Howden targets Europe with expansion into Baltic via acquisition
Insurance broker Howden has entered into the Baltic market through acquisition as part of its strategy to build out its international platform and expand retail operations across Europe.
The company has acquired CHB Insurance Brokers (CHB), one of the prominent property & casualty brokers in the Baltic region. Following the deal, Andry Saarm, chairman of CHB's board, and CEO Priit Helm will continue to run the company, with former board member Evelin Pärna as the head of CHB’s Southern region, based in Pärnu.
Led by Howden Finland, the acquisition reflects the broker's ongoing strategy to set up operations to serve clients across Europe. The establishment of Howden Estonia follows the recent announcements of other start-ups in Italy and Switzerland, and a wave of talent joining Howden to drive growth in key markets, such as Luigi Sturani as CEO of Europe, Holger Schaefer as CEO of Germany, and Jeroen Everling as CEO of Netherlands, Corporate.
Jorma Hakonen (pictured), CEO and partner at Howden Finland Oy, said: “With this acquisition, Howden plans to expand its activities in the Baltic region, with Estonia as a springboard to access markets in Latvia and Lithuania. That the founders of CHB - Andry and Priit - remain with the company means clients continue to enjoy the expertise, dedication and personal touch they have come to know and, combined with their exceptional reputation in the Estonian market, helps us to further develop the business as part of the Howden family.”
Saarm commented: “Partnering with Howden means we will have better access to new insurance products and new industries, enabling us to grow as part of an international insurance broker. This is a major cross-border transaction in the Estonian insurance market and provides us with the opportunity to meet the demands of companies in the region.
“Our ambition is to satisfy the demand for insurance in sectors such as trade credit and financial guarantees, as well as a focus on cyber insurance. Furthermore, with the support of Howden Finland, we are able to bring in ground-breaking insurance and service solutions for housing associations.”
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