Insurance group Howden strengthens its position in the Baltics with two new acquisitions
Ellex in Estonia advised Howden Kindlustusmaakler OÜ, part of the global insurance broker Howden, on the acquisition of the business operations of the Estonian insurance broker AS Smart Kindlustusmaakler and the corporate client portfolio of KindlustusEst Kindlustusmaakler OÜ.
“With acquisitions in two leading Estonian insurance brokers, Howden strengthens its position in the region. In 2023, the global insurance brokerage group completed close to 50 M&A deals worldwide and explores further acquisition possibilities in Estonia, as well as in Latvia and Lithuania. The strategic expansion will open new growth perspectives for Howden in the Baltics”, said Andry Saarm, Chairman of the Management Board of Howden Kindlustusmaakler.
“After the closing, Howden’s Gross Written Premiums in Estonia will grow to €35 million, which gives us a total brokerage market share of 13%. Howden has now the largest corporate portfolio of insurance brokers in Estonia. Now we resume quick growth by creating synergies and added value for client”, Saarm added.
Howden’s Estonian entity Howden Kindlustusmaakler OÜ was advised by Ellex team in Estonia which included Partners Risto Vahimets and Martin Mäesalu, Senior Associate Meree Punab and Lawyer Carmen Linda Plats.
Howden is a leading global insurance group with employee ownership at its heart. Founded in 1994, it provides insurance broking, reinsurance broking and underwriting services and solutions to clients ranging from individuals to the largest multinational companies.
The group operates in 50 countries across Europe, Africa, Asia, the Middle East, Latin America, the USA, Australia and New Zealand, employing 15,000 people and handling $35bn of premium on behalf of clients. The company has been working with over 20,000 clients in Estonia, including companies like EfTEN Capital, East Capital, Kapitel, Kawe, MM Group, Rand & Tuulberg.