International insurance broker Howden has announced the acquisition of Bermuda-based Foram Brokerage as the firm looks to demonstrate its commitment to the Bermudian market.
An independent re/insurance broker, Foram provides speciality services in Casualty, Energy, Professional Lines, Construction, Product Recall, Property and Healthcare lines.
The purchase is considered complementary to Howden’s existing expertise, distribution and product range; offering clients a team of industry veterans with deep experience in the Bermudian market.
“Foram joining us reaffirms our strategy of giving clients access to all key markets via our global insurance market hubs,” said Paul Redgate, Deputy Chair, Howden Specialty.
“By providing clients with a significant on-the-ground presence in Bermuda, this acquisition also underscores Howden’s commitment to the Bermudian market by investing in on-island expertise to enhance our client offering and to build a leading position in the world’s leading (re)insurance markets.”
Robert Stubbs, President, Foram, added, “As part of Howden, our clients will benefit from the talent, product expertise and data & analytics capability of Howden’s global specialty offering, enabling our company to deliver ever more advanced risk solutions to our clients.
“In Howden we have found a place which shares our values, allowing us to grow and to continue to focus on the client centricity and innovation for which we are known in the Bermudian market. ”