Swiss insurer Baloise has sold its majority stake in Swiss specialist reinsurance broker Haakon to Howden’s subsidiary Howden Schweiz.
The companies have not disclosed financial details and other terms of the transaction.
The acquisition of a majority stake in Haakon is expected to further strengthen Howden’s reinsurance platform and client offerings across the European region.
The latest deal marks Howden’s ninth acquisition in Switzerland in the past two years.
Haakon, previously a part of the Baloise Group, provides a range of treaty, facultative and complex reinsurance solutions to its customers across Europe, Asia and the Middle East.
Apart from its headquarters in Basel, Switzerland, Haakon also has an office in Kuala Lumpur, Malaysia.
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The transaction will enable Haakon to leverage the Howden Tiger reinsurance platform for addressing the growing demands of its clients, domestic and regional insurers, managing general agents and reinsurers across the globe.
Howden Tiger International CEO Massimo Reina said: “The success of Howden Tiger’s European growth has been predicated on attracting highly talented local, like-minded, independent broking specialists with leading reputations for delivering the very best client solutions.
“We have found the ideal partner in Haakon, to achieve our reinsurance ambitions in Switzerland as well as strengthening our position as one of the leading reinsurance brokers in Europe.”
Haakon CEO Thomas Meier added: “In Howden we have found an independent, long-term partner with a shared vision and culture which puts clients at its heart and empowers the industry’s very best entrepreneurial talent.
“Combining with the world’s fastest-growing reinsurance brokers gives us the scale, depth of talent and distribution capabilities to continue to position our business for long-term success.”
The latest announcement comes a week after Baloise was reportedly considering the sale of nearly $1.1bn (SFr962.58m) worth of life insurance policies in Belgium.