Howden buys Norwegian broker in European expansion strategy
International insurance broker Howden has continued its European expansion with the acquisition of Oslo-based retail broker Aneco Forsikringsmegling. The move cements Howden’s position as one of the leading non-marine insurance brokers in Norway.
The acquisition comes at a time of significant growth for Howden in Europe. The broker recently purchased CHB Insurance Brokers in Estonia, BCZ in Switzerland and Sarton & Associés in Belgium.
Aneco is an independent insurance broker operating in the property and casualty and employee benefits segments, managing €30 million (NOK 300 million) in premiums.
The acquisition is a further step in Howden’s ongoing strategy to invest in expertise in Europe and expand its operations for both the local and international clients.
Anders Kvan, chief executive officer of Howden Norway, said: “This acquisition underlines Howden’s strategy to bring an enhanced offering to large corporate clients in Norway. Since we started 15 years ago, our sole focus on delivering competent advice and expert service to our clients has proven to be the right strategy. Aneco will further strengthen our core capabilities in Hydro Power and Agriculture, whilst their clients will benefit from access to Howden’s international platform and specialty offerings. Aneco’s strong reputation for client service, local expertise and delivery matches our own, making this a highly complementary match.”
Ragnar Nordal, managing director of Aneco, said: “Joining Howden represents a logical next step for our company and our clients. As markets develop, our clients seek and will now benefit from the talent, product knowledge and data & analytics capability of Howden’s international speciality offering. For us, the choice was simple; only in Howden do we feel our clients and employees can enjoy the same values as they do now, and where we can continue to develop. As part of an independent organisation with a People First, employee-owned culture, our employees will be empowered to deliver exceptional service to our clients.”
Luigi Sturani (pictured), CEO of Howden Europe, commented: “This acquisition reflects our strategy to build a dominant position in our chosen markets and to invest in expertise to enhance our client offering. Howden has become a natural home for top talent in the insurance sector, and the acquisition of Aneco brings us another highly experienced team that will benefit both local and international clients.”
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