Howden, the London-based international insurance broker, announced the acquisition of Oslo-based retail broker Aneco Forsikringsmegling AS.
Howden said the acquisition affirms its position as one of the leading non-marine insurance brokers in Norway, providing clients with greater choice and a real alternative in the country.
Financial details of the transaction were not released.
Aneco, which manages €30 million ($34.7 million) in premiums, is an independent insurance broker operating in the property/casualty and employee benefits segments.
The acquisition is a further step in Howden’s ongoing strategy to invest in expertise in Europe and expand its operations for the benefit of local and international clients.
“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,” commented Anders Kvan, CEO, Howden Norway.
“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,” Kvan added.
The acquisition comes at a time of significant growth for Howden in Europe. The broker purchased CHB Insurance Brokers in Estonia, BCZ in Switzerland and Sarton & Associés in Belgium this month, reiterating its commitment to invest in expertise and to build out its platform for the benefit of international clients.
(Howden last week announced the purchase of BrokerCenterZürichsee AG, or BCZ, in Switzerland, for an undisclosed sum. This was its first acquisition in the Swiss brokerage market. BCZ will operate under the new name Howden BCZ Versicherungsbroker AG).
“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 and analytics capability of Howden’s international speciality offering,” said Ragnar Nordal, managing director, Aneco.
“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 organization with a people first, employee-owned culture, our employees will be empowered to deliver exceptional service to our clients,” Nordal continued.
Luigi Sturani, CEO of Howden Europe said: “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.”
Established in 1994, Howden Broking comprises owned businesses across Europe, Asia, Africa, Latin America and the Middle East. The company employs more than 6,500 people worldwide and operates in more than 90 territories, together with aligned partners.
Source: Howden Broking
Topics Mergers & Acquisitions Agencies
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