BI’s Article search uses Boolean search capabilities. If you are not familiar with these principles, here are some quick tips.
To search specifically for more than one word, put the search term in quotation marks. For example, “workers compensation”. This will limit your search to that combination of words.
To search for a combination of terms, use quotations and the & symbol. For example, “hurricane” & “loss”.
(Reuters) – UK insurance brokerage Howden Broking Group Ltd. has bought UK insurance broker Aston Lark from Goldman Sachs Asset Management LP and Bowmark Capital LLP, the firms said on Wednesday.
Howden paid £1.1 billion ($1.5 billion) for the acquisition, according to a source familiar with the matter, its largest acquisition to date.
The deal will create a UK business at Howden managing over £6 billion of gross written premiums for more than 1.7 million policyholders in Britain and Ireland, the firms said in a statement.
Aston Lark CEO Peter Blanc will become executive chairman of Howden's UK retail broking operations. Aston Lark specializes in complex commercial and private client insurance and employee benefits advice.
Globally-focused firms such as Howden are competing for scale with the world's top three insurance brokers Marsh LLC, Aon PLC and Willis Towers Watson PLC. A $30 billion merger between Aon and Willis Towers Watson fell through in July.
Following the Aston Lark deal, "you'll see us really expand our operations in Europe," Howden Group CEO David Howden told Reuters, adding the firm was also "expanding rapidly" in the Asia-Pacific region.
U.K.-based Howden Broking Group Ltd. has appointed Luigi Sturani as its chief executive of Europe, effective June 2, Reinsurance News reported. Previously, Mr. Sturani worked at Aon PLC for 15 years, where he held numerous roles including chief executive specialty, in the Europe, Middle East and Africa region.