Global insurance and employee benefits intermediary group Howden has announced plans to acquire Barnett Waddingham for an undisclosed amount.

The acquisition is intended to create one of the largest pensions and employee benefits consultancies in the UK, providing a platform for Howden to expand pension and related investment and risk services for clients in global markets.

The acquisition will also double Howden’s global employee benefits business in terms of employees, with approximately 4,000 experts delivering combined revenue approaching £500m around the world.

The combined business will offer the full range of employee benefits and pensions advisory services to corporate clients, from multinational corporations to small and medium-sized enterprises (SMEs) and in the private and public sectors, and will also provide health, life and specialist pension products to individuals.

Commenting on the news, chief executive officer at Howden, David Howden, said: "In our journey to build a global broker we recognise the need to create a world-class employee benefits business for our clients.

"As we always do, we have waited for the right partner to expand our capabilities, with experts who are entrepreneurial and culturally aligned, and with whom we can do more together. Barnett Waddingham’s people have this in abundance.

"Expanding our pensions advisory and administration capability is crucial to our long-term, global growth plans, and Barnett Waddingham provides a fantastic platform to build our capability for clients around the world.

"Critically, Barnett Waddingham’s working partners will reinvest significantly into Howden, underlining their commitment to a long-term future with us, and delivering extraordinary alignment for our future ambitions."

Adding to this, senior partner at Barnett Waddingham, Andrew Vaughan, said: "We’re really excited to join Howden because of its commitment to the UK market, and its unique culture.

"Being part of Howden also strengthens our ability to deliver even greater value to our risk, pensions, investment, and insurance clients through enhanced solutions, including our tech-enabled capabilities, and access to global expertise.

"As we reflect on 35 years of continuous growth and development at Barnett Waddingham, we are proud of the heritage and principles that have made us who we are - people-centricity, partnering with clients and the delivery of high-quality services.

"As we join Howden, we look forward to combining our strengths to build something even greater together."

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