UK-based insurance broker Howden has acquired Arctic Insurance, strengthening its foothold in the Norwegian market.
Arctic Insurance, an Oslo-based insurance intermediary, was set up in 2014.
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It specialises in offering property and casualty, financial lines and specialty, pensions and employee benefits solutions.
Backed by financial services group Arctic Group, the Norwegian broker caters to clients with specialty insurance needs across various sectors including food and beverage, recycling and waste management, transport and finance.
With this acquisition, Howden Norway’s workforce has grown to 65 employees across two offices.
Howden has been expanding its Nordic operations for more than two decades, with the opening of its first office in Finland over 20 years ago, followed by offices in Sweden, Norway and Iceland.
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By GlobalDataIt offers an array of services to clients in the region, covering areas such as renewable energy, real estate, and mergers and acquisitions.
Howden Norway CEO Anders Kvan said: “The acquisition of Arctic Insurance, and with it the addition of a strong team of like-minded, entrepreneurial individuals, is a significant step in our ambitious growth strategy for Norway. It brings us one step closer to becoming the leading independent broker in Norway – a market that is looking for more choice and a broking partner that can manage and place complex risk.
“Combining the specialist expertise of Arctic Insurance with the scale of Howden’s international footprint strengthens our position as one of Norway’s leading brokers, capable of providing the range of bespoke solutions that our clients need in an increasingly challenging market environment.”
As part of its broader European expansion strategy, Howden recently entered the Danish market with the acquisition of NORTH Risk, and purchased VLC & Partners, an independent insurance broker in the Netherlands.
