Reinsurer Howden has agreed to amass Barnett Waddingham, a UK-based consultancy that gives insurance coverage, threat, pensions and funding companies.
The monetary phrases of the deal haven’t been disclosed.
The deal is anticipated to boost Howden’s pension and associated recommendation capabilities.
Howden stated the deal will enhance its world presence, doubling the dimensions of its Worker Advantages enterprise with 4,000 new consultants.
The mixed workforce will ship an estimated £500m ($644.86m) in world income, the corporate added.
With this acquisition, Howden and Barnett Waddingham will collectively present a full spectrum of worker advantages and pensions advisory companies.
These companies shall be out there to a shopper base together with multinational companies, small and medium-sized enterprises, and entities inside the non-public and public sectors.
Moreover, particular person shoppers can have entry to well being, life and specialised pension merchandise.
Howden CEO David Howden stated: “In our journey to construct a worldwide dealer we recognise the necessity to create a world-class worker advantages enterprise for our shoppers.
“Below Glenn Thomas’ management since 2018, our Worker Advantages division has delivered a exceptional 52% compound annual development price. Increasing our pensions advisory and administration functionality is essential to our long-term, world development plans, and Barnett Waddingham offers a incredible platform to construct {our capability} for shoppers around the globe.
“Critically, Barnett Waddingham’s working companions will reinvest considerably into Howden, underlining their dedication to a long-term future with us, and delivering extraordinary alignment for our future ambitions,” he added.
Howden UK well being & worker advantages CEO and world apply chief Glenn Thomas added: “Barnett Waddingham’s intensive pensions experience, along with Howden’s market main presence within the well being and worker advantages market, creates a full-service proposition and one of many largest pensions and worker advantages consultancies within the UK, with one of the intensive world footprints out there.”
Barnett Waddingham senior companion Andrew Vaughan acknowledged: ”We’re actually excited to hitch Howden due to its dedication to the UK market, and its distinctive tradition. Being a part of Howden additionally strengthens our skill to ship even larger worth to our threat, pensions, funding and insurance coverage shoppers via enhanced options, together with our tech-enabled capabilities, and entry to world experience.
“As we mirror on 35 years of steady development and growth at Barnett Waddingham, we’re happy with the heritage and ideas which have made us who we’re – people-centricity, partnering with shoppers and the supply of high-quality companies.”
Final month, Howden bought Forbes Insurance coverage and the enterprise portfolio from Hill Aviation Insurance coverage Providers.
Each entities have been rebranded as Howden, resulting in the creation of a specialist aviation division inside Howden UK & Eire.
