Global insurance group Howden is set to acquire Denmark’s fourth largest insurance intermediary – NORTH Risk (NORTH), which will help establish the firm a retail presence across the Danish market, as well as strengthen its geographical presence across the Nordic region of Europe.
According to Howden, this acquisition reflects their continuing strategy to invest in local specialist expertise and bring the full force of its global capabilities, international network, and data and analytics for the benefit of clients in local markets.
NORTH was established in 2021 by Danish private equity house Polaris through the acquisition and merger of four SME-focused financial services distribution and advisory businesses into one platform.
The organisation is heavily focused on servicing commercial SME clients and their employees with general insurance, life and pensions and financial services (mortgages and financial procurement).
With Polaris’ investment coming to an end, both the private equity firm and NORTH’s management team chose Howden as the most suitable partner to support its onward growth trajectory.
Moreover, the launch in Denmark marks the establishment of Howden’s twentieth territory in Continental Europe.
At the same time, the acquisition also completes Howden’s presence in the Nordic region, with the company having first opened an office in Finland over 20 years ago, which was later followed by offices in Sweden, Norway and Iceland.
NORTH is run by Lars Gundorph, who will head-up Howden’s activities in Denmark. He previously served as the CEO of Willis Denmark.
“I am thrilled to welcome NORTH to the Howden family. This partnership stands as a testament to the power of our cultural affinity and the strong desire of the management to join our company. Together, we will continue to scale the business that will in time include reinsurance and other specialty lines, whilst accelerating the impressive growth in the business to date,” commented Luigi Sturani, CEO, Howden Europe.
“This is our largest acquisition in Continental Europe after Italy’s Assiteca and shows not only the scale of our ambition, but also the compelling opportunity that Howden offers to the right companies with the right culture.”
“We are proud to have partnered with Polaris over the last few years. Through dedicated efforts, our Board has assembled a team of independent and exceptionally skilled advisers, with ambitious plans for the future. Our experience representing Howden in Denmark has led us to recognise them as the most competent and progressive players on the international stage, with a genuine owner’s mindset. Howden is therefore the perfect match for NORTH, both in terms of business and culture. Their international outlook and commitment to clients make them an ideal partner to realise our full growth potential in Denmark,” said Gundorph.
“NORTH has rapidly evolved into a strong and unique advisory firm, thanks to the tireless efforts of everyone within the organisation. At Polaris, we have contributed by leveraging our industry insight and extensive experience in developing partnerships that create new opportunities and value for clients. We are pleased to have played a part in establishing a clear market leader, now well-positioned for further development with Howden,” added Rune Lillie Gornitzka, partner, Polaris.
