Howden delivers double-digit organic growth; hails strategic M&A
Revenue growth, company headcount rises and headline M&A activity were the hallmarks of the full year 2023 results put out by Howden today.
Global insurance intermediary group Howden reported a revenue increase of 33% to £2.44 billion for the full year to 2023 up from £1.84 billion FY 2022.
The company reported its organic growth as part of its FY 2023 EBITDA of £780 million, which was up from £599 million for FY 2022. Howden said organic growth of 13% contributed to the EBITDA figure for 2023, down from contributing 19% to the figure for FY 2022. Selective acquisitions also bolstered the EBITDA figure for 2023 with the company completing 56 acquisitions, including five transactions over £25 million EV in 2023, to build out Howden’s position in key markets. M&As included TigerRisk in the US, March RS in Spain, Apex in New Zealand, Théorème in France and Reich Insurance in the UK.
David Howden, CEO at Howden, said: “We’ve grown by consistently and relentlessly executing on a strategy to attract and empower the best talent – both individuals and through high-quality, aligned acquisitions – to deliver standout organic growth over the long term.”
He said that just three years ago, the firm had just broken through the £1 billion revenue mark and set out its intentions to be a leader in its home market, the UK, to be strong in reinsurance, to strengthen its European platform, and to accelerate its global specialty business.
He continued: “Three years later and we are the second largest insurance broker in the UK – the biggest in reach; we have moved to become one of the four top tier reinsurance brokers; and we’re the largest independent global player in Europe; and in global specialty we have hired hundreds of people across the world creating a team of 2,000.
“Our three-year revenue CAGR is 46%, our EBITDA CAGR 47% and our three year average organic growth number is 17%. I am incredibly proud of what we are building.
“We look ahead, from a position of scale and strength and united under our new brand, with the same consistent and relentless focus on empowering great people to deliver all the capabilities of the Group to our clients as we did right at the beginning.”
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