International insurance broker Howden is bolstering its European operations with the acquisition of BWV Versicherungsbroker (BWV) in Liechtenstein.
The financial terms of the transaction were not disclosed.
BWV is an independent insurance broker engaged in catering to both corporate and private customers.
The transaction forms part of Howden’s growth strategy and efforts to invest in local specialist expertise.
It acquired Swiss brokerages Born Consulting, Bachmann & Partners and Broker Center Zurichsee, in 2022 and 2021, respectively.
Under the terms of the agreement, BWV will trade as Howden Liechtenstein and operate as a wholly-owned business of Howden Switzerland.
Howden Switzerland, Austria and Liechtenstein CEO Felix Jenny will lead the new business.
Through the acquisition and formation of Howden Liechtenstein, Howden hopes to enhance its presence and capabilities in the region.
Howden Europe CEO Luigi Sturani said: “The partnership with BWV comes at an interesting time as demand grows across Europe for increasingly sophisticated insurance products and services.
“Howden is therefore strengthening its position as one of the leading brokers in Europe capable of providing the scale, expertise and a range of bespoke solutions for which our clients are looking.”
BWV Versicherungsbroker co-founder Manfred Wanger said: “Over the last twenty years we have built a strong business and under our new Howden Liechtenstein brand we hope to expand our regional footprint in Switzerland and in the Principality of Liechtenstein, while also developing opportunities with Howden Austria.
“With this partnership, our clients will benefit from an international broking group with distribution and expertise in over 45 countries.”
Earlier this month, Howden signed a double deal to expand operations in the UK and Europe.