UK-based insurance coverage group Howden has agreed to accumulate Polygon Insurance coverage Brokers (PIBL), a retail dealer working in Jersey and Guernsey.
The acquisition value has not been disclosed and the transaction stays topic to regulatory approval.
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Howden mentioned the deal is meant to strengthen its operations throughout each islands.
Howden skilled providers managing director and world follow chief Martin Ellis mentioned: “The acquisition of PIBL strengthens our capability to service the total spectrum of purchasers in Jersey and Guernsey, from corporates to high-net-worth people.
“By combining PIBL’s sturdy native relationships and consumer service with Howden’s specialist experience and world capabilities, we’re creating even stronger outcomes for purchasers by increasing the breadth of options and market entry accessible to them to satisfy their evolving wants.”
PIBL, previously often known as Vantage Insurance coverage Brokers, serves purchasers within the offshore monetary providers sector in addition to excessive internet value people (HNWIs), household workplaces and belief corporations.
The corporate focuses on areas comparable to skilled indemnity and monetary establishments insurance coverage, administrators’ and officers’ cowl, and cyber legal responsibility merchandise.
The transfer follows Howden’s current acquisition of ARM Holdings in Guernsey, an organization specialising within the formation and administration of insurance coverage captives, and kinds a part of its broader Channel Islands enlargement technique.
PIBL managing director Henry Mowbray added: “By becoming a member of Howden, with its rising presence within the Channel Islands alongside its world community, PIBL might be higher positioned to offer enhanced options and capabilities to purchasers.”
Earlier this month, the group additionally agreed to purchase Atlantic World Danger, a New York-headquartered transaction legal responsibility insurance coverage dealer.
Monetary particulars of that deal weren’t launched.
Based in 2017, Atlantic World Danger is ranked among the many high 5 brokers within the transaction legal responsibility area in North America.
In a separate improvement final September, Howden Re – the reinsurance arm of Howden Group – appointed David Santos as managing director and Antonio Pombo as director to ascertain its operations in Iberia.
