Howden buys Spanish broker for European expansion; triples 3Y turnover
Re/insurance broker Howden ended the year with a major acquisition as part of its growth strategy in Europe, allowing the group to triple its turnover in the last three years. Following the deal, Howden Iberia will exceed €100 million in revenue, €700 million in gross written premium, and will comprise over thousand employees.
Howden has acquired 100% of Spanish insurance broker March Risk Solutions (March R.S.) and has signed an alliance with Banca March, March RS’ parent company and one of the region’s pre-eminent investment banks. The transaction is pending approval by the Directorate General of Insurance and Pension Funds.
The deal enables Howden Iberia to offer highly specialised offerings in the industry and services, sports, leisure and tourism, construction and energy, maritime and aviation sectors.
European deals announced by Howden in 2022 include Tower S.P.A, Nordest, Assiteca and Assimovie in Italy, Théorème, C.R.F. Conseils, and Seasecure in France, and Born Consulting and Bachmann & Partners in Switzerland.
Salvador Marin, CEO of Howden Iberia said: "The acquisition of March Risk Solutions and our strategic alliance with Banca March is a significant step towards our goal of becoming the leading insurance broker in the Spanish market. The combined talent of both organisations will provide a comprehensive and unique service to our clients in the region. Howden Iberia will be a leader in Maritime, Fleet and Employee Benefits, as well as in the Food & Beverage and Logistics & Distribution sectors.”
José Luis Acea, CEO of Banca March, added: "March Risk Solutions and Howden will combine best-in-class expertise and knowledge of the Iberian market and with the addition of Howden’s global network we will be able to boost the growth of our brokerage business, providing both a local and international offering to clients which is truly market leading.”
José Manuel González, CEO of Howden Broking, said: "Since I started Howden Iberia over 16 years ago it has grown from strength to strength, and with the addition of March R.S. We continue to leverage top talent and build on our European ambitions. I am especially excited about this acquisition, as it unites Howden with one of the most prestigious financial institutions in Spain, and is a key step in our strategy to become the leading insurance broker in the Spanish market.
"This is the twelfth acquisition for Howden Broking in Europe this year, which in addition to organic growth, has allowed us to triple our turnover in the last three years.”
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