Global insurance and employee benefits intermediary group Howden has announced that it has agreed to acquire risk, pensions, investment and insurance services consultancy Barnett Waddingham.
The acquisition will provide a platform for Howden to expand on pension and related investment and risk services for clients in global markets. As a combined business, it will also offer employee benefits and pensions advisory services and health, life and specialist pension products.
Howden’s global employee benefits business in terms of employees is set to double, with more than 10,000 UK employees across more than 200 offices and 4,000 experts.
David Howden, chief executive officer (CEO) at Howden, said: “We have waited for the right partner to expand our capabilities, with experts who are entrepreneurial and culturally aligned, and with whom we can do more together. Together, we will take a leading position in our home markets of the UK and Ireland in employee benefits and insurance broking.
“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. Its working partners will reinvest significantly into Howden, underlining their commitment to a long-term future with us, and delivering alignment for our future ambitions.”
Glenn Thomas, CEO, UK health and employee benefits and global practice leader at Howden, added: “Barnett Waddingham’s extensive pensions expertise, together with Howden’s presence in the health and employee benefits market, creates a full-service proposition and one of the largest UK pensions and employee benefits consultancies. The combination brings together two businesses with an exceptional cultural fit, and the acquisition reflects Howden’s deep commitment to investing in its employee benefits advisory capabilities.”
Andrew Vaughan, senior partner at Barnett Waddingham, said: “We’re really excited to join Howden because of its commitment to the UK market, and its unique culture. Being part of Howden 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 join Howden, we look forward to combining our strengths to build something even greater together.”
