Howden, the London-based insurance broker, announced the acquisition of Foram Brokerage Ltd., an independent re/insurance broker based in Hamilton, Bermuda.
Financial terms of the transaction were not disclosed.
Foram is an independent re/insurance broker that provides speciality brokerage services in casualty, energy, professional lines, construction, product recall, property and healthcare lines predominantly to Fortune 1000 U.S. clients requiring access to the Bermudian market. Foram complements Howden’s existing expertise, distribution and product range, and offers clients a team of industry veterans with deep experience in the Bermudian market.
“Foram joining us reaffirms our strategy of giving clients access to all key markets via our global insurance market hubs,” commented Paul Redgate, deputy chair, Howden Specialty. “By providing clients with a significant on-the-ground presence in Bermuda, this acquisition also underscores Howden’s commitment to the Bermudian market by investing in on-island expertise to enhance our client offering and to build a leading position in the world’s leading re/insurance markets.”
Howden said this acquisition provides clients with access to an expert team made up entirely of Bermudian nationals.
“As part of Howden, our clients will benefit from the talent, product expertise and data and analytics capability of Howden’s global specialty offering, enabling our company to deliver ever more advanced risk solutions to our clients,” said Robert Stubbs, president of Foram.
Established in 1994, Howden now employs more than 6,500 people worldwide. Together with network partners, Howden operates in more than 90 territories.
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