Howden buys Reich
Howden has bought Reich Group for an undisclosed sum, Insurance Age can reveal.
Manchester-headquartered Reich will add 140 staff and £120m of gross written premium to Howden which previously bought Aston Lark and A-Plan.
Insurance Age understands that Reich will sit alongside Aston Lark and become a northern hub for Howden.
Both CEO Simon Taylor and director Danny Lopian are remaining with the broker to continue leading the offering.
The firm will keep its brand and remain a separate legal entity ahead of ultimately being folded into Howden UK & Ireland in a move likely to happen in the second quarter of next year.
The buy marks a coup for Howden with Reich having been long sought after by consolidators but retaining its independence as it grew over two decades from £17m GWP in 2002.
In particular it will significantly increase Howden’s presence in real estate and also enhances the group’s construction business.
Group
Reich Group includes Reich Insurance Brokers, Reich Life and Reich Healthcare.
As previously reported by Insurance Age, Reich Group posted turnover of £16.26m and post-tax profits of £4.24m for the year ended 31 March 2022 growing organically by more than 10% from 2021.
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