Global insurance and reinsurance broking group Howden is to strengthen its specialist actuarial and longevity consulting capabilities with the acquisition of Hymans Robertson’s insurance and financial services consulting group (IFS group).
The transaction is expected to close this spring and will result in the creation of Howden Insurance Actuarial & Longevity (Howden IAL), a new division comprised of Hymans Robertson IFS experts as well as actuarial and longevity experts who have joined Howden through the transition of Barnett Waddingham.
Last week, Howden announced an agreement to acquire Barnett Waddingham, a UK-based professional services consultancy in the risk, pensions, investment and insurance sectors.
The establishment of Howden IAL expands the range of markets and clients served by the broker’s global platform and supports its desire to build a market-leading, globally-reaching insurance advisory capability. The company said the new approach will provide clients with deeper expertise, clearer technical insights and a larger consulting platform.
Howden IAL brings together Barnett Waddingham’s proven capabilities in providing outsourced actuarial services and consultancy with the Hymans IFS team’s experience in supporting carriers on strategic actuarial and risk projects.
Glenn said: “This is an important development for our business and the market. By combining BW’s long-standing actuarial capabilities with the Hymans Robertson IFS team’s proven expertise in delivering strategically critical projects, we are delivering best-in-class advisory advice to clients. This move is not just about capabilities, it is also about people. By joining two highly qualified teams, we are investing in their long-term growth and strengthening our ability to support clients with deeper insights and more unique advice.” Thomas, CEO and global practice leader of Howden Health & Employee Benefits.
The combined business will support insurance companies in pricing, capital allocation, reserving, risk and investment strategies, model validation, ALM and longevity risk management.
The formation brings together a team of approximately 90 specialist advisers, which Howden said has significantly improved their ability to support insurers with their actuarial and longevity needs, while creating new opportunities for colleagues joining Howden.
Scott Eason, Managing Partner at Howden Insurance Actuarial & Longevity, commented: “Today is a milestone moment for our business. By joining together two outstanding teams, we are building an advisory capability with the breadth and depth to support every key client need across the insurance spectrum. This is an important step in Howden’s long-term goal of building a world-class insurance advisory practice.”
Jon Hatchett, senior partner at Hymans Robertson, added: “We are proud of the strength and reputation of the IFS team and believe the combined skills of the newly formed team and Howden’s global reach will provide insurance clients with a wider range of services. At Hymans Robertson, as an independent partner, and at Club Vita, we will continue to focus on long-term programs in the superannuation, risk transfer, investment and retail wealth markets, where we see huge opportunities to innovate with clients.”
