Howden, the London-based international insurance broker, announced it has acquired 100% of Spanish insurance broker March Risk Solutions (March R.S.) and has signed an alliance with Banca March, March R.S.’s parent company and one of the region’s pre-eminent investment banks.
Following the purchase, Howden Iberia will exceed €100 million in revenue, €700 million in gross written premium (GWP), and will comprise over 1,000 employees. Financial details of the deal were not disclosed.
The transaction is pending approval by the Directorate General of Insurance and Pension Funds.
This transaction reflects Howden’s growth strategy in Europe, and with the incorporation of March R.S., Howden Iberia will offer clients highly specialized offerings in the industry and services, sports, leisure and tourism, construction and energy, maritime and aviation sectors.
“The acquisition of March Risk Solutions and our strategic alliance with Banca March is a significant step towards our goal of becoming the leading insurance broker in the Spanish market,” commented Salvador Marin, CEO of Howden Iberia. “The combined talent of both organisations will provide a comprehensive and unique service to our clients in the region. Howden Iberia will be a leader in maritime, fleet and employee benefits, as well as in the food & beverage and logistics & distribution sectors.”
José Manuel González, CEO of Howden Broking, said: “Since I started Howden Iberia over 16 years ago it has grown from strength to strength, and with the addition of March R.S. we continue to leverage top talent and build on our European ambitions. I am especially excited about this acquisition, as it unites Howden with one of the most prestigious financial institutions in Spain, and is a key step in our strategy to become the leading insurance broker in the Spanish market. This is the 12th acquisition for Howden Broking in Europe this year, which in addition to organic growth, has allowed us to triple our turnover in the last three years.”
European deals announced by Howden in 2022 include Tower S.P.A, Nordest, Assiteca and Assimovie in Italy, Théorème, C.R.F. Conseils, and Seasecure in France, and Born Consulting and Bachmann & Partners in Switzerland.
About Howden Broking
Howden Broking, part of Howden Group, is a leading independent provider of re/insurance brokerage, risk consulting and employee benefits advice. Howden operates in 90 countries, comprises 45 owned businesses across Europe, Asia, Africa, Latin America, the Pacific and the Middle East and the rest via its network of local partners. Established in 1994, today Howden employs more than 13,000 people worldwide.
About Banca March
Banca March is one of Spain’s leading financial groups and the only one that is wholly family-owned. The company said its business philosophy is one of prudent and long-term management. Banca March is one of the main shareholders of Corporación Financiera Alba, with significant stakes in Naturgy (indirect), Acerinox, Profand, Ebro Foods, Viscofan, Atlantic and Parques Reunidos, among other companies.
Source: Howden Broking
Mergers & Acquisitions
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