Howden Begins French Expansion With Acquisition of C.R.F. Conseils

Howden, the London-based international insurance broker, announced it had agreed to acquire C.R.F. Conseils (CRF), an independent broker that specializes in financial lines.

Financial details of the deal were not disclosed.

This is Howden’s first acquisition in France since appointing Nicolas Aubert as CEO of Howden France, and will enable Howden to launch operational capabilities in this key market.

Founded in 1999, CRF focuses on financial lines, a key area of the future of Howden’s offering in France both for local and international clients. Established in 1999, CRF Conseils is a leading French broker for both Financial Institutions & Tech Companies. With specialities in professional indemnity (PI), directors and officers (D&O), employment practices liability (EPL), cyber & crime, CRF operates from Paris and employs 16 people.

“This acquisition is the best way to launch ourselves in France as a credible and differentiating alternative,” commented Aubert.

“The CRF team have best-in-class backgrounds and reputations in the market and their decision to join Howden is a signal to the market of our commitment to build a new broker in France, which is founded on expertise and quality of talent and that brings value to all of our stakeholders, including entrepreneurial talent, clients and insurance partners,” Aubert added.

“We have been approached several times to sell our business, which we have always declined. Why? Our autonomy and the entrepreneurial side of our business are essential,” said Didier Arminjon, CEO, CRF.

“We strongly believed that we would only join a group that shares our DNA and having had the opportunity to meet the leaders of Howden on various occasions, and to listen to them talk about their culture, their values, their priorities, their vision, we knew that Howden could be the ideal partner for us,” Arminjon continued.

“We are certain that by joining Howden, we will be stronger and better able to support our clients by delivering ever more sophisticated solutions, with the same listening and attention, the same professionalism that we have always had, but leveraging Howden’s international presence and expertise,” said Didier Seigneur, deputy CEO, CRF.

“Finally, we will be in a better position to recruit the future talent that our customers need. The opportunities in the market are significant; we will have the means to seize them to strengthen our growth,” Seigneur noted.

“In a market that is crying out for European-focused alternatives our strategy is simple: to develop a strong territorial presence in Europe and offer a unique range of specialty solutions for our clients,” according to Luigi Sturani, CEO, Howden Europe.

“We will accomplish this by attracting the best entrepreneurial talent and like-minded companies, and by growing organically. The acquisition of CRF is a great initial step in our ambition to position ourselves among the leading brokers in France and I am looking forward to welcoming the team to Howden,” said Sturani.

Upon completion and subject to regulatory approval, Didier Arminjon will remain CEO of CRF, while Didier Seigneur will remain as deputy CEO of CRF and also assume the title of director of Financial Lines, Howden France.

Recently, Eric Demange, Adrien Laplane and Delphine Voltolini have joined Howden France as commercial director and deputy CEO, CFO and director of Operations, respectively.

Source: Howden

Topics Mergers & Acquisitions