Concurrently, Howden signed a deal with Banca March, which owns March RS and is said to be a key investment bank in the region.
Following the transaction, Howden Iberia hopes to generate more than €100m in income, €700m gross written premium (GWP), and employ over 1,000 staff.
Howden Broking CEO José Manuel González said: “I am especially excited about this acquisition, as it unites Howden with one of the most prestigious financial institutions in Spain, and is a key step in our strategy to become the leading insurance broker in the Spanish market.”
Banca March CEO José Luis Acea said: “March Risk Solutions and Howden will combine best-in-class expertise and knowledge of the Iberian market and with the addition of Howden’s global network we will be able to boost the growth of our brokerage business, providing both a local and international offering to clients which is truly market leading.”
Howden Iberia CEO Salvador Marin said: “The acquisition of March Risk Solutions and our strategic alliance with Banca March is a significant step towards our goal of becoming the leading insurance broker in the Spanish market.
“Howden Iberia will be a leader in Maritime, Fleet and Employee Benefits, as well as in the Food & Beverage and Logistics & Distribution sectors.”
The acquisition of March RS is subject to approval by the Directorate General of Insurance and Pension Funds.
The acquisition is the 12th for Howden in Europe in 2022, which is said to have allowed the bank to triple its turnover in the last three years.
Other European deals announced by Howden include TOWER, Nordest, Assiteca and Assimovie in Italy, Théorème, CRF Conseils, and Seasecure in France, and Born Consulting and Bachmann & Partners in Switzerland.