Howden Japan Acquires Majority Stake in Retail Broker Holos
Howden, the London-based insurance intermediary group, announced it has acquired a majority stake (68.3%) in Holos Holdings Co. Ltd., a leading retail insurance broker headquartered in Kyoto.
Founded in 2001 by Kei Horii, formerly of Sony Life Insurance, Holos is a privately owned retail insurance broker employing over 400 people across 20 locations in Japan.
Howden described the acquisition as a major milestone in its strategy to build a scale business in Japan, where it now employs over 450 people since it was established in 2024.
Through this acquisition, Howden is now positioned to provide high-quality services across both life and non-life insurance segments to a wide range of clients from individuals to SMEs and corporates, the company said.
The acquisition follows a series of strategic initiatives executed by Howden Japan in 2024. These included the establishment of Howden Re Japan and a partnership with Keystone ILS Capital, and its entry into the Japanese retail insurance market with the acquisition of the Foresight Group.
“Right from the very start we’ve known that to provide the best services to clients you must have strong local expertise on the ground. Holos has incredible know-how and like us they have a rich history in the market,” commented David Howden, CEO of Howden.
“And joining forces now gives us strength-in-depth across Japan, enabling us to provide individuals, SMEs, corporates, and insurers with a full suite of services from reinsurance to retail. This is a transformational move for us, and it shows that our commitment to this dynamic market is truly for the long-term.”
“For the past 25 years, Holos has grown its business with the strong support of our employees and clients,” according to Kei Horii, CEO, Holos Holdings. “As the Japanese insurance industry enters a new phase, we have decided to join Howden. By combining Holos’ deep experience in the life insurance sector with Howden’s global resources and advanced expertise in the corporate general insurance field, we aim to grow into a trusted and valued insurance group, even more loved by our clients.”
Founded in 1994, Howden provides insurance, reinsurance and underwriting services and solutions to clients ranging from private individuals to the largest multinational companies. The group operates in 56 countries in Europe, Africa, Asia, the Middle East, Latin America, the USA, Australia and New Zealand, employs 22,000 people and manages premiums totalling US$45 billion on behalf of its clients.
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Ageas UK Completes Purchase of Saga’s Underwriting Business
Ageas UK, the subsidiary of the Brussels-based insurer Ageas, has completed its acquisition of Acromas Insurance Company Ltd. (AICL), Saga plc’s underwriting business, after receiving all needed regulatory approvals.
Ageas said the completion of its acquisition of AICL represents the first milestone towards the establishment of a 20-year partnership with Saga Services Ltd. (SSL) for the distribution of personal lines motor and home insurance products to Saga’s customers, as announced by the company on Dec. 16, 2024.
Read more: UK’s Saga in Talks With Belgium’s Ageas for Insurance Partnership
The overall consideration for the acquisition is approximately £67 million, which will be paid out between acquisition and the operational start date of the partnership.
The acquisition and the distribution agreement with Saga, the UK specialist provider of products and services to people aged over 50, aligns with Ageas’s “Elevate27” strategy, to capitalize on its non-life presence across Europe, while accelerating solutions targeted at an aging population, a rapidly expanding customer segment where the group and Ageas UK already have real strength and expertise, the company said, noting that it also presents Ageas with the opportunity to enhance its position as a leading personal lines insurer in the UK.
Gibraltar-registered AICL underwrites for a variety of personal lines policies for other companies including Saga Services Ltd., AA Insurance Services Ltd. and RAC, AICL company said.
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BMS Acquires Australian Property Broker
BMS Group, the London-based independent specialist insurance and reinsurance broker, announced that it has completed the acquisition of Corporate and Commercial Insurance Brokers in Queensland, Australia.
Financial details of the deal were not disclosed.
Founded in 2006, Corporate and Commercial Insurance Brokers provides risk management advice and insurance broking services to large, privately owned organizations.
Jeremy Murfin, founder and director of Corporate and Commercial Insurance Brokers, will become client director for BMS Australia, reporting to Stephen Moore, managing director, BMS Risk Solutions QLD, based in Brisbane. Murfin will also join the BMS Australian executive leadership team.
This acquisition will add to BMS Group’s recent international M&A activity, after it completed the acquisition of Spanish broker Rasher and its Latin American subsidiaries earlier this year, and acquired UAE broker Berms Brett Masaood (now BMS Masaood) in 2024.
“Jeremy has been a partner of BMS for over 20 years, so we are delighted he has now agreed to join forces with us,” commented Andrew Godden, CEO BMS Australia.
“With his depth of experience in the specialist property space and his exceptional risk management and advisory skills, he has built an exceptional business over the last two decades with clients up and down the east coast of Australia. He will now become a valuable member of the BMS team, and we look forward to working with him to continue developing specialty solutions for our clients,” Godden added.
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Aviva Finalizes Purchase of UK’s Direct Line
Insurer Aviva Plc announced it has acquired Direct Line Insurance Group Plc for approximately £3.7 billion ($5.1 billion), creating the UK’s largest motor insurer.
“The completion of the acquisition of Direct Line brings together some of the country’s best-known and admired insurance brands and brilliant people to better serve the needs of now 20 million UK customers,” commented Amanda Blanc, Aviva’s group chief executive officer, in a statement.
“The transaction builds on the excellent progress we’ve made at Aviva over the last five years, accelerates our capital-light growth strategy, and puts us in a very good position to deliver strong returns for shareholders. That is why this deal made such sense for us and we are excited at the further opportunities this creates for Aviva’s growth,” she added.
Aviva received the go-ahead to complete the purchase on July 1 from the UK’s Competition and Markets Authority.
The deal was first announced in December 2024. The combined company could shed between 5-7% of its total workforce as it eliminates overlapping roles, which would put up to 2,300 jobs at risk over a three-year period, the companies said late in December 2024.
Topics
Mergers & Acquisitions
Agencies
Underwriting
Property
Australia
