Worldwide insurance coverage middleman Howden has acquired Spanish insurance coverage dealer March Threat Options (March RS) for an undisclosed sum.
Concurrently, Howden signed a cope with Banca March, which owns March RS and is claimed to be a key funding financial institution within the area.
Following the transaction, Howden Iberia hopes to generate greater than €100m in revenue, €700m gross written premium (GWP), and make use of over 1,000 employees.
Howden Broking CEO José Manuel González mentioned: “I’m particularly enthusiastic about this acquisition, because it unites Howden with probably the most prestigious monetary establishments in Spain, and is a key step in our technique to change into the main insurance coverage dealer within the Spanish market.”
Banca March CEO José Luis Acea mentioned: “March Threat Options and Howden will mix best-in-class experience and data of the Iberian market and with the addition of Howden’s world community we will increase the expansion of our brokerage enterprise, offering each an area and worldwide providing to purchasers which is really market main.”
Howden Iberia CEO Salvador Marin mentioned: “The acquisition of March Threat Options and our strategic alliance with Banca March is a major step in direction of our aim of changing into the main insurance coverage dealer within the Spanish market.
“Howden Iberia will probably be a frontrunner in Maritime, Fleet and Worker Advantages, in addition to within the Meals & Beverage and Logistics & Distribution sectors.”
The acquisition of March RS is topic to approval by the Directorate Normal of Insurance coverage and Pension Funds.
The acquisition is the twelfth for Howden in Europe in 2022, which is claimed to have allowed the financial institution to triple its turnover within the final three years.
Different European offers introduced by Howden embody Tower, Nordest, Assiteca and Assimovie in Italy, Théorème, CRF Conseils, and Seasecure in France, and Born Consulting and Bachmann & Companions in Switzerland.
