In a strategic move to solidify its presence in the Nordic region of Europe, global insurance group Howden is set to acquire NORTH Risk (NORTH), Denmark’s fourth-largest insurance intermediary.
The acquisition marks Howden’s entry into the Danish market and also positions the company to establish a robust retail presence in the region.According to Howden, the acquisition of NORTH aligns with its ongoing strategy of investing in local specialist expertise. The move aims to leverage the full spectrum of Howden’s global capabilities, international network, and advanced data and analytics to benefit clients in the local markets.
Established in 2021 by Danish private equity house Polaris, NORTH emerged through the strategic acquisition and merger of four SME-focused financial services distribution and advisory businesses. The organisation is primarily dedicated to serving commercial SME clients and their employees, offering a range of services including general insurance, life and pensions, as well as financial services such as mortgages and financial procurement.
As Polaris concludes its investment tenure, both the private equity firm and NORTH’s management team have identified Howden as the ideal partner to support the company’s ongoing growth trajectory.Lars Gundorph, the current leader of NORTH and former CEO of Willis Denmark, will spearhead Howden’s activities in Denmark. The acquisition not only marks Howden’s entry into its twentieth territory in Continental Europe but also completes its footprint in the Nordic region. Howden initially established an office in Finland over two decades ago, followed by subsequent offices in Sweden, Norway, and Iceland.
The move underscores Howden’s commitment to expanding its global reach while strategically reinforcing its position in key European markets.
Commenting on the move, Luigi Sturani, CEO, Howden Europe said: “I am thrilled to welcome NORTH to the Howden family. This partnership stands as a testament to the power of our cultural affinity and the strong desire of the management to join our company. Together, we will continue to scale the business that will in time include reinsurance and other specialty 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.”
Gundorph said: “We are proud to have partnered with Polaris over the last few years. Through dedicated efforts, our Board has assembled a team of independent and exceptionally skilled advisers, with ambitious plans for the future. 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.”
Rune Lillie Gornitzka, partner, Polaris, added:“NORTH has rapidly evolved into a strong and unique advisory firm, thanks to the tireless efforts of everyone within the organisation. At Polaris, we have contributed by leveraging our industry insight and extensive experience in developing partnerships that create new opportunities and value for clients. We are pleased to have played a part in establishing a clear market leader, now well-positioned for further development with Howden.”
