Howden to buy Bermudian broker Foram
Howden has continued its programme of rapid expansion with an agreement to acquire Bermudian intermediary Foram.
The business deals in casualty, energy, professional lines, construction, property, product recall and healthcare.
Its clients are primarily Fortune 1000 US clients requiring access to the Bermudian market.
Howden has this year made a number of acquisitions from bolt-on deals to transformational purchases.
Since the intermediary secured investment from Hg Capital and bought UK retailer A-Plan in September last year, Howden has secured its largest ever takeover deal in its purchase of Aston Lark earlier this month.
In a similarly large-scale deal, Howden’s MGA Dual bought US business Align to form a $2bn premium group in August.
Howden Specialty deputy chair Paul Redgate said: “Foram joining us reaffirms our strategy of giving clients access to all key markets via our global insurance market hubs.
“By providing clients with a significant on-the-ground presence in Bermuda, this acquisition also underscores Howden’s commitment to the Bermudian market by investing in on-island expertise to enhance our client offering and to build a leading position in the world’s leading (re)insurance markets.”
Foram president Robert Stubbs said: “As part of Howden, our clients will benefit from the talent, product expertise and data and analytics capability of Howden’s global specialty offering, enabling our company to deliver ever more advanced risk solutions to our clients.
“In Howden, we have found a place which shares our values, allowing us to grow and to continue to focus on the client centricity and innovation for which we are known in the Bermudian market.”