UK-based insurance group Howden has agreed to acquire Polygon Insurance Brokers (PIBL), a retail broker operating in Jersey and Guernsey.
The purchase price has not been disclosed and the transaction remains subject to regulatory approval.
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Howden said the deal is intended to strengthen its operations across both islands.
Howden professional services managing director and global practice leader Martin Ellis said: “The acquisition of PIBL strengthens our ability to service the full spectrum of clients in Jersey and Guernsey, from corporates to high-net-worth individuals.
“By combining PIBL’s strong local relationships and client service with Howden’s specialist expertise and global capabilities, we are creating even stronger outcomes for clients by expanding the breadth of solutions and market access available to them to meet their evolving needs.”
PIBL, formerly known as Vantage Insurance Brokers, serves clients in the offshore financial services sector as well as high net worth individuals (HNWIs), family offices and trust companies.
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By GlobalDataThe company focuses on areas such as professional indemnity and financial institutions insurance, directors’ and officers’ cover, and cyber liability products.
The move follows Howden’s recent acquisition of ARM Holdings in Guernsey, a company specialising in the formation and management of insurance captives, and forms part of its broader Channel Islands expansion strategy.
PIBL managing director Henry Mowbray added: “By joining Howden, with its growing presence in the Channel Islands alongside its global network, PIBL will be better positioned to provide enhanced solutions and capabilities to clients.”
Earlier this month, the group also agreed to buy Atlantic Global Risk, a New York-headquartered transaction liability insurance broker.
Financial details of that deal were not released.
Founded in 2017, Atlantic Global Risk is ranked among the top five brokers in the transaction liability space in North America.
In a separate development last September, Howden Re – the reinsurance arm of Howden Group – appointed David Santos as managing director and Antonio Pombo as director to establish its operations in Iberia.
