Devonshire Underwriting

Devonshire Goes Global. Next Up: Stockholm

Devonshire Goes Global. Next Up: Stockholm

Devonshire’s international transactional risk roadshow continues! After the success of our visit to Mumbai, the Devonshire Goes Global series continued in early June with a trip to one of Europe’s most sophisticated financial hubs: Stockholm. Founders James Fletcher and Charles Turnham travelled to the Swedish capital to visit brokers and further deepen Devonshire Underwriting’s presence in the Nordic M&A market – a region that continues to show both resilience and opportunity.

As a European-licensed MGA, Devonshire has seen significant growth across the continent. The Nordics, in particular, stand out as a key strategic region. Not only is the Devonshire proposition well established there, especially on the tax side, but the strength and sophistication of local deals make it one of the most compelling and competitive markets to operate in. 

Nordic M&A activity has rebounded impressively, with 2024 seeing deal value across the region reach €26 billion, representing a 25% increase from the previous year. While still slightly below long-term averages, the volume and quality of deals – especially cross-border transactions – continue to reflect the strength and transparency of the Nordic deal-making environment.

Cross-border Deals Dominate

In fact, nearly 60% of deals across the Nordics are cross-border, making it an ideal fit for Devonshire’s European capabilities. The region’s buyers and sellers are known for being informed, diligent, and highly selective, meaning there’s little room for generic, one-size-fits-all insurance solutions. Devonshire’s ability to underwrite complex transactions with speed and precision has already resulted in multiple successful deals in this space, particularly in Sweden, Norway, and Denmark.

Speaking after the trip, Charles Turnham noted: “The Nordic market is extremely well-informed and selective. They know what they want, and they look for partners who can deliver with precision and speed. Our experience of operating in Europe so far, made for great conversations and some very promising opportunities.”

James Fletcher added: “We see the Nordics as an important market for Devonshire, and this trip confirmed why. There’s a real appetite for well-structured M&A insurance solutions, and we’re proud to be part of that deal-making ecosystem.”

Stay tuned for the next chapter in Devonshire Goes Global, as we continue to meet clients, forge connections, and grow our reach across the world’s most dynamic M&A markets.

Devonshire Underwriting Goes Global. First stop: Mumbai

We’re constantly seeking ways to stay ahead of the curve in emerging markets, and our recent trip to Mumbai, India, confirmed why this international outlook matters. India’s deal-making activity has surged to a three-year high of $27.5 billion in Q1 2025, as reported by the Business Standard – and it’s clear the appetite for M&A insurance solutions is accelerating. We are seeing strong demand and high engagement from brokers and market stakeholders that we met with, all keen to explore how transactional risk insurance can facilitate smarter, faster, more confident dealmaking.

The response to our suite of transactional risk products was resounding. Interest in Warranty & Indemnity (W&I) Insurance was particularly strong – clients recognised its ability to remove friction in negotiations and provide financial certainty in deals of all sizes. Devonshire’s broad appetite, flexible coverage, and strategic focus on mid-to-large cap deals in emerging markets meant we were well placed to engage meaningfully on live opportunities. 

We were also encouraged by the attention given to Specific Tax Insurance, where buyers and sellers alike see real value in securing certainty around known tax exposures in their jurisdiction. Lastly, Contingency Insurance drew interest for its versatility, particularly in addressing legal risks beyond the traditional M&A scope.

These conversations affirmed our belief that bespoke risk transfer solutions are increasingly essential in complex and fast-moving jurisdictions like India. As a nimble and globally-minded underwriter, Devonshire is ideally positioned to lead in this space. Our agile structure and creative underwriting approach allow us to craft tailored solutions where others hesitate, particularly in emerging markets across Asia, Africa, South America, and the Middle East.

A huge thank you to everyone who met with us in India – it was an energising and insightful trip, and we’re just getting started. Watch this space as we continue our global jurisdiction spotlight, bringing Devonshire’s expertise to the heart of the world’s most active dealmaking hubs.