LONDON, October 13 (Businesshala) – UK insurer Howden Group has bought UK insurance broker Aston Lark from Goldman Sachs Asset Management and Bowmark Capital.
According to a source familiar with the matter, Howden paid 1.1 billion pounds ($1.5 billion) for the acquisition, its largest acquisition to date.
The deal will create a UK business in Howden, which manages gross written premiums of more than £6 billion for more than 1.7 million policyholders in the UK and Ireland, the firms said in a statement.
Aston Lark chief executive Peter Blank will become executive chairman of Howden’s UK retail broking operations.
Aston Lark specializes in complex commercial and private client insurance and employee benefits advice.
Globally focused firms such as Howden are competing for scale with the world’s top three insurance brokers Marsh, Aon and Willis Towers Watson. A $30 billion merger between Aon and Willis Towers Watson failed in July.
Following the Aston Lark deal, “you’ll see us really expanding our operations in Europe,” Howden Group CEO David Howden told Businesshala, adding the firm is also “expanding rapidly” in the Asia-Pacific region. Was.