UK-based broker Howden has expanded its presence in the Nordics market with the acquisition of Oslo-based retail broker Aneco Forsikringsmegling.
Aneco is an independent insurance broker focused on P&C and employee benefits. It is currently managing about €30m in premiums.
According to Howden, the acquisition is a demonstration of the broker’s ambition to establish itself as “one of the leading non-marine insurance brokers in Norway”. No financial details of the deal were disclosed.
Anders Kvan, Howden’s CEO in Norway, said the deal “underlines Howden’s strategy to bring an enhanced offering to large corporate clients in Norway”.
In addition to its presence in the P&C market, Aneco will also add to Howden’s core offerings in hydropower and agriculture, said Kvan. In return, Aneco’s clients will get access to more specialty lines offered by Howden.
Ragnar Nordal, Aneco’s managing director, said that joining Howden was a “logical next step” for the firm. “As markets develop, our clients seek and will now benefit from the talent, product knowledge and data and analytics capability of Howden’s international specialty offering,” he added.
The acquisition is also a further example of ongoing consolidation in Europe’s broking market, as multinational players look to snap up regional firms.
Norway has also become a target for some of the UK’s largest brokers. Earlier this month, Lockton announced that it would acquire Norwegian marine broker Edge Group in order to expand its specialty business and its foothold in the Scandinavian insurance market.