With two new acquisitions, global insurance broker Howden becomes the market leader in the corporate segment in Estonia

  • 2024-02-05

UK-headquartered Howden, operating in Estonia as Howden Kindlustusmaakler OÜ, continues expansion in the Baltics. The company acquired 100% of the business operations of the Estonian insurance broker AS Smart Kindlustusmaakler and the corporate client portfolio of KindlustusEst Kindlustusmaakler OÜ. With the transactions, Howden’s Estonian arm becomes the largest corporate insurance broker in Estonia and the group eyes further acquisitions in the Baltic countries.

“With acquisitions in two leading Estonian insurance brokers, Howden strengthens its position in the region. In 2023, the global insurance brokerage group completed close to 50 M&A deals worldwide and explores further acquisition possibilities in Estonia, as well as in Latvia and Lithuania. The strategic expansion will open new growth perspectives for Howden in the Baltics”, said Andry Saarm, Chairman of the Management Board of Howden Kindlustusmaakler.

“After the closing, Howden’s Gross Written Premiums in Estonia will grow to €35 million, which gives us a total brokerage market share of 13%. Howden has now the largest corporate portfolio of insurance brokers in Estonia. Now we resume quick growth by creating synergies and added value for client”, Saarm added.

Saarm added that despite of macroeconomic challenges in Estonia, the insurance industry enjoys the trust of corporate clients who are seeking best available products from the international insurance markets.

“By joining forces with Howden, we will immensely expand our brokerage offering to existing and future clients who now will have access to solutions offered Europe wide. From our side, we complement Howden’s offering with know-how of the retail market and close cooperation with car salons and financial institutions. We are excited to continue providing online insurance brokerage services to retail customers under Kindlustushind.ee portal, which will remain an integral part of Howden’s offering in Estonia”, said Heiki Puusaar, Management Board Member of Smart Kindlustusmaakler.

“From now on, KindlustusEst will focus on offering online insurance solutions, and we are happy having found a new strong owner for our corporate portfolio”, said Merit Ots, Management Board Member of KindlustusEst Kindlustusmaakler.

After the acquisitions, the number of employees of Howden’s Estonian arm will increase to 40 people, when the staff of Smart and the corporate business team of KindlustusEst joins the company. Customer contracts will be transferred automatically, and the customer managers of the acquired businesses will continue to work under the Howden brand.

The transactions have been finalized and the financial terms will be not disclosed. Ellex Raidla advised Howden’s Estonian company in the transaction.

About Howden Kindlustusmaakler

Founded as CHB Kindlustusmaakler in 2006, Howden Kindlustusmaakler is the leading corporate insurance broker in Estonia. The company has been working with over 20,000 clients and cooperates with all property insurance companies in Estonia, for a wide choice of insurance products. Howden Kindlustusmaakler, which employs now 40 people, is a member of Estonian Insurance Brokers Association and Estonian Service Industry Association. Among the clients are companies like EfTEN Capital, East Capital, Kapitel, Kawe, MM Group, Rand & Tuulberg. In 2021, Howden Broking acquired a majority stake in CHB, and the Estonian business became a part of the Howden Group. Top management and owners of the Estonian company, Andry Saarm, Chairman of the Board, and Priit Helm, CEO, are shareholders of Howden Broking.


About Howden Group

Howden is a leading global insurance group with employee ownership at its heart.  Founded in 1994, it provides insurance broking, reinsurance broking and underwriting services and solutions to clients ranging from individuals to the largest multinational companies.

The group operates in 50 countries across Europe, Africa, Asia, the Middle East, Latin America, the USA, Australia and New Zealand, employing 15,000 people and handling $35bn of premium on behalf of clients.

For more information, please visit www.howdengroup.com and www.howdengroupholdings.com