21 Invest acquired a majority stake in FMA Assurances (“FMA”) in April 2019 and supported a significant transformation journey, structuring and scaling the Group from a niche expert into a leading French independent multi-specialist insurance broker, recognized for its strong expertise in affinity risks.

Over its holding period, 21 Invest contributed to FMA’s value creation through several key initiatives aimed at institutionalizing the organization and accelerating the implementation of its growth strategy:

• Institutionalization: transition from a founder-led organization to a structured and scalable platform, including the implementation of a reinforced governance framework, the introduction of a management incentive plan and the deployment of enhanced reporting and IT systems;

• Growth: consistent organic growth generation of c.7% per year since entry, driven by newly developed multi-specialist insurance brokerage model across Property & Casualty and Health & Providence, combined with five strategic build-up acquisitions to broaden the offering and expand into new insurance segments;

• Sustainability: advancement of ESG integration across the Group, with a focus on social and governance priorities and long-term employee engagement, supported by a structured sustainability roadmap.

As a result, FMA more than doubled its scale under 21 Invest’s ownership, with revenues increasing 2.5x from €M 13 to €M 32, and Ebitda almost tripling from €M 3 to €M 9. Today, FMA stands as a leading French independent brokerage group with a comprehensive offering in Mobility and Health insurance.

Synex, a leading Canadian insurance services group, is acquiring FMA as part of its strategy to expand its footprint to Europe. Building on FMA’s strong market position and expertise, Synex will join forces with the management team to accelerate the next phase of growth through organic development and selective acquisitions.

“We are proud to have supported FMA in its transformation into a leading French independent multi-specialist insurance broker,” commented Dorothée Chatain, Partner at 21 Invest. “Our investment thesis focused on strengthening the Group’s organization, supporting its diversification and building a scalable platform combining organic growth with targeted acquisitions. Thanks to the strong commitment of the management team, FMA is now well positioned to pursue its development under its new ownership.”