Howden is to buy Barnett Waddingham for an undisclosed sum creating on the largest pensions and employee benefits consultancies in the UK.
Howden says this acquisition will add high quality pension advice and consultancy to its capability, and provide a platform for expansion into global markets.
The acquisition will mean that Howden as a whole will employ 10,000 people in the UK across more than 200 locations, serving more than 2m individuals. It will also double its global employee benefits business in terms of employees, with revenues approaching £500m around the world.
The combined business will offer the full range of employee benefits and pensions advisory services to corporate clients, from multinationals to SMEs working across both the private and public sectors, while also providing health, life and specialist pension products to individuals.
Howden CEO UK health & employee benefits and global practice leader Glenn Thomas says: “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.”
Barnett Waddingham senior partner Andrew Vaughan says: “Being part of Howden strengthens our ability to deliver 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.”
Howden CEO David Howden says: “Together [Howden and Barnett Waddingham] 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.
“Under Glenn Thomas’ leadership since 2018, our employee benefits division has delivered a remarkable 52 per cent 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.”
He adds that Barnett Waddingham’s working partners will reinvest significantly into Howden, underlining their commitment to a long-term future with the company.
