Global insurance broker Howden Group Holdings (Howden) has acquired award-winning mortgage broker SPF Private Clients (SPF), extending its offering to the mortgage broking market while enhancing its existing general insurance and wealth management offering, including its high net worth and private client-focused businesses.
Owned by SPF Group Holdings, SPF was formed in 2011 after a management buyout and rebrand of Savills Private Finance, the financial arm of Savills plc, before Cabot Square Capital (Cabot) acquired a majority stake in the business in 2018. Currently, SPF is a high-quality financial services intermediary specialising in residential and commercial mortgage broking, commercial real estate insurance, high net worth personal lines insurance, property title insurance, life assurance, and associated wealth management consulting.
The acquisition, subject to regulatory approval, will see SPF join Howden’s UK & Ireland business to further enhance its position as the leading independent insurance distributor in the region, with Mark Harris remaining as CEO.
Harris commented: “SPF and Howden are highly complementary businesses that focus on providing the best solutions to our clients while always putting our people first. SPF will benefit from the significant opportunities that being part of Howden will deliver, with a big drive into offering our debt product lines across the group. We will carry on doing what we do best, ultimately enabling us to develop products to best serve our clients while allowing our talent to flourish.”
The deal aligns with Howden’s commitment to investing in the UK economy and its 110 high street branches. It follows Howden’s acquisition of a total holding of 86.965% of the share capital of Assiteca S.p.A (Assiteca) – the largest Italian-headquartered broker – and was announced as Howden waits for the completion of its Aston Lark deal, expected to create a full-spectrum British broker with unrivalled reach and access.
Howden UK & Ireland CEO Carl Shuker commented that SPF is a strong addition to the Howden UK and Ireland business because both businesses have the same cultures founded on entrepreneurialism and empowerment and are committed to delivering the best client outcomes.
“With SPF, the recent acquisition of A-Plan, and the upcoming completion of Aston Lark, Howden UK & Ireland will be a leading end-to-end insurance distributor capable of supporting all of our clients, whatever their insurance and mortgage needs, underpinned by market-leading digital and data capability,” Shuker said.
Howden Broking Group deputy CEO Chris Evans added: “Howden and SPF have a long-established trading relationship, so SPF joining the Howden family is a natural next step in our partnership. Its unique qualities will greatly enhance our offering in the region by diversification into complementary product distribution that will further position us as a leader in our home market.”