Aston Lark beefs up Howden’s portfolio with latest acquisition
Aston Lark, the UK-based insurance broker currently backed by Goldman Sachs but soon to become part of the Howden Group, has acquired an independent corporate insurance broker and employee benefits adviser based in London.
Innovation Broking is the latest addition to the Aston Lark Group, which is one of the UK’s largest independent insurance brokers specialising in complex commercial and private client insurance and employee benefit advice, placing over £1 billion of gross written premiums.
Aston Lark is being acquired by broking group Howden in its largest acquisition deal to date, which is expected to create a UK business managing over £6 billion of gross written premium with more than 5,000 employees.
Innovation Broking was founded by Paul Dickson and Howard Pearson in 2015. Based in London and Watford, the company specialises in larger risks, global programmes, and private equity-backed businesses. Innovation has particular expertise in the technology, health, film and TV, and charities and care sectors.
Peter Blanc (pictured), chief executive officer (CEO) of Aston Lark Group, said: “I’ve known Paul Dickson for many years and his reputation in the market is outstanding, both as an expert Insurance Broker but also as a leader. He and Howard have built Innovation Broking into a renowned business in just six years, employing fantastic talent from top to bottom. I’m delighted to welcome the whole team into the Aston Lark fold and look forward to working with Paul and his colleagues as they continue to build a unique corporate proposition.”
Dickson, Innovation Broking CEO, added: “I am delighted that Innovation Broking has agreed to be acquired by Aston Lark, which is now to become part of the Howden Group. This will provide an outstanding platform for the continued growth of our corporate broking business, and in turn provide great opportunities for our people.
“Peter Blanc and I have known each other for many years, and I have enormous respect for his leadership of Aston Lark, which in common with Innovation, places people and their development at the forefront of its business. Innovation has grown into a great business in the last five years, and this is thanks in part to our backing from Albion Capital who have supported us since our formation. I’m also very excited that Innovation will be heading up a corporate practice unit as part of Aston Lark’s retail division and we will continue to build on our specialisms in the tech, emerging risks and the charity and care sectors. I am also very pleased to be asked by Peter to Chair Aston Lark’s broking and benefits companies from early 2022.”
Will Fraser-Allen, managing partner at Albion Capital Group, commented: “We identified a compelling investment case for Innovation Broking and its corporate broking model, focussed as it is on high-end Board level engagement with clients that had more complex insurance needs. I have known Paul for many years and Albion Capital is delighted to have backed Innovation from day one through to this hugely successful sale to Goldman Sachs-backed Aston Lark, which recognises the outstanding quality of Innovation and its team.”
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