Howden, the London-based insurance broker, announced it has strengthened its marine offering in Europe with the acquisition of Bremen-based broker Northern Lloyd, one of the leading marine brokers in Northern Germany.
The acquisition of Northern Lloyd reinforces Howden’s strategy to become the market leader for marine business in Germany. By constructing a team with local, specialist expertise, Howden Deutschland is well-placed to capitalize on growth opportunities in the German marine market and will benefit from the collective power of Howden’s global footprint, the broker said in a statement.
Northern Lloyd is an independent marine insurance broker that provides ship owners, ships and asset managers with consulting and risks analysis and placement and claims handling services. Northern Lloyd is a licensed Lloyd’s broker with operations in key territories including London, Athens, Limassol and Abu Dhabi.
Financial details of the deal were not disclosed.
The acquisition of Northern Lloyd underscores Howden’s ambition to embed specialisms in its key markets and follows the successful acquisition of leading German broker Franz Gossler Insurance Group in March 2023 to establish Howden Global Sport & Entertainment as the broker of choice for the region.
Upon completion, Howden Deutschland will comprise 400-plus employees in 10 locations.
“As a large, independent broker with specialist expertise, Howden is the optimal home for Northern Lloyd as Jan Riedesel and the team continue to seek new ways to provide our clients with innovative solutions and global support,” commented Stefan Gläbe, CEO, Northern LloydGroup.
Daniel Whiteside, managing director – global head of Marine, Howden, said: “We are delighted to welcome Stefan, Jan and the Northern Lloyd team to Howden as we pursue our ambitious growth strategy in Europe and strengthen Howden’s Global Marine capabilities. Since the first meeting with Stefan and Jan it was clear there was a strong cultural alignment, underpinned by our desire to attract and retain the best market talent, and this led to Howden being the obvious home for Northern Lloyd. We are excited for the business to be part of our Global Marine Practice.”
Founded in 1994, Howden Group operates in 50 countries across Europe, Africa, Asia, the Middle East, Latin America, the U.S., Australia and New Zealand. The group employs 14,500 people and handles $30 billion of premium on behalf of clients.
Source: Howden
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