The company’s portfolio includes life and general insurance, and pension services. Credit: fizkes/Shutterstock.

Insurance intermediary Howden has entered a deal to acquire Danish broker NORTH Risk (NORTH) for an undisclosed sum.

The deal marks UK-based Howden’s foray into Denmark and bolsters its presence in the Nordic region.

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Danish private equity company Polaris set up NORTH in 2021 by acquiring and merging four financial services companies into a single entity.

Currently, the company is focused on catering to SMEs and their staff.

Its portfolio includes life and general insurance, pensions and financial services products such as mortgages.

With the launch in Denmark, Howden has established its presence in its 20th market in Continental Europe and now covers the entire Nordic region.

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The company’s Nordic expansion started 20 years ago with an office launch in Finland, followed by expansion into Sweden, Norway and Iceland.

Howden Europe CEO Luigi Sturani said: “Together, we will continue to scale the business that will in time include reinsurance and other speciality lines, whilst accelerating the impressive growth in the business to date.

“This is our largest acquisition in Continental Europe after Italy’s Assiteca and shows not only the scale of our ambition but also the compelling opportunity that Howden offers to the right companies with the right culture.”

Lars Gundorph, who is the head of NORTH, will lead Howden’s operations in Denmark. Previously, he was the CEO of Willis Denmark.

Gundorph stated: “Our experience representing Howden in Denmark has led us to recognise them as the most competent and progressive players on the international stage, with a genuine owner’s mindset.

“Howden is therefore the perfect match for NORTH, both in terms of business and culture. Their international outlook and commitment to clients make them an ideal partner to realise our full growth potential in Denmark.”

Last week, Howden Schweiz, the Swiss arm of Howden, acquired a majority stake in reinsurance broker Haakon.