Global insurance intermediary Howden has acquired Sherpa Ltd, a Christchurch-based general insurance brokerage, in a move that strengthens its presence in New Zealand and supports its growth strategy across the Pacific.
Sherpa was founded in 2017 by Daniel Mathieson and has since established a client base focused on commercial and SME sectors.
The firm’s integration into Howden’s operations adds scale in Christchurch, a key economic centre in the South Island, and contributes to Howden’s ambition of developing a national broking footprint.
This transaction follows several recent acquisitions by Howden in the New Zealand market, with Sherpa joining a growing list of local businesses under the Howden umbrella, including:
According to Howden Pacific chief executive Matt Bacon, Sherpa’s operations are a strategic fit for the group’s regional plans.
He said the Sherpa team brings complementary experience and reach in Christchurch.
“This acquisition complements our New Zealand broking strategy, which has seen us grow significantly through organic and inorganic means. Sherpa will reinforce our existing presence in a key geographical region,” he said.
He noted that Sherpa’s client base will benefit from access to Howden’s broader international capabilities and insurance platforms.
“Sherpa will reinforce our existing presence in a key geographical region. We see huge potential in Howden combining with Sherpa to provide their existing and new clients easy access to key broking talent and leading insurance solutions across the globe,” Bacon said.
Mathieson, who will continue in a leadership role at Sherpa, said the decision to become part of Howden was driven by shared business values and a focus on client relationships.
He said the partnership aligns with Sherpa’s existing philosophy.
“While this partnership with Howden will greatly expand our local presence and further strengthen the service offering to all our clients, it’s not just about growth – it’s about aligning with a team that shares our values: putting people first, backing our team, and delivering genuine, expert advice to our clients,” Mathieson said.
The Sherpa acquisition comes amid a year of significant expansion for Howden globally.
In its most recent financial reporting, the company posted a 23% year-on-year increase in adjusted revenue, reaching £3.01 billion for the 12 months ending Sept. 30, 2024.
Organic growth accounted for 15% of that figure, with the insurance broking segment delivering 14% growth, and reinsurance activities increasing by 30%.
Adjusted EBITDA climbed to £922.2 million, with a margin of 31%. The managing general agent arm, DUAL, contributed 6% organic growth.
Across all divisions, Howden attributed 30% of its organic growth to new teams in reinsurance, aviation, construction, and other specialist areas.
During the same period, the group completed 65 acquisitions, including 28 across Europe. Noteworthy transactions included VLC in the Netherlands and North Risk in Denmark. The firm also reported expanded operations in Asia-Pacific and the Middle East.
Financing activities in 2024 included refinancing arrangements, new lending facilities, and a high-yield bond issuance to support ongoing investment.
Employee ownership also increased, with over 650 new shareholders joining the business, bringing the global total to 5,300.
