Howden, the international insurance broker, announced the acquisition of CHB Insurance Brokers (CHB), one of the pre-eminent property/casualty brokers in the Baltic region.
Financial details of the transaction were not disclosed.
The acquisition represents Howden’s first step into the Baltic market as it continues to build out its international platform and expand its retail operations across Europe to support both local and multi-national clients.
Led by Howden Finland, this acquisition reflects Howden’s ongoing strategy to set up operations to serve clients across Europe. By building businesses and empowering local teams to partner with strategic, culturally aligned companies that embed specialisms across the distribution network, Howden said it will offer clients greater choice in the Baltic region.
The establishment of Howden Estonia follows the recent announcements of other start-ups in Italy and Switzerland, and a wave of talent joining Howden to drive growth in key markets, such as Luigi Sturani as CEO, Europe, Holger Schaefer as CEO, Germany and Jeroen Everling as CEO, Netherlands, Corporate.
Andry Saarm, chairman of the board, and Priit Helm, CEO, will continue to run the company. Former board member Evelin Pärna continues as the head of CHB’s Southern region, based in Pärnu.
“With this acquisition, Howden plans to expand its activities in the Baltic region, with Estonia as a springboard to access markets in Latvia and Lithuania,” commented Jorma Hakonen, CEO and partner, Howden Finland Oy.
Since the founders of CHB – Saarm and Helm – are remaining with the company, clients will continue “to enjoy the expertise, dedication and personal touch they have come to know…,” Hakonen added.
“Partnering with Howden means we will have better access to new insurance products and new industries, enabling us to grow as part of an international insurance broker,” said Saarm. “This is a major cross-border transaction in the Estonian insurance market and provides us with the opportunity to meet the demands of companies in the region.”
Source: Howden
Topics Mergers & Acquisitions Agencies
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