View this article online: https://www.insurancejournal.com/news/international/2021/04/22/611029.htm
Howden, the London-based insurance broker, has announced the acquisition of ARTAI, Spain’s largest independent corporate insurance broker.
The transaction, which is pending approval from Spain’s Directorate General of Insurance (DGSFP), will see Howden’s presence in the region grow considerably, managing more than €350 million ($422 million) in premiums, with a workforce of 600 employees across 30 offices in Spain, Portugal and Morocco.
ARTAI was founded 28 years ago in Galicia and specializes in advising companies in the textile, marine, marine-fishing, logistics and fleet sectors, in addition to providing risk management for large accounts.
The acquisition comes at a time of continued growth for Howden Iberia, part of Howden Broking. The broker purchased Compensa Capital Humano in July 2020, and in early 2021 launched a new specialist Human Capital team led by Ana Matarranz.
“The acquisition of ARTAI reflects our commitment to specialist expertise, local delivery and people as the basis of our company. The purchase brings us a team with expertise and specialist knowledge that will complement our business, and also share our vision: to offer clients choice and a credible alternative in a consolidating market,” commented Salvador Marín, CEO, Howden Iberia.
“A company of Howden’s size, not only in Spain but worldwide, opens up an incredible range of possibilities and markets for both our employees and our customers,” said Jaime Borrás, president of ARTAI.
ARTAI has 17 offices located in Vigo, A Coruña, Alicante, Baleares, Barcelona, Bilbao, Cádiz, León, Lugo, Madrid, Medina del Campo, Oviedo, Pamplona, Santiago de Compostela, Seville and Vitoria. The company also has two offices in Morocco.
José Manuel González, CEO of Howden Broking, said: “This transaction is strongly aligned with Howden Broking’s strategic plan for the next five years, of which one of the main aims is to support and drive forward Howden’s growth in Europe.”
Howden Broking, a leading independent provider of re/insurance brokerage, risk consulting and employee benefits advice, comprises owned businesses across Europe, Asia, Africa, Latin America and the Middle East. Established in 1994, Howden employs more than 6,500 people worldwide. Together with network partners, Howden operates in more than 90 territories.
Source: Howden Broking