Credit: Constantin Wenning on Unsplash.

Insurance broker Howden has expanded its European marine portfolio with the acquisition of marine broker Northern Lloyd.

Based in Bremen, Germany, Northern Lloyd is an independent marine insurance broker that offers consulting and risks analysis, as well as placement and claims handling services to shipowners, ships and asset managers.

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One of the key marine brokers in Northern Germany, the licensed Lloyd’s broker has business in various regions such as London, UK; Athens, Greece; Limassol, Cyprus and Abu Dhabi, UAE.

The new deal highlights Howden’s effort to ‘embed specialisms’ in major markets and helps the company augment its strategy to gain a leadership position in Germany’s marine market.

It will also support Howden Deutschland’s local specialist expertise team to explore growth opportunities in the marine industry, among others.

Following the completion of the deal, Howden Deutschland will have more than 400 employees in ten locations.

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Howden Europe CEO Luigi Sturani said: “Our rapidly expanding Marine & Energy offering in Europe highlights the need for an alternative choice in the market which can combine the strength of a global broker with the best, local talent to deliver bespoke solutions to clients.

“With the addition of Northern Lloyd, Howden Deutschland is well-positioned to become this broker of choice, delivering for clients with increasingly complex needs and the necessary requirement for both international and local expertise.”

The deal comes after Howden acquired German broker Franz Gossler Insurance Group earlier this year to project Howden Global Sport & Entertainment as a key broker in the region.