Apax France has acquired insurance company Ciprés Assurances from TA Associates.

The deal brings to an end a hold of less than three years for TA Associates. It carved the business out of Groupe Molitor in September 2014.

Ciprés is a wholesale broker of health, death and disability insurance policies for SMEs and the self-employed. It works with more than 4,000 brokers and collected premiums of €207m last year.

The current team of chairman Laurent Ouazana and managing director Sylvie Langlois will continue to run the business.

Apax France has made the investment through its ninth fund, which closed at €1bn in March.

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