International insurance group swoops in deal for Salford broker
Salford-based Reich Insurance Group has been acquired by international insurance broker, Howden, for an undisclosed sum.
Reich is one of the top 10 independent insurance brokers in the UK, boasting more than £100m in gross written premium, servicing UK and international clients, with a 140-strong workforce.
Led by Simon Taylor and Danny Lopian, the business offers a full spectrum of insurance solutions for both individuals and businesses, from SMEs to large corporations, with particular specialisms in property, construction and development, as well as life and healthcare.
Peter Blanc, Howden UK & Ireland executive chairman, said: “I’ve known Simon and Danny for many years and have always admired their business.
“Their reputation is outstanding and their areas of specialism, particularly in real estate and construction as well as healthcare, are completely aligned with Howden.
“All of our discussions were centred on the future and how the Reich team would fit within the Howden business – and the answer is that it’s a perfect match. I’m really looking forward to meeting all of our new colleagues and welcoming them to the Howden family.”
CEO, David Howden, said: “Simon is an industry entrepreneur, who for the last 20 years has led Reich to be the success story we see today.
“Howden has become the natural home for insurance industry entrepreneurs, both in the UK and across the world, who put their trust in us as they know that our people and our clients are at the heart of everything we do.”
Simon Taylor, Reich CEO, Reich, said: “While we have grown to become one of the largest independent brokers in the market, we have been searching for the perfect partner to take us to the next level and we were not prepared to merge until we found that right partner.
“We needed a business that matched our absolute focus on providing the very best to our clients in their search for the right insurance product. In this market, we felt that only one business was the perfect fit, and that was Howden – a hugely successful, ambitious, customer-centric broking giant, large enough to make a major difference in the market but still entirely concentrated on providing the very best service for their clients.”
He added: “We look forward to working with Peter, Stuart and the team in continuing the service excellence and growth momentum we have achieved as Reich, within the wider Howden Group. We are very excited by what the future holds.”
Danny Lopian, Reich director, said: “We are very excited by this opportunity to come together with Howden, who we see as an ideal fit for our business, our staff and our clients. This will give us the opportunity to provide a greater and broader service to our clients and we look forward to developing our business services to even higher levels.”
Manchester-based RPG Chartered Accountants advised Reich Group, led by Jonathan Brownson and Ben Brownson.
Jonathan Brownson said: “RPG incorporating Crawfords have had a longstanding relationship with the Reich Group and so we are very pleased to have advised them to the conclusion of the business.”
RPG, amongst other things, provided transaction support, carried out financial and tax due diligence, and were lead adviser in the negotiations with the acquirer. RPG will also prepare and agree the completion accounts.
