Howden to take over UK insurer Barnett Waddingham
The financial terms of the deal have not been disclosed.
The deal is expected to enhance Howden's pension and related advice capabilities.
Howden said the deal will boost its global presence, doubling the size of its Employee Benefits business with 4,000 new experts.
The combined workforce will deliver an estimated £500m ($644.86m) in global revenue, the company added.
With this acquisition, Howden and Barnett Waddingham will collectively provide a full spectrum of employee benefits and pensions advisory services.
These services will be available to a client base including multinational corporations, small and medium-sized enterprises, and entities within the private and public sectors.
Additionally, individual clients will have access to health, life and specialised pension products.
Howden CEO David Howden said: 'In our journey to build a global broker we recognise the need to create a world-class employee benefits business for our clients.
'Under Glenn Thomas' leadership since 2018, our Employee Benefits division has delivered a remarkable 52% compound annual growth rate. Expanding our pensions advisory and administration capability is crucial to our long-term, global growth plans, and Barnett Waddingham provides a fantastic platform to build our capability for clients around the world.
'Critically, Barnett Waddingham's working partners will reinvest significantly into Howden, underlining their commitment to a long-term future with us, and delivering extraordinary alignment for our future ambitions,' he added.
Howden UK health & employee benefits CEO and global practice leader Glenn Thomas added: 'Barnett Waddingham's extensive pensions expertise, together with Howden's market leading presence in the health and employee benefits market, creates a full-service proposition and one of the largest pensions and employee benefits consultancies in the UK, with one of the most extensive global footprints in the market.'
Barnett Waddingham senior partner Andrew Vaughan stated: "We are really excited to join Howden because of its commitment to the UK market, and its unique culture. Being part of Howden also strengthens our ability to deliver even greater value to our risk, pensions, investment and insurance clients through enhanced solutions, including our tech-enabled capabilities, and access to global expertise.
"As we reflect on 35 years of continuous growth and development at Barnett Waddingham, we are proud of the heritage and principles that have made us who we are – people-centricity, partnering with clients and the delivery of high-quality services.'
Last month, Howden purchased Forbes Insurance and the business portfolio from Hill Aviation Insurance Services.
Both entities have been rebranded as Howden, leading to the creation of a specialist aviation division within Howden UK & Ireland.
"Howden to take over UK insurer Barnett Waddingham " was originally created and published by Life Insurance International, a GlobalData owned brand.
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