Howden Broking, a UK-based insurance coverage dealer and supplier of worker advantages recommendation, has purchased consultancy SPF Non-public Shoppers to enter the mortgage market.
The worth of the transaction, which continues to be topic to regulatory approval, was not disclosed in an replace launched right this moment (April 12) by the 2 firms. Mark Harris, Chief Govt of SPF, will stay in his place following the closing of the transaction.
Howden’s current providing consists of basic insurance coverage via its retail model A-Plan, which operates 110 branches, in addition to wealth administration. The latter enterprise focuses on rich and personal shoppers.
Along with mortgages, SPF advisors additionally cowl wealth administration and insurance coverage brokerage. The corporate employs 180 folks in places of work in London, Oxford, Bathtub, Cambridge, Manchester and Guernsey.
Howden Broking is now a part of the worldwide Howden Group, which owns firms throughout Asia, Africa, Latin America, the Pacific and Center East and Europe.
The acquirer mentioned its newest deal underscores its dedication to investing within the UK economic system and bettering shoppers’ entry to “high quality and private recommendation”.
Final 12 months Howden purchased insurance coverage dealer Aston Lark and mixed it with its current UK enterprise. SPF will even be part of its UK enterprise.
The corporate envisions making a “full-spectrum UK dealer with unequalled attain and entry”.
SPF was shaped again in 2011 following a administration buyout and rebranding of Savills Non-public Finance, the finance arm of Savills plc, earlier than Cabot Sq. Capital acquired a majority stake in SPF in 2018.
The dealer focuses on brokering residential and industrial mortgages, life insurance coverage and the related asset administration recommendation, in addition to insurance coverage for industrial actual property, property titles and rich non-public prospects.
Howden UK & Eire Chief Govt Carl Shuker mentioned SPF is an “excellent firm in its business”.
He continued, “Each firms share cultures rooted in entrepreneurship and empowerment, and each are enthusiastic about attaining one of the best outcomes for our shoppers.
“With SPF, the current acquisition of A-Plan and the forthcoming completion of Aston Lark, Howden UK & Eire will turn into a number one end-to-end insurance coverage distributor with the flexibility to serve all of our prospects no matter their insurance coverage and mortgage wants via market-leading digital and information functionality.”
Harris added that SPF will profit from the “important alternatives” of being a part of Howden, significantly via the group-wide sale of its credit score product strains.
“We’ll proceed to do what we do finest, which is able to finally allow us to create merchandise that finest serve our prospects whereas giving our expertise the chance to thrive,” Harris mentioned.