Insurance broker Howden has agreed to acquire specialist broker and Lloyd’s coverholder Safeonline.
The deal will see a team of cyber insurance specialists join Howden’s cyber division and is intended to add resources and expertise to the company’s presence in the marketplace.
Chris Cotterell, Chief Executive Officer of Safeonline will join Howden as chairman of its cyber division.
Safeonline has a proprietary insurtech platform iQ, which comprises online quote & bind functionality that distributes to both the UK SME and international wholesale sectors.
Howden notes how iQ complements its existing wholesale cyber client base and offers the capability to provide ‘on the ground’ quote and bind capability throughout its network.
Safeonline offers a range of product lines including cyber and tech, financial & professional lines, programmes & binders and contingency and is a member of the Brokerslink network.
“Cyber as a class has been growing strongly for us over recent years and this acquisition supercharges our growth in this important market. In a stroke, it gives us the ability to service retail SME clients and enlarge our US wholesale cyber book,” said Charlie Langdale, Managing Director, Financial Lines.
“It also means we can improve our service to large global retail accounts and grow further our Financial Lines retail capability.
“This enhanced offering builds on our centre of excellence in London under the management of David Rees that complements our Global Practice Group, run by Shay Simkin, and will help us deliver even more for our clients.”
“Having pioneered cyber insurance since 1999, I am delighted that the Safeonline team will be able to continue its growth and innovation in this sector,” Cotterell added.
“Becoming a part of Howden gives us the scale, resources and an international platform to allow us to take the business to the next level. We look forward to working with the Howden team to educate, protect and create solutions critical to businesses and individuals operating in this digital world.”