Howden, the London-based global insurance group, announced the acquisition of Haakon AG, the specialist reinsurance broker, headquartered in Switzerland.
Financial details of the transaction were not disclosed.
Haakon, formerly part of the Baloise Group, has offices in Basel and Kuala Lumpur, and brings a 43-year track record of providing treaty, facultative and complex reinsurance solutions to clients in Switzerland and across Europe, Asia and the Middle East.
The transaction will be Howden’s ninth acquisition in Switzerland in two years, providing further momentum to its ambitious growth strategy and underlining Howden’s position as the home for independent brokers domestically and across Europe,the broker said.
“This is a defining moment in Haakon’s long history. In Howden we have found an independent, long-term partner with a shared vision and culture which puts clients at its heart and empowers the industry’s very best entrepreneurial talent,” commented Thomas Meier, CEO of Haakon.
“Combining with the world’s fastest growing reinsurance brokers gives us the scale, depth of talent and distribution capabilities to continue to position our business for long-term success. We look forward to writing the next chapter with our new colleagues at Howden Tiger and Howden Switzerland,” Meier added.
“We’re delighted that Haakon has chosen Howden as its long-term home. The reputation Haakon has built over four decades is unique and by creating the largest reinsurance broking team in Switzerland, we’re bringing a new and exciting long-term proposition to clients and talent,” according to Ivo Gugolz, CEO Reinsurance, Howden Switzerland.
Founded in 1994, Howden provides insurance broking, reinsurance broking and underwriting services and solutions to clients ranging from individuals to the largest multinational companies. The group operates in 50 countries across Europe, Africa, Asia, the Middle East, Latin America, the USA, Australia and New Zealand, employing 15,000 people and handling $35 billion of premium on behalf of clients.
Mergers & Acquisitions
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