Howden
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The hire comes after the intermediary agreed to buy Bermudian business Foram. -
The intermediary’s latest acquisition targets US Fortune 1,000 clients.
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Howden said passing risks onto governments would degrade the value of the insurance industry.
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The acquirer paid a cycle high 17x-18x Ebitda that has raised eyebrows at competitors and in banking circles.
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Sources said the deal consideration was £1.1bn, confirming earlier reports by this publication.
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Aneco operates in the P&C and employee benefits markets and manages $35mn in premiums.
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Should Howden be successful in sealing the deal, it will be its third piece of major M&A in just over 12 months for a combined sum of approximately £2.5bn.
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The London-headquartered independent looks set to beat off acquisition from Brown & Brown and others.
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The acquisition will give Howden a more “prominent presence” across the country and comes amid rapid European expansion at the broker.
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The UK consolidator had been expected to be auctioned, but that process now looks set to be pre-empted.
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The pair are the latest to exit the facultative department at Willis after a stream of senior departures.
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The deal comes after Howden agreed to buy Italian business Scagliarini in July and Spanish firm Artai in April.
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