Howden enters Estonian market with acquisition of CHB Insurance Brokers
01 October 2021
Latest acquisition underlines strategy to build out best-in-class expertise on the ground for European clients and represents entry point into the Baltic region
Howden, the international insurance broker, today announced the acquisition of CHB Insurance Brokers (CHB), one of the pre-eminent Property & Casualty brokers in the Baltic region. The acquisition represents Howden’s first step into the Baltic market as it continues to build out its international platform and expand its retail operations across Europe to support both local and multi-national clients.
Led by Howden Finland, this acquisition reflects Howden’s ongoing strategy to set up operations to serve clients across Europe. By building businesses and empowering local teams to partner with strategic, culturally-aligned companies that embed specialisms across the distribution network, Howden will offer clients greater choice in the Baltic region.
The establishment of Howden Estonia follows the recent announcements of other start-ups in Italy and Switzerland, and a wave of talent joining Howden to drive growth in key markets, such as Luigi Sturani as CEO, Europe, Holger Schaefer as CEO, Germany and Jeroen Everling as CEO, Netherlands, Corporate.
Andry Saarm, Chairman of the Board, and Priit Helm, CEO, will continue to run the company. Former Board member Evelin Pärna continues as the head of CHB’s Southern region, based in Pärnu.
Jorma Hakonen, CEO and Partner, Howden Finland Oy, said: “With this acquisition, Howden plans to expand its activities in the Baltic region, with Estonia as a springboard to access markets in Latvia and Lithuania. That the founders of CHB - Andry and Priit - remain with the company means clients continue to enjoy the expertise, dedication and personal touch they have come to know and, combined with their exceptional reputation in the Estonian market, helps us to further develop the business as part of the Howden family.”
Andry Saarm, Chairman of the Board of CHB, comments: “Partnering with Howden means we will have better access to new insurance products and new industries, enabling us to grow as part of an international insurance broker. This is a major cross-border transaction in the Estonian insurance market and provides us with the opportunity to meet the demands of companies in the region.
Our ambition is to satisfy the demand for insurance in sectors such as trade credit and financial guarantees, as well as a focus on cyber insurance. Furthermore, with the support of Howden Finland, we are able to bring in ground-breaking insurance and service solutions for housing associations.
As a previous Howden One partner, we have experienced first-hand Howden’s People First approach and independent, empowered culture. As a company with similar values, know we have found the right home to continue our journey.”