May 29 - (The Insurer) - Private equity investor Advent has entered exclusive negotiations to acquire Paris-based broker Kereis from current owner Bridgepoint.

Announcing the proposed deal on Wednesday, Advent said it would help Kereis scale up and “strengthen its leadership position in the European market”.

Headquartered in Paris and operating across seven European countries, Kereis is France’s largest broker for housing protection insurance and has expanded into corporate risk, health and P&C insurance under Bridgepoint’s ownership since 2020.

Kereis’ CEO Philippe Gravier called the proposed deal “a promising new chapter” that will help the insurance broker in enhancing its digital capabilities and expand into new markets.

Under Bridgepoint, Kereis has doubled its revenue to become one of the five largest wholesale brokers in France.

Bridgepoint, a listed private asset growth investor, said the deal is a testament to its strategy of elevating French successes to leading positions on the world stage.

The transaction is subject to regulatory approvals and employee consultations.

Advent’s recent insurance sector investments include CCC Intelligent Solutions and Shift Technology. In France, it has completed 15 platform deals in the past 25 years.

The deal highlights growing consolidation in the global insurance brokerage market. According to a report by FTI Consulting, European insurance M&A activity in 2024 climbed to a record high of 694 deals, up 20% from 574 in the year ago period, with broker acquisitions dominating this space.