Insurance broker Howden has announced the acquisition of Italian peers Nord Est Insurance Broker and ASI for an undisclosed sum.
The acquisition is part of Howden’s strategy to bolster its presence in the Italian insurance space.
Founded in 1989, Nord Est is an independent insurance broker, which caters to the clients in the mid-upper market.
ASI, which was founded in 2008, is focused on offering broking services for sureties and freelance professionals.
Howden Europe regional CEO Luigi Sturani said: “Nord Est and ASI are two highly regarded brokers, with very talented teams, and we are excited to welcome them to Howden. Both of these acquisitions are essential to expand our product specialty portfolio in Italy and to establish a local territorial distribution.
“Our long-term strategy is to position ourselves among the top players in Italy and bring choice to clients and talent in this key European market.”
Howden forayed into the Italian insurance space by acquiring insurance broker Andrea Scagliarini in July 2021.
To further its expansion plans in the country, Howden has so far made five acquisitions in Italy including that of Assiteca for around €208.7m.
Nord Est Insurance Broker co-founders Ugo Furlan and Mario Gava said: “We are excited to become part of a group that shares the same entrepreneurial mind-set which has allowed us to establish strong and lasting market relationships over the years, where our people are truly valued and will continue to have the freedom to deliver what is best for our clients.”
ASI Insurance Broker founder Roberto Brunetta said: “I have been looking for a partner who could give us international breadth for years and Howden is the perfect fit for our growing business.”