UK-based insurance broker Howden is expanding its European operations with two acquisitions in Luxembourg and Belgium for an undisclosed sum.
The company has forayed into Luxembourg by acquiring the portfolio of United Brokers, a financial lines specialist.
Howden said it has established a branch in Luxembourg City and aims to build a retail insurance business in the nation.
In Belgium, the company acquired WDR Insurance Group (WDR), which is focused on offering property and casualty (P&C), and employee benefits products.
WDR caters to corporates, the public sector, and small and medium-sized enterprise (SME) customers.
Adding to its existing locations in Zaventem and Uccle, the acquisition enables Howden to increase its presence in the wider Brussels region with offices in Drogenbos, Aalst, and Antwerp, Howden said.
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The company added that the deals form part of its strategy to build local expertise and expand into new markets in Europe.
Howden Belgium CEO Herman Kerremans said: “These two acquisitions reinforce our commitment to Belgium and the wider region, and reflect our strategy to invest in talent and to deepen our expertise for the benefit of our clients.
“With strong strategic and cultural alignment, WDR and United [Brokers] are the ideal partners for Howden as we cement our position as the natural home for independent insurance brokers looking to give clients access to the expertise and specialisms of an international network within their local market.”
WDR Insurance Group managing directors Marie-Anne Van Kerckhoven, Arnaut Ingels and Walter Huybrechts said: “Even though WDR is already a well-known broker in our selected markets, we have been on the lookout for a partner with international reach for years.
“Howden is the perfect fit for our expanding business – sufficiently large to offer advanced solutions in a complex global market yet still wholly dedicated to delivering the very best service for our clients. “
Last week, Howden launched a parametric insurance division to mitigate risks emerging from climate change.