Pensions consultancy and SIPP firm Barnett Waddingham has been acquired by insurance intermediary Howden for an undisclosed amount.
The combined business will employ more than 10,000 people in the UK across more than 200 locations, serving more than 2 million individuals.
The acquisition will also double Howden’s global employee benefits business in terms of employees, with approximately 4,000 experts delivering combined revenue approaching £500m around the world.
Howden said the acquisition “creates a new global force in employee benefits, providing a platform for Howden to expand pension and related investment and risk services for clients in global markets.”
Over the last five years, Howden said it has made investments worth £2.4bn to expand its UK footprint.
David Howden, chief executive, Howden, said: “In our journey to build a global broker we recognise the need to create a world-class employee benefits business for our clients. We have waited for the right partner to expand our capabilities, with experts who are entrepreneurial and culturally aligned, and with whom we can do more together. Barnett Waddingham’s people have this in abundance.
“Together, we will take a leading position in our home markets of the UK and Ireland in employee benefits as well as in insurance broking.”
Glenn Thomas, chief executive, UK health & employee benefits and global practice leader, Howden, said: “In the global war for talent, companies distinguish themselves with outstanding employee benefits. Barnett Waddingham’s extensive pensions expertise, together with Howden’s market leading presence in the health and employee benefits market, creates a full-service proposition and one of the largest pensions and employee benefits consultancies in the UK, with one of the most extensive global footprints in the market.”
Andrew Vaughan, senior partner, Barnett Waddingham, said: "As we reflect on 35 years of continuous growth and development at Barnett Waddingham, we are proud of the heritage and principles that have made us who we are - people-centricity, partnering with clients and the delivery of high-quality services. As we join Howden, we look forward to combining our strengths to build something even greater together."
Howden was founded in 1994 and provides insurance broking, reinsurance broking and underwriting to clients ranging from individuals to the largest multinational companies. The group operates in 55 countries across Europe, Africa, Asia, the Middle East, Latin America, the USA, Australia and New Zealand, employing 20,000 people and handling $44.7bn of premium on behalf of clients.
Barnett Waddingham is a UK consultancy involved in risk, pensions, investment, and insurance. It has 1,790 people, 99 of whom are partners, based across ten offices nationwide: Amersham, Birmingham, Bristol, Cheltenham, Glasgow, Guildford, Leeds, Liverpool, London, and Manchester.