British insurance broker Howden has forayed into the Swiss brokerage market by acquiring BrokerCenterZürichsee (BCZ) for an undisclosed sum.
The acquired firm is an independent insurance broker, which offers personal lines, property, and asset insurance with a focus on the Swiss SME market.
Under the terms of the transaction, BCZ will be renamed Howden BCZ Versicherungsbroker.
BCZ’s current owners Teodoro Martino and Josef Eckl Zenger will continue to manage the business.
Howden Europe CEO Luigi Sturani said: “Howden Switzerland’s acquisition of BCZ is the most recent example of us executing on our European strategy; to build businesses across the continent that offer both clients and talent something different and exciting.”
Howden BCZ Versicherungsbroker managing director Josef Eckl Zenger said: “Our clients will now benefit from the advantages of an international broking group with distribution and expertise across 40 territories.
“Joining Howden means we can continue to grow our business and focus on delivering exceptional service to our clients as part of a company that values its independence and employee-owned culture.”
The acquisition aligns with the broker’s strategy to set up “from-scratch” operations while aiding local teams in finding strategic, culturally aligned acquisitions.
Earlier this week, Howden bought CHB Insurance Brokers (CHB) and established Howden Estonia.
CHB’s acquisition marked Howden’s entry into the Baltic region.
In July this year, Howden forayed into the Italian market by acquiring broking firm Andrea Scagliarin.