Howden buys SPF Private Clients
Howden has signed-up to buy SPF Private Clients for an undisclosed sum, subject to regulatory approval.
SPF was formed in 2011 after a management buyout and rebrand of Savills Private Finance, the financial arm of Savills.
Cabot Square Capital acquired a majority stake in the business in 2018.
The broker’s specialism include commercial real estate, high net worth and property title insurance as well as life assurance, wealth management consulting and residential and commercial mortgage broking.
SPF will join Howden’s UK and Ireland business with Mark Harris remaining as CEO.
Howden has made a string of UK and Ireland broking purchases in recent years. It snapped up Aston Lark in October having added personal lines specialist A-Plan to its portfolio in 2020.
Since then Aston Lark has gone on to strike further deals, most recently specialist corporate broker Braddons, while Howden’s has also continued acquiring. It bought Ross Insurance Group, a commercial broker servicing corporate and technology clients, in late December.
Complementary
Commenting on the latest deal Harris said: “SPF and Howden are highly complementary businesses that focus on providing the best solutions to our clients while always putting our people first.
“SPF will benefit from the significant opportunities that being part of Howden will deliver, with a big drive into offering our debt product lines across the group. We will carry on doing what we do best, ultimately enabling us to develop products to best serve our clients while allowing our talent to flourish.”
Carl Shuker, CEO, Howden UK & Ireland said: “SPF is a stand-out business in its sector and is a strong addition to our Howden UK & Ireland business. Both businesses share cultures that are founded on entrepreneurialism and empowerment, and both are passionate about delivering the very best outcomes for our clients.
“With SPF, the recent acquisition of A-Plan and the upcoming completion of Aston Lark, Howden UK & Ireland will be a leading end-to-end insurance distributor capable of supporting all of our clients, whatever their insurance and mortgage needs, underpinned by market-leading digital and data capability.”
Diversification
Chris Evans, deputy CEO at Howden Broking Group added: “Howden and SPF have a long-established trading relationship, so SPF joining the Howden family is a natural next step in our partnership.
“Its unique qualities will greatly enhance our offering in the region by diversification into complementary product distribution that will further position us as a leader in our home market.”
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