Howden Group, a UK-based insurance broking firm, declared that it has gotten a contract to acquire Aston Lark (UK) from Bowmark Capital and Goldman Sachs Asset Management.
Aston Lark is one of the leading British commercial and private client specialist brokers.
The financial particulars of the contract, which are still undergoing regulatory checks, were not revealed.
Howden Group acquires Aston Lark
The contract is estimated to be Howden Group’s biggest acquisition to date and designs a UK business that manages over GBP 6 billion (USD 8.21 billion) of total written premiums for over 1.7 million policyholders who are attended to by more than 5,000 employees across 160 locations in the United Kingdom and Ireland.
Aston Lark is one of the United Kingdom’s biggest sovereign insurance brokers dealing in multifaceted commercial and private consumer insurance and employee benefits guidance. The firm places more than GBP 1 billion (USD 1.37 billion) of net written premiums for 200,000 consumers.
The collaboration with Aston Lark will allow Howden Group to build on its 27-year journey of facilitating leading positions throughout markets by collaborating with a sovereign, qualitative, and high-growing businesses with big employee shareholder foundations, a common entrepreneurial ethos, and an ambitious but long-term & sustainable ideology towards growth.
Consumers will profit from a plethora of products unmatched in the United Kingdom market, with the collaborated business covering specialist personal channels, commercial, health and profits, schemes and affinity, corporate, and specialty, all driven by analytics, technology, and data.
The immensely complementary union concludes Howden Group’s United Kingdom broking enterprise, alongside Aston Lark adjoining A-Plan Group and Howden UK to facilitate a complete service broker unsurpassed in its scale, reach, and quality in the United Kingdom, the firm stated.
The firm will be led by an amalgamated management team to augment client solutions and services. Post completion, Peter Blanc – Aston Lark Chief Executive will emerge as the executive chairman of Howden Group’s United Kingdom retail broking operations whilst the current A-Plan CEO – Carl Shuker will be chosen as the CEO of the new facility. Jose Manuel Gonzalez, CEO of the Howden Broking Group will lead the management team. CEO of Howden UK, Andy Bragoli, will lead Howden’s International Specialty business.