Global insurance and reinsurance broking group Howden has acquired Channel Islands-based retail insurance brokerage Polygon Insurance Brokers Limited (PIBL). The transaction is subject to regulatory approval.
Through the acquisition, Howden has expanded its presence in the Channel Islands, with the ability to serve customers in Jersey and Guernsey.
PIBL, formerly known as Vantage Insurance Brokers, provides specialist insurance solutions to high net worth individuals, family offices and trusts in Jersey and Guernsey, as well as the offshore financial services industry.
Its areas of expertise include professional indemnity, financial institutions insurance, D&O and cyber liability products.
Martin Ellis, managing director and global practice leader of professional services at Howden, said: “The acquisition of PIBL enhances our ability to serve a full range of clients in Jersey and Guernsey, from corporates to high net worth individuals.
“By combining PIBL’s strong local relationships and customer service with Howden’s expertise and global capabilities, we create stronger outcomes for our customers by expanding the breadth of available solutions and market access to meet their evolving needs.”
Henry Mowbray, managing director of PIBL, said: “Joining Howden will allow PIBL to be better placed to deliver enhanced solutions and capabilities to its customers as its presence in the Channel Islands and its global network continues to expand.”
The acquisition of PIBL follows Howden’s recent acquisition of Guernsey-based ARM Holdings, a company specializing in the formation and management of captive insurance, as a further step in its strategy to grow its business in the Channel Islands for the benefit of its customers.
Carl Shuker, deputy chairman of Howden UK&I, said: “Combining PIBL with our existing business in the Channel Islands creates a meaningful platform for growth in this very important market and we look forward to bringing the expert team at PIBL on board to start an exciting new chapter in Howden’s growth story.”
