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Investee firm CBC has also secured £3mn financing from Coutts. -
Howden inked its biggest deal to date with its agreement to acquire Aston Lark for around £1.1bn.
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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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The deal marks the first legacy risk transaction for the start-up.
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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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After the acquisition, the Beech team will continue to be led by Geoff Stilwell, Andrew Woodhams and Matt Gates.
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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 transaction will near-double the size of Chubb’s A&H book and increase its Asia premium from $4bn to $7bn.
