Majority stake in CHB sold to the international insurance broker Howden

Ellex in Estonia advised the sale of the majority stake in the Estonian brokerage company CHB to the international insurance broker Howden.

CHB’s acquisition marks Howden’s entry into the Baltic region, where it plans to build the business by partnering with culturally aligned companies that embed specialisms across the distribution network.

Under the terms of the agreement, Andry Saarm, CHB chairman of the board, and CHB CEO Priit Helm will continue to operate the company.

Saarm said: “Partnering with Howden means we will have better access to new insurance products and new industries, enabling us to grow as part of an international insurance broker. This is a major cross-border transaction in the Estonian insurance market and provides us with the opportunity to meet the demands of companies in the region.”

Howden Finland CEO and partner Jorma Hakonen said: “With this acquisition, Howden plans to expand its activities in the Baltic region, with Estonia as a springboard to access markets in Latvia and Lithuania.”

The employees and managers of Howden Estonia will continue in their current positions, and the management and structure of the company will remain unchanged. Until the end of 2021, the company will operate in parallel under the CHB and Howden brands and will switch to the Howden Estonia brand from 2022.

Andry Saarm and Priit Helm, the owners of CHB Kindlustusmaakler OÜ, were advised in the transaction by Ellex partner Risto Vahimets.