Polaris sells NORTH to international Howden.

Polaris has entered into an agreement to sell NORTH to the global insurance group Howden. NORTH was established in April 2021 and is Denmark's first independent advisory firm in commercial insurance, company pension, financial procurement, and real estate credit.

NORTH has rapidly developed through organic growth and a total of 24 acquisitions of advisory firms, which have been integrated to expand the offering and strengthen value creation for customers. With the recent acquisition of Bankbrokers' Scandinavian business, NORTH has begun the internationalization of the company to better meet customers' needs for financial agreements across borders. NORTH has thus fulfilled the original ambition of creating a strong and unique advisory firm that contributes to the consolidation and development of the Danish market and is well positioned to expand to other Nordic markets under new ownership.

I'm sorry, but you have not provided any text to be translated. In a close partnership with Polaris and with great help from the board, we are proud to have assembled a group of independent and outstanding skilled advisors in one unique advisory firm in rapid development and with great ambitions for the future. We have represented Howden in Denmark and know them as the most skilled and progressive players on the international scene with a strong sense of responsibility and a common mindset as true owner-managers. Both business-wise and culturally, Howden is the perfect match for NORTH and the right insurance group to take us to the next level with their international outlook and focus on creating extra value for customers. " says Lars Gundorph, Group CEO, NORTH."

NORTH has today 260 employees who are passionate about setting new standards for financial advice and creating security in companies' decisions through 360-degree risk advice and widespread use of digital tools. NORTH offers advice to private and public companies either as an independent broker or through a cost-effective agency model based on industry agreements, ensuring smaller companies good deals at attractive prices.

I'm sorry, but you have not provided any text to be translated. NORTH has in a short time developed into a strong and unique advisory firm after tireless efforts from all individuals in the NORTH organization, who together have created a breakthrough in the Danish market for specialized financial advice. In Polaris, we have drawn on our industry insight and extensive experience in developing partnerships that create new opportunities and value for customers - and we are pleased to have contributed to the establishment of a clear market leader, which now has perfect conditions for further development with Howden. " says Rune Lillie Gornitzka, partner, Polaris."

Howden is a leading global insurance group with operations in more than 50 countries and 15,000 employees handling annual premium payments of USD 35 billion. Since its establishment in 1994, Howden has emphasized co-ownership, and employees continue to be the company's largest shareholder group.

I'm sorry, but you have not provided any text to be translated. I am excited to welcome NORTH to the Howden family. This partnership stands as proof of the strength of our cultural unity and the strong desire of management to join our company. Together, we will continue to expand the business, which will eventually include reassurance and other specialty areas, while accelerating the impressive growth the company has experienced so far. This is our largest acquisition in continental Europe since Assiteca in Italy, and it not only demonstrates the extent of our ambition, but also the size of the opportunity that Howden Group offers to the right companies with the right culture. " says Luigi Sturani, CEO Europe, Howden Europe."

The change of ownership does not result in any changes to NORTH's organization, management, brand, or existing customer relationships and terms. In connection with the transaction, several NORTH shareholders will become co-owners of the Howden Group. The parties have agreed not to disclose the purchase price.