Howden have announced that it has agreed to acquire Barnett Waddingham, a leading UK professional services consultancy across risk, pensions, investment and insurance. The acquisition will bring high quality pension and related advice capability to Howden, providing a platform for expansion in global markets.
The acquisition will also double Howden’s global Employee Benefits business in terms of employees, with approximately 4,000 experts delivering combined revenue approaching £500 million around the world. The combined business will offer the full range of employee benefits and pensions advisory services to corporate clients, from multinational corporations to SMEs and in the private and public sectors, and will also provide health, life and specialist pension products to individuals.
David Howden, CEO, 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. As we always do, 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. In the UK, there will be over 10,000 of us in our wider business, across more than 200 offices. We’re serving millions of individuals, businesses and organisations, including over two thirds of the FTSE 100, bringing the same unique energy and approach to all our clients.
“Under Glenn Thomas’ leadership since 2018, our Employee Benefits division has delivered a remarkable 52% compound annual growth rate. Expanding our pensions advisory and administration capability is crucial to our long-term, global growth plans, and Barnett Waddingham provides a fantastic platform to build our capability for clients around the world. Critically, Barnett Waddingham’s working partners will reinvest significantly into Howden, underlining their commitment to a long-term future with us, and delivering extraordinary alignment for our future ambitions.”
Glenn Thomas, CEO, 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. The combination brings together two leading businesses with an exceptional cultural fit, and the acquisition reflects Howden’s deep commitment to investing in its employee benefits advisory capabilities.”
Andrew Vaughan, Senior Partner, Barnett Waddingham, said: "We’re really excited to join Howden because of its commitment to the UK market, and its unique culture. Being part of Howden also strengthens our ability to deliver even greater value to our risk, pensions, investment, and insurance clients through enhanced solutions, including our tech-enabled capabilities, and access to global expertise. 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."
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