Howden agreed to acquire Atlantic Group, a specialist in M&A insurance, as the London-based broker accelerates its US expansion. The deal adds scale in a market Howden sees as strategic and still underpenetrated.
Atlantic’s founders – Richard French, Joe O’Brien, and David Haigh – will roll a substantial portion of their equity into Howden and become shareholders, the broker said Monday.
People familiar with the matter said the transaction values Atlantic, founded in 2017 and employing more than 110 staff, at over $500 mn. The terms weren’t disclosed, Beinsure noted.
Headquartered in New York, Atlantic advises corporates and private equity firms on protection against warranty breaches, along with tax and credit risks tied to US M&A.
Howden already ranks as the largest transaction liability insurance broker outside the US. This deal pulls it deeper into the domestic market.
David Howden, founder and CEO, said the combination targets the world’s largest private equity houses and their portfolio companies. The ambition is big. Barclays acted as financial adviser to Howden, while Piper Sandler advised Atlantic.
Demand for M&A insurance has climbed steadily over the past decade. Buyout activity surged during years of cheap money, and risk transfer products helped sellers extract more value upfront while giving buyers defined recourse.
According to Beinsure analysts, that demand hasn’t faded, even as deal volumes cooled.
The Atlantic acquisition marks another step in Howden’s effort to challenge global broking heavyweights including Marsh & McLennan Cos., Aon, Arthur J. Gallagher & Co., and Willis Towers Watson.
Early last year, Howden explored buying Risk Strategies to enter US retail broking. Talks ended. The firm instead built operations organically, hiring hundreds from rivals.
Howden remains owned by 5,300 employee shareholders alongside General Atlantic, HgCapital, Canadian pension fund La Caisse, and the Howden Foundation.
An internal share sale in 2024 valued equity at £10 bn, or about $13.4 bn. Enterprise value, including debt, stood near £20 bn.
An IPO still hangs in the background. David Howden, now 62, told The Times last July he expects to complete a public listing by 2030.
