London-based independent specialty broker Howden Broking Group has acquired Greek Matrix Insurance & Reinsurance Brokers.
Financial details of the transaction were not disclosed.
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Founded in 2003, Matrix has a presence in Greece and Cyprus. It also has subsidiaries in Turkey and South Africa.
A broker at Lloyd’s since 2012, the company offers reinsurance and specialist insurance broking services.
The transaction follows the strategic partnership between Howden and Matrix, under which Howden supported the latter’s acquisition of Piraeus Insurance and Reinsurance Brokers.
Piraeus Insurance and Reinsurance Brokers is the broking arm of Piraeus Bank, Greece’s largest bank.
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By GlobalDataHowden Broking Group CEO José González said: “This is a great opportunity for both businesses and above all, for our clients. Joining with MATRIX, the leading independent broker in Greece and Cyprus, aligns with our strategy and pledge to provide clients with market-leading expertise, wherever needed.”
Pursuant to the deal, Matrix will operate as Howden Matrix later this year and become part of Howden’s Mediterranean region that has CEO Danny Sever at the helm.
Server, along with Howden Broking Group commercial director Isabelle Cadignan and RKH Specialty Marine head Daniel Whiteside will join the Matrix board.
The role of Matrix CEO Dimitris Tsesmetzoglou will be retained.
Commenting on the new development, Tsesmetzoglou said: “Completing this merger in the current conditions is testament to the shared priorities, values and commitment of our two businesses and an environment of stability and economic growth, which a new government has established in Greece.
“We are excited to join forces to enhance our offering to existing clients, and together present a more compelling proposition going forward.”
Last year, Howden partnered with Guardian Insurance Brokers to boost its presence in the Turkey, Middle East and Africa (TMEA) region.
