UK’s Howden to Acquire Major Italian Broker Assiteca

Global insurance intermediary Howden Group Holdings has agreed to acquire a major Italian insurance broker, Assiteca.

Howden plans to acquire 86.965% of the outstanding share capital of Assiteca S.p.A. held by Assiteca’s founder, Luciano Lucca, and Chaise S.p.A., a company 100%-owned indirectly by Tikehau Growth Equity fund.

Howden said the total price is equal to approximately €208.7 million and values each share of the company at €5.624. Howden said it will pay the total price in cash in a single payment at closing, which is expected to occur around May 2022.

Assiteca is the largest Italian-headquartered broker with 750 employees operating across 19 cities in Italy, as well as operations in Spain and Switzerland, with a turnover of brokerage commissions of approximately €90 million, according to the announcement

Howden Group is headquartered in the UK and has operations in 45 countries across Europe, Asia Pacific, the Middle East, Africa, the U.S. and Latin America. With 10,500 employees, £1.4 billion in revenues and more than $17 billion premiums managed it is one of the largest international insurance intermediary groups in the world.

Howden said Assiteca is “highly complementary” to Howden’s existing broking business in Italy and the “partnership will create a major force” in the Italian broking market as well as further opportunities for all employees. The transaction will combine Assiteca’s regional and mid-market business with Howden’s international and larger corporate accounts, specialty segments and reinsurance.

Europe, and Italy in particular, has been a focus for investment for Howden, with the recent completion of the acquisitions of Andrea Scagliarini S.p.A. in July 2021 and Tower S.p.A. in January 2022.

Upon completion of the transaction, various members of Assiteca’s management will retain key positions in the management of the Assiteca’s. In particular, Luciano Lucca will remain as chairman of the board of directors, Gabriele Giacoma will remain as chief executive officer, and Nicola Girelli will remain as finance director.

The transaction will result in the delisting of Assiteca shares from the Euronext Growth Milan market.

Topics Mergers & Acquisitions Agencies