Howden swoops for Norwegian broker in strategic expansion spree
Global re/insurance broker Howden has expanded its footprint in the Nordic region through the acquisition of a Norwegian broker with expertise in property & casualty, financial lines and specialty. The strategic move comes on the heels of a series of recent deals in the European market.
Howden has acquired Arctic Insurance AS, which is based in Oslo. The broker was established in 2014 with the backing of Arctic Group, a diversified financial services group. Arctic Insurance serves a wide range of clients with complex insurance needs, such as food and beverage, recycling and waste management, transport, and finance businesses.
With the acquisition of Arctic Insurance, Howden Norway now has 65 employees in two offices. Howden opened an office in Finland over 20 years ago, followed by offices in Sweden, Norway and Iceland, and offers a wide range of services to clients in the Nordics across all specialisms, from renewable energy, through to real estate and M&A.
Howden recently announced its entry into the Danish market with the acquisition of North Risk, the fourth largest broker in the country, and its purchase of VLC & Partners Holding B.V. in the Netherlands.
Anders Kvan, CEO, Howden Norway, said: “The acquisition of Arctic Insurance, and with it the addition of a strong team of like-minded, entrepreneurial individuals, is a significant step in our ambitious growth strategy for Norway. It brings us one step closer to becoming the leading independent broker in Norway - a market that is looking for more choice and a broking partner that can manage and place complex risk. Combining the specialist expertise of Arctic Insurance with the scale of Howden’s international footprint strengthens our position as one of Norway’s leading brokers, capable of providing the range of bespoke solutions that our clients need in an increasingly challenging market environment.”
Alexander Ringvold, CEO, Arctic Insurance, added: “Joining forces with Howden represents the next exciting step in our journey. Despite considerable interest from other brokers, we chose Howden because of a shared vision and shared set of values – including putting our people first and empowering the industry’s very best entrepreneurial talent to deliver superior solutions for clients. We are now poised to continue our growth trajectory as part of a larger, dynamic global group, and I look forward to working with the team in this next phase.”
Petter Bakken, chairman of the Board, Arctic Insurance and founding partner of Arctic Group, commented: “Arctic Insurance and its employees have done a formidable job. From its humble beginnings in 2014, the company has become highly attractive within insurance brokering, offering its clients unparalleled expertise within an increasingly complex insurance market. We believe Howden is the right home for Arctic Insurance – an international player that will provide additional resources, add value to our clients, and develop the company even further.”
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