Howden, the London-based insurance group, announced an agreement to acquire Denmark’s fourth largest insurance intermediary NORTH Risk, thereby establishing a retail presence in the Danish market and strengthening its geographical presence in the Nordic region of Europe.
NORTH was founded in 2021 by Danish private equity house Polaris through the acquisition and merger of four SME-focused financial services distribution and advisory businesses into one platform. The business is focused on servicing commercial SME clients and their employees with general insurance, life and pensions and financial services (mortgages and financial procurement).
Financial details of the transaction were not disclosed.
As Polaris’ investment comes to an end, both the private equity firm and NORTH’s management team chose Howden as the best partner to support its onward growth trajectory.
This decision stemmed from a strong cultural alignment, a shared entrepreneurial spirit, and a client-centric approach. Furthermore, NORTH’s management recognize the opportunities that will arise from leveraging Howden’s network to create synergies and propel sustained growth, said Howden.
The launch in Denmark marks the establishment of Howden’s 20th territory in Continental Europe. It also completes Howden’s presence in the Nordic region, having first opened an office in Finland over 20 years ago, followed by offices in Sweden, Norway and Iceland. Howden services a wide range of clients in the Nordics across all specialisms, from renewable energy, through to real estate and M&A.
“I am thrilled to welcome NORTH to the Howden family. This partnership stands as a testament to the power of our cultural affinity and the strong desire of the management to join our company,” commented Luigi Sturani, CEO, Howden Europe, noting that this is Howden’s largest acquisition in Continental Europe after Italy’s Assiteca.
NORTH is run by Lars Gundorph, who will head Howden’s activities in Denmark. He was previously CEO of Willis Denmark.
“We are proud to have partnered with Polaris over the last few years. Through dedicated efforts, our board has assembled a team of independent and exceptionally skilled advisers, with ambitious plans for the future,” Gundorph remarked.
“Our experience representing Howden in Denmark has led us to recognize them as the most competent and progressive players on the international stage, with a genuine owner’s mindset. Howden is therefore the perfect match for NORTH, both in terms of business and culture. Their international outlook and commitment to clients make them an ideal partner to realize our full growth potential in Denmark.”
Founded in 1994, it operates in 50 countries across Europe, Africa, Asia, the Middle East, Latin America, the US, Australia and New Zealand, employing 15,000 people and handling $35bn of premium on behalf of clients.
Source: Howden
Topics Mergers & Acquisitions
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