LONDON, Sept 23 (Reuters) - Howden Broking Group said on
Wednesday it had bought fellow British insurance broker A-Plan
Group at a valuation which David Howden, the chief executive of
Howden's parent company, described as being in the "high 600
million pounds".
Broker Howden focuses on specialty commercial risk and
reinsurance, while A-Plan, which sells insurance through brands
including Endsleigh, focuses on personal and commercial lines
such as motor, home and business liability.
The combined business will have more than 4 billion pounds
($5.1 billion) in gross written premium, the firms said in a
statement.
Insurance brokers small and large have been consolidating in
recent years. Aon is in the process of buying Willis
Towers Watson for $30 billion to form the world's
largest insurance broker.
Howden, CEO of Howden parent Hyperion Insurance Group, told
Reuters that given "what our clients require in terms of
servicing, data technology... there's no doubt that the combined
(Howden and A-Plan) businesses will be stronger together".
A-Plan is part-owned by employees, but the majority stake
was previously held by HgCapital Trust.
Carl Shuker will remain CEO of A-Plan, reporting to Jose
Manuel Gonzalez, CEO of Howden.
($1 = 0.7852 pounds)
(Reporting by Carolyn Cohn; Editing by Jan Harvey)
HgCapital Trust plc (HGT)
