Global insurance and employee benefits intermediary group Howden is planning to acquire Barnett Waddingham, creating one of the largest pensions and employee benefits consultancies in the UK.
The deal will bring pensions and related advice capabilities to Howden, providing a platform for expansion in global markets, it was announced.
It will also double Howden’s global employee benefits business in terms of employees, with approximately 4,000 experts delivering combined revenue approaching £500m around the world.
The firm said the combined business will offer the full range of employee benefits and pensions advisory services to corporate clients, from multinational corporations to SMEs and in the private and public sectors, and will also provide health, life and specialist pension products to individuals.
David Howden, chief executive officer of Howden, said: “In our journey to build a global broker we recognise the need to create a world-class employee benefits business for our clients. As we always do, we have waited for the right partner to expand our capabilities, with experts who are entrepreneurial and culturally aligned, and with whom we can do more together.”
In the UK, he noted, there will be over 10,000 staff in the wider business, across more than 200 offices. “We’re serving millions of individuals, businesses and organisations, including over two-thirds of the FTSE 100,” he added.
Under the leadership of Glenn Thomas, previously CEO of Barnett Waddingham since 2018, the firm’s employee benefits division delivered a 52% compound annual growth rate, Howden said.
“Expanding our pensions advisory and administration capability is crucial to our long-term, global growth plans, and Barnett Waddingham provides a fantastic platform to build our capability for clients around the world,” he continued.
Thomas, who is now CEO, UK health and employee benefits and global practice leader, at Howden, said: “The combination brings together two leading businesses with an exceptional cultural fit, and the acquisition reflects Howden’s deep commitment to investing in its employee benefits advisory capabilities.”
Andrew Vaughan, senior partner at Barnett Waddingham, added: “Being part of Howden also strengthens our ability to deliver even greater value to our risk, pensions, investment, and insurance clients through enhanced solutions, including our tech-enabled capabilities, and access to global expertise.”
The latest digital edition of IPE’s magazine is now available
No comments yet