclusion of a strategic review and sale process.

Originally established in 2011, UIB India has grown into a respected player in the Indian insurance brokerage space, said UIB International, adding that the transaction delivers a strong return on investment for all existing shareholders, reflecting the company’s growth and performance over the past decade.

Samara Capital, through its Edme platform, is actively expanding its presence in India’s insurance sector. As part of the acquisition, Edme will retain the core team of UIB India, ensuring continuity for clients and supporting their broader vision of building a pan-India insurance distribution business.

The UIB Group is one of the largest privately owned independent international insurance and reinsurance brokerage networks, headquartered in London. It comprises more than 750 professionals across over 20 offices in 16 countries, including strategic hubs across Europe, Asia, Latin America, and the Middle East. UIB focuses on complex risk sectors, including aviation, marine, energy, cyber, political violence, construction, and financial institutions. UIB International Ltd., based in London, is the investment and holding company of the UIB Group, a global network of insurance and reinsurance broking operations.

Topics Mergers & Acquisitions Agencies India