Howden is bolstering its insurance coverage broking operations within the Netherlands via the acquisition of VLC.
An unbiased insurance coverage middleman, VLC is at present collectively owned by Dutch insurance coverage firm De Goudse and its administration group.
The administration group of VLC will roll over a portion of its fairness holding into Howden as a part of the deal.
VLC caters to SMEs, mid-corporates and prosperous people.
Howden will retain 500 VLC staff and add seven branches to its community within the Netherlands via the deal.
Howden CEO David Howden mentioned: “This acquisition is amongst probably the most important we have now made in Continental Europe. VLC is an extremely extremely regarded enterprise, recognized for the excellent shopper service it gives.
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“Together with the newly introduced acquisition of NORTH in Denmark, it clearly reveals our affected person, strategic dedication to the area; we are actually a scale operator in each one of many main insurance coverage markets in Europe, and we proceed to ship on our long-stated ambition to construct the pre-eminent European dealer for purchasers and expertise by becoming a member of with the perfect companies.”
VLC CEO Lando te Molder mentioned: “As a part of our dedication to construct on our top-tier place within the Dutch and worldwide advisory market, deciding on a strategic accomplice is of paramount significance.
“This partnership marks the start of a brand new chapter for us that may reinforce our worldwide presence and create distinctive alternatives for additional progress. It opens avenues for product and proposition improvement, digitalisation, and developments in information and expertise.”
As soon as the acquisition is finalised, Howden will appoint Molder because the CEO of the Netherlands oeprations, and the VLC model will ultimately be rebranded to Howden.
The completion of the deal is topic to regulatory approvals and the completion of consultations with the works council.
Final week, Howden forayed into the Danish market with the acquisition of NORTH Threat.
Earlier in December, the UK insurance coverage dealer acquired a stake in Haakon, considerably enhancing its reinsurance capabilities in Switzerland.
