Howden Acquires Norwegian Broker Arctic Insurance AS

Howden, the London-based insurance group, announced the acquisition of Arctic Insurance AS, a fast-growing Norwegian insurance broker.

Financial details of the deal were not disclosed.

This acquisition reflects Howden’s ambition to enhance its presence in the Nordic region, by investing in local specialist expertise and bringing its global capabilities to clients in local markets.

Based in Oslo, Arctic Insurance was established in 2014 with the backing of Arctic Group, a leading diversified financial services group. Arctic Insurance specializes in property/casualty, financial lines & specialty, employee benefits and pensions. It serves a wide range of clients with complex insurance needs, such as food and beverage, recycling and waste management, transport, and finance businesses.

“The acquisition of Arctic Insurance, and with it the addition of a strong team of like-minded, entrepreneurial individuals, is a significant step in our ambitious growth strategy for Norway,” commented Anders Kvan, CEO, Howden Norway.

“It brings us one step closer to becoming the leading independent broker in Norway – a market that is looking for more choice and a broking partner that can manage and place complex risk,” Kvan added. “Combining the specialist expertise of Arctic Insurance with the scale of Howden’s international footprint strengthens our position as one of Norway’s leading brokers, capable of providing the range of bespoke solutions that our clients need in an increasingly challenging market environment.”

“Joining forces with Howden represents the next exciting step in our journey. Despite considerable interest from other brokers, we chose Howden because of a shared vision and shared set of values – including putting our people first and empowering the industry’s very best entrepreneurial talent to deliver superior solutions for clients,” according to Alexander Ringvold, CEO, Arctic Insurance.

“We are now poised to continue our growth trajectory as part of a larger, dynamic global group, and I look forward to working with the team in this next phase,” Ringvold said.

“From its humble beginnings in 2014, the company has become highly attractive within insurance brokering, offering its clients unparalleled expertise within an increasingly complex insurance market,” said Petter Bakken, chairman of the board, Arctic Insurance and founding partner of Arctic Group.

“We believe Howden is the right home for Arctic Insurance – an international player that will provide additional resources, add value to our clients, and develop the company even further,” Bakken continued.

With the acquisition of Arctic Insurance, Howden Norway now has 65 employees in two offices, strengthening Howden’s presence in the Nordics. Howden opened an office in Finland over 20 years ago, followed by offices in Sweden, Norway and Iceland, and offers a range of services to clients across all specialisms, from renewable energy, through to real estate and M&A.

This acquisition follows a series of recent deals in Europe. Howden recently announced its entry into the Danish market with the acquisition of NORTH Risk, the fourth largest broker in the country, and its purchase of VLC & Partners Holding B.V., one of the largest independent insurance brokers in the Netherlands.

Founded in 1994, Howden 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 $35bn of premium on behalf of clients.

Topics
Mergers & Acquisitions
Agencies