Insurance broker Howden has acquired 100% of Spanish insurance broker March Risk Solutions (March R.S.) and has signed an alliance with Banca March, March R.S.’s parent company and one of the region’s pre-eminent investment banks.

Following the purchase, Howden Iberia will exceed €100 million in revenue, as well as €700 million in GWP, and will comprise over 1,000 employees.

The transaction is pending approval by the Directorate General of Insurance and Pension Funds.

This transaction heavily reflects Howden’s growth strategy in Europe, and with the incorporation of March R.S., Howden Iberia will offer clients highly specialised offerings in the Industry and Services, Sports, Leisure and Tourism, Construction and Energy, Maritime and Aviation sectors.

“The acquisition of March Risk Solutions and our strategic alliance with Banca March is a significant step towards our goal of becoming the leading insurance broker in the Spanish market.  The combined talent of both organisations will provide a comprehensive and unique service to our clients in the region. Howden Iberia will be a leader in Maritime, Fleet and Employee Benefits, as well as in the Food & Beverage and Logistics & Distribution sectors,” said Salvador Marin, CEO of Howden Iberia.

“March Risk Solutions and Howden will combine best-in-class expertise and knowledge of the Iberian market and with the addition of Howden’s global network we will be able to boost the growth of our brokerage business, providing both a local and international offering to clients which is truly market leading,” added José Luis Acea, CEO of Banca March.

“Since I started Howden Iberia over 16 years ago it has grown from strength to strength, and with the addition of March R.S. we continue to leverage top talent and build on our European ambitions. I am especially excited about this acquisition, as it unites Howden with one of the most prestigious financial institutions in Spain, and is a key step in our strategy to become the leading insurance broker in the Spanish market. This is the twelfth acquisition for Howden Broking in Europe this year, which in addition to organic growth, has allowed us to triple our turnover in the last three years,” commented José Manuel González, CEO of Howden Broking.

Other European acquisitions announced by Howden throughout 2022, includes Italian-headquartered broker Assiteca S.p.A., as well as Théorème, a family-owned corporate insurance broker headquartered in Paris, and Born Consulting and Bachmann & Partners in Switzerland.