Barnett Waddingham Joins Howden for Global Expansion

Deal News | Mar 25, 2025 | Re-Insurance News

Barnett Waddingham Joins Howden for Global Expansion

Howden has announced its acquisition of UK-based professional services consultancy Barnett Waddingham. With a strategic investment of 2.4 billion over the past five years, Howden continues to enhance its UK presence, and this acquisition aligns with its goals for global expansion. The deal will bolster Howden's Employee Benefits division, doubling its size globally in terms of employees, and will significantly enhance its pensions and advisory service offerings. Barnett Waddingham's expertise in risk, pensions, investment, and insurance is seen as a valuable addition to Howden's capabilities. The acquisition underscores Howden’s commitment to creating a world-class employee benefits business and reflects its strategy of waiting for culturally aligned partners. With 4,000 experts, the combined business aims to become a leading player in employee benefits and pensions advisory services globally. The acquisition also highlights the UK’s solid investment environment as reflected in the statement by the UK Secretary of State for Business and Trade. Additionally, Howden is reportedly close to a $10 billion deal to acquire Risk Strategies, potentially leading to a future stock market flotation, with significant investment from Mubadala and Hg Capital.

Sectors

  • Professional Services
  • Insurance
  • Investment Management

Geography

  • United Kingdom – Both Howden and Barnett Waddingham are UK-based, and the acquisition strengthens Howden's footprint in the UK market.
  • Global – The acquisition is positioned to enhance Howden's global capabilities, aiming for expansion beyond the UK and Ireland.

Industry

  • Professional Services – Barnett Waddingham provides consultancy across risk, pensions, investment, and insurance, making it a key player in the professional services industry.
  • Insurance – Howden is a prominent player in the insurance broking and employee benefits sector, and this acquisition enhances its capabilities in insurance services.
  • Investment Management – With a focus on investment and pensions advisory services, both Howden and Barnett Waddingham are significant contributors to the investment management industry.

Financials

  • 2.4 billion – Investment by Howden over five years to expand its UK footprint.
  • 500 million – Combined revenue expected from the global Employee Benefits business following the acquisition.
  • 4 billion – Potential share sale amount to finance part of Howden's acquisition of Risk Strategies.
  • 2 billion each – Equity injection by Mubadala and Hg Capital into Howden.

Participants

NameRoleTypeDescription
HowdenBidding CompanyCompanyGlobal insurance broker and employee benefits firm acquiring Barnett Waddingham.
Barnett WaddinghamTarget CompanyCompanyUK professional services consultancy specializing in risk, pensions, investment, and insurance.
MubadalaInvestorCompanyAbu Dhabi-based sovereign investment fund investing in Howden's growth.
Hg CapitalInvestorCompanyExisting Howden shareholder providing additional equity for the acquisition.
Andrew VaughanSenior PartnerPersonSenior Partner at Barnett Waddingham expressing support for the acquisition.
David HowdenCEOPersonCEO of Howden, championing the acquisition as part of a strategic global expansion plan.
Glenn ThomasCEO, UK Health & Employee BenefitsPersonLeader of Howden's Employee Benefits division, emphasizing the strategic importance of the acquisition.
Jonathan ReynoldsSecretary of State for Business and TradeGovernmentUK government official supporting the investment as beneficial to the UK's business environment.