Howden acquires cyber and tech specialist broker
Reprints
U.K.-based Howden Broking Group Ltd. said Monday it has agreed to acquire Safeonline, a cyber and tech specialist broker and Lloyd’s of London coverholder.
Financial details of the transaction were not disclosed.
The acquisition will strengthen its retail cyber platform and boost its presence in the U.S. wholesale cyber sector, London-based Howden said in a statement.
Safeonline CEO Chris Cotterell will join Howden as chairman of its cyber division and around 25 cyber insurance specialists from Safeonline will join the division, Howden said.
Safeonline has a proprietary insurtech platform, iQ, which quotes and binds online and distributes to both the U.K. small medium enterprise and the international wholesale sectors, the statement said.
Safeonline offers a range of coverages including cyber and tech, financial and professional lines, programs and binders, and contingency and is a member of the Brokerslink network. Its technology will be rolled into Howden’s data and analytics business.
“Cyber as a class has been growing strongly for us over recent years and this acquisition supercharges our growth in this important market,” Charlie Langdale, managing director, financial lines, said in the statement.
