Howden Broking Group announced that it has reached an agreement to acquire A-Plan Group, one of the UK’s largest personal and commercial lines insurance brokers.
The international insurance broking group’s deal is set to create one of the UK’s largest insurance brokers managing over £4bn of gross written premium for 1.5 million clients, and operating from more than 100 locations, but is still subject to regulatory approval.
Hyperion Insurance Group, Howden’s parent company, will become the fifth largest employee-owned business headquartered in the UK with over 8,000 employees, including 4,500 in the UK.
The partnership will combine Howden’s specialty and reinsurance business with A-Plan Group’s “best-in-class personal and commercial lines expertise”.
Carl Shuker will remain as CEO of A-Plan Group.
Shuker said: “We are delighted to be partnering with Howden; it was instantly evident from the start of our discussions that we were very aligned on the central importance of people, clients and insurers, and that we would make for a very natural fit.
“Our track record of sustainable growth is something that we are very proud of, and we have huge ambition to take the A-Plan Group and brands to the next level, without diluting any of the values that have got us to where we are today.”
He added: “The markets that Howden and A-Plan serve are highly complementary, and our ever growing regional client reach and access will deliver considerable growth opportunity for the combined Group, and to our existing insurer partners.
“Being part of an entrepreneurial, international Group, is a really exciting next step for us, and we look forward to contributing to the delivery of Howden’s much wider ambitions.”
David Howden, CEO of Hyperion Insurance Group, said: “I am thrilled that Carl and his team have chosen to join Howden as the place to deliver their ambitious growth plans in the UK.
This is an incredibly important partnership for Howden and creates a significant opportunity to deliver a better and broader offering to both groups’ clients.
“Like us, A-Plan Group is a business built on a very strong culture of entrepreneurship with employee ownership at its heart and a relentless client focus.”
He added: “These values have ensured that over a period of more than 50 years it has been able to retain and win new clients by delivering to them the personal service they want whilst embracing the opportunities digital distribution, data and technology provide.
“Our combined groups will be a natural home for talent and entrepreneurs seeking a place to deliver the very best for their clients.”