Howden Broking Group acquires Lloyd's broker MATRIX

Howden Broking Group has acquired MATRIX Insurance and Reinsurance Brokers, a re/insurance broker specialising in large corporate and industrial risks in Greece and Cyprus.

MATRIX became a broker at Lloyd’s in 2012, and expanded in the Greek and Cypriot markets, providing reinsurance and specialist insurance broking services. The group has expanded through subsidiaries in Turkey and South Africa.

The acquisition follows a strategic partnership between the two brokers last year, in which Howden supported MATRIX to complete the acquisition of Piraeus Insurance and Reinsurance Brokers S.A., the broking arm of Greece’s largest bank, Piraeus Bank.

Following the deal, Dimitris Tsesmetzoglou will continue as CEO of the business, which will rebrand to Howden Matrix later in the year. The business will become part of Howden’s Mediterranean region, led by CEO Danny Sever, who is appointed to the MATRIX board alongside Isabelle Cadignan, commercial director, Howden Broking Group and Daniel Whiteside, head of marine, RKH Specialty.

José Manuel González, CEO of Howden, said: “This is a great opportunity for both businesses and above all, for our clients. Joining with MATRIX, the leading independent broker in Greece and Cyprus, aligns with our strategy and pledge to provide clients with market-leading expertise, wherever needed.”

Danny Sever, CEO of the Howden Mediterranean region, stated that “this is the culmination of a longstanding relationship between our businesses, and reinforces our dedication to this important region.”

Gerry Tighe, director of MATRIX, said: “Joining the Howden family creates a large opportunity for our clients in terms of international expertise, financial strength and access to global markets. Furthermore, Howden’s philosophy is similar to ours: we consider all our stakeholders as family members.”

Tsesmetzoglou, CEO of MATRIX, added: “Completing this merger in the current conditions is testament to the shared priorities, values and commitment of our two businesses and an environment of stability and economic growth, which a new government has established in Greece. We are excited to join forces to enhance our offering to existing clients, and together present a more compelling proposition going forward.”