The transaction is Howden’s first step into the Baltic market as it continues to build out its international platform and expand its retail operations across Europe.
The staff and the management of Howden Estonia will continue in their current positions with the company’s management and structure also remaining unchanged.
Until the end of 2021, the company will operate both under CHB and Howden brands, switching to Howden from 2022.
Jorma Hakonen, CEO and Partner, Howden Finland Oy, said: “With this acquisition, Howden plans to expand its activities in the Baltic region, with Estonia as a springboard to access markets in Latvia and Lithuania.
“That the founders of CHB – Andry and Priit – remain with the company means clients continue to enjoy the dedication and personal touch they have come to know, which all helps us to further develop the business as part of the Howden family.”
Andry Saarm, chairman of the board of CHB, added: “It’s a major cross-border transaction in the Estonian insurance market. As part of Howden, we will have better access to new insurance products and new industries.
“We aim for aggressive growth as part of a global group. It provides us opportunities to introduce new products to meet the demands of the companies in the region.”