Howden snaps up leading Bermudian broker in global expansion strategy

International insurance broker  Howden has acquired a leading Bermudian broker to cement its position on the island - a key insurance and reinsurance hub.

Howden has purchased Foram Brokerage, an independent re/insurance broker based in Hamilton, Bermuda.

Foram offers speciality brokerage services in casualty, energy, professional lines, construction, product recall, property and healthcare lines predominantly to Fortune 1000 US clients requiring access to the Bermudian market. Howden believes Foram complements its existing expertise, distribution and product range, and offers clients a team of industry experts with deep experience in the Bermudian market.

Howden said the acquisition reaffirms its ongoing strategy of giving clients access to all key markets via our global insurance market hubs. It hopes Foram’s relationships with key markets in Bermuda will help enhance its client offering.

Paul Redgate (pictured), deputy chair of Howden Specialty, said: “By providing clients with a significant on-the-ground presence in Bermuda, this acquisition also underscores Howden’s commitment to the Bermudian market by investing in on-island expertise to enhance our client offering and to build a leading position in the world’s leading (re)insurance markets.”

Robert Stubbs, president of Foram, commented: "As part of Howden, our clients will benefit from the talent, product expertise and data & analytics capability of Howden’s global specialty offering, enabling our company to deliver ever more advanced risk solutions to our clients. In Howden we have found a place which shares our values, allowing us to grow and to continue to focus on the client centricity and innovation for which we are known in the Bermudian market.”

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