Broking company Howden has bought the Italian broking and risk consultants Tower.
This is another acquisition of an Italian company by Howden, following the firm’s deal to take on Andrea Scagliarini in July last year. Howden’s newest acquisition specialises in the jewellery sector and is based in Vicenza.
Luigi Sturani, regional CEO of Howden Europe, said in a statement: “This is another great step in our ambition to position ourselves among the top players in the Italian and European market, and Tower will be key in accomplishing our strategy of product specialty and territorial distribution.”
Howden is riding high this week. Three days ago, it announced that Richard Pike is to join in April as its executive director for treaty reinsurance, based in Sydney, Australia.
That was followed yesterday by it reporting that it saw record organic growth of 19% over 2021, with revenues up 48% and EBITA increasing by 50%.
As well as mergers and acquisitions, Howden Group has raised its employee headcount to 10,500, while the number of employee shareholders has increased to 2,000.
During 2021, the company also welcomed Hg Capital through an initial £500m investment alongside long-term investors General Atlantic and CDPQ, with these committing to an additional £300m to support the takeover of Aston Lark.
Details of the deal between Howden and Tower were undisclosed.
