It seems that barely a day goes by without one of the major brokers in the UK snapping up another firm – and today is no exception.
Howden has announced, via an emailed release, a swoop for Reich Insurance Group – in what is described as a “significant step” in its North West England expansion. Reich had been established as one of the top 10 independent insurance brokers in the UK.
Headquartered in Manchester, Reich is a £100 million+ GWP business. It boasts more than 140 employees and is led by Simon Taylor, CEO, and Danny Lopian, director. It offers a full spectrum of insurance solutions with a focus on SMEs, large corporations and the property, construction and development segments, alongside life and healthcare.
On announcing the takeover deal by Howden, Taylor noted they had been searching for the right partner for some time.
“We needed a business that matched our absolute focus on providing the very best to our clients in their search for the right insurance product,” he said. “In this market, we felt that only one business was the perfect fit, and that was Howden: a hugely successful, ambitious, customer-centric broking giant, large enough to make a major difference in the market but still entirely concentrated on providing the very best service for their clients.”
Lopian, meanwhile, reiterated the firm’s excitement.
“This will give us the opportunity to provide a greater and broader service to our clients and we look forward to developing our business services to even higher levels,” he said.
In announcing the deal, Howden UK & Ireland executive chairman Peter Blanc noted he had a longstanding relationship with both Taylor and Lopian.
“Their reputation is outstanding and their areas of specialism, particularly in real estate and construction as well as healthcare, are completely aligned with Howden,” he said. “All of our discussions were centred on the future and how the Reich team would fit within the Howden business – and the answer is that it’s a perfect match. I’m really looking forward to meeting all of our new colleagues and welcoming them to the Howden family.”
Meanwhile, CEO David Howden believes the firm has become a “natural home” for insurance industry entrepreneurs.
“Simon is an industry entrepreneur, who for the last 20 years has led Reich to be the success story we see today,” he said. “Howden has become the natural home for insurance industry entrepreneurs, both in the UK and across the world, who put their trust in us as they know that our people and our clients are at the heart of everything we do.”
What do you make of the latest broker mega deal? Is there too much acquisition activity in the market, or do you believe the market grows stronger when firms like Howden get bigger? Leave a comment below with your thoughts.