Insurance broker Howden has bought CHB Insurance Brokers (CHB) and established Howden Estonia to augment its property and casualty business in Europe.
The financial value of the deal, which was led by Howden Finland, was not disclosed.
CHB’s acquisition marks Howden’s entry into the Baltic region, where it plans to build the business by partnering with culturally aligned companies that embed specialisms across the distribution network.
Under the terms of the agreement, Andry Saarm, CHB chairman of the board, and CHB CEO Priit Helm will continue to operate the company.
Howden Finland CEO and partner Jorma Hakonen said: “With this acquisition, Howden plans to expand its activities in the Baltic region, with Estonia as a springboard to access markets in Latvia and Lithuania.”
Saarm said: “Partnering with Howden means we will have better access to new insurance products and new industries, enabling us to grow as part of an international insurance broker.
“This is a major cross-border transaction in the Estonian insurance market and provides us with the opportunity to meet the demands of companies in the region.
“As a previous Howden One partner, we have experienced first-hand Howden’s People First approach and independent, empowered culture.”
Howden Estonia’s establishment follows the recent announcements of other start-ups in Italy and Switzerland.
Last week, Howden’s underwriting division DUAL Group entered the Latin American market by acquiring Mexican MGA Dock Re and launching an office in Brazil.