Howden UK announces acquisition of Perkins Slade
10 August 2015
Howden UK, part of the Hyperion Insurance Group, is delighted to announce the acquisition of Perkins Slade Forrest Holdings Ltd (‘Perkins Slade’), subject to shareholder and regulatory approval.
Perkins Slade is a leading independent insurance broker that operates in three areas of specialism: sport and recreation, with a particular focus on national governing bodies and amateur sports associations; corporate, with a focus on mid-market supplemented by dedicated teams for UK trade credit and professional lines; and high net worth private clients. The company will form part of Howden UK’s Retail business, which now has annual broking revenues in excess of £60m.
Based in Birmingham, Perkins Slade has 90 employees. Howden’s existing trade credit business, also based in Birmingham, will relocate to Perkins Slade’s offices. The acquisition will establish a strong full-service platform in Birmingham for Howden UK, complementing its existing UK operations, which include London, Bedford, Liverpool, Brighton and Wakefield, while creating an attractive home for talent within the very strong local insurance market.
Stuart Rootham, Joint Managing Director of Howden UK Retail, said: “Perkins Slade is an excellent acquisition for us. The company has an extremely strong reputation in its market and a book of business that complements our strategic vision for Howden UK. Birmingham is an important location for us as we continue to expand our national footprint across both corporate and private clients and make Howden the natural home for talent in every part of the UK in which it operates.”
David Howden, CEO of Hyperion, added: “We have a clear strategy of making selective acquisitions which complement our commitment to organic growth and match our vision and culture. I am delighted to welcome Perkins Slade, which is a high-quality broker that matches these criteria and is an excellent fit for Hyperion.
Perkins Slade’s products for national sports governing bodies and associations complement the range of sports risks we cover across the Group, which was significantly strengthened last year by the acquisition of German sports insurance specialist SSI. From over 100,000 amateur sports players in Spain, through to cover for top tier professional football clubs and players, our global network of sports professionals is now stronger than ever.”
Ron Forrest, Chairman of Perkins Slade commented “In view of the imminent retirement of David Slade and me, the Board of Perkins Slade felt that this was the right time to partner with a larger, stronger, but still independent group. The combination of Hyperion’s employee-ownership model, our shared belief in the importance of specialisation and Howden’s fellow membership of the Una Alliance make this a good strategic fit for both businesses.
We have no doubt that our clients will benefit from the greater resources and market presence of Howden, which will be allied to the personal service they will continue to receive from us. We also believe that our staff will benefit by having greater opportunities for reward and career development within the larger group.”
Birmingham is an important location for us as we continue to expand our national footprint across both corporate and private clients and make Howden the natural home for talent in every part of the UK in which it operates.
- Stuart Rootham, Managing Director, Howden UK Retail