Howden takes dominant stake in Italian broker Assiteca
International insurance broker Howden has inked a deal to buy an 87% stake in the largest Italian-domiciled insurance broker, Assiteca, bearing annual brokerage commissions of some €90 million.
"Assiteca is highly complementary to Howden’s existing broking business in Italy and the partnership will create a major force in the Italian broking market," Howden said in its statement.
Assiteca is hailed as the largest Italian-headquartered broker with 750 employees operating across 19 cities in Italy, as well as operations in Spain and Switzerland, with a turnover of brokerage commissions of approximately €90 million.
"The transaction will combine Assiteca’s regional presence and strong position in the mid-market with Howden’s international expertise in larger corporates, specialty segments and reinsurance," Howden said.
Deals have been struck with a unit of Assiteca founder Luciano Lucca as well as a vehicle of Tikehau fund Tikehau Growth Equity II for the combined 86.965% stake.
Howden considers the deal a major step in its European M&A drive to follow the recent purchase of Andrea Scagliarini in July 2021 and Tower in January 2022.
José Manuel González (pictured), CEO of Howden Broking Group, said: “Our commitment to building a leading broking business in Italy and more broadly in Europe by joining with the leading entrepreneurial talent in our chosen markets to bring much needed choice to clients is unwavering. Assiteca is already a key partner of our wider Group in Italy through our sister company DUAL Italia.”
Luciano Lucca, Assiteca’s founder and chairman of the board of directors, stated: “The combination of Assiteca and Howden represents a very important change for insurance broking business. Actually, it will create a new international giant in Italy, which will contribute a significant value and dynamism in the market. I strongly believe in this transaction, because, as I did throughout my fifty years of business activity, I love investing in the future."
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