Insurance broker Howden has taken over peer Tower to strengthen its footprint in the Italian market.
Headquartered in Vicenza, the acquired firm is a specialist insurance broker and risk consulting company.
Howden noted that Tower, which was founded 34 years ago, has significant experience in the jewellery sector.
Howden Europe regional CEO Luigi Sturani said: “Tower is a company that I have long admired for its specialist expertise. I am honoured that Guido has chosen Howden amongst the many offers from other brokers.
“This is another great step in our ambition to position ourselves among the top players in the Italian and European market, and Tower will be key in accomplishing our strategy of product speciality and territorial distribution.”
Howden did not disclose the financial value of the deal, which follows its acquisition of broking firm Andrea Scagliarini that marked Howden’s foray into Italy.
Tower founder and chairman of the board Guido Mocellin said: “We chose to join Howden because we share the same values: it is a people First, an employee-owned business where colleagues are empowered to deliver exceptional service.
“Our clients will benefit from Howden’s expertise and product knowledge, and we will be empowered to represent them in all the countries in which they are present. Howden’s independent spirit will enable us to continue to focus on our clients, which is our strength.”
In October 2021, Howden signed a deal to acquire Aston Lark. Media reports suggested Howden paid $1.5bn for the acquisition.