Howden announces major Brazilian acquisition, enhancing its Iberoamerican platform

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13 November 2014

Howden Broking Group, part of Hyperion Insurance Group, is pleased to announce the acquisition of Harmonia Corretora de Seguros Ltda (Harmonia), from Hub International Limited, subject to regulatory approval.

Harmonia is a full service insurance brokerage headquartered in São Paulo, Brazil. Chairman Jose Roberto Conduta, CEO Priscila Conduta Elias, and others in the Conduta family, will continue to lead and run the operations. With over a hundred people in its 3 offices, Harmonia has an outstanding reputation in its market, and specialises in Employment Benefits and Commercial Lines.

Howden has agreed to acquire Harmonia from Hub International Limited. Martin P. Hughes, Chief Executive Officer at Hub, commented: “We have been pleased with the contribution that Harmonia has made to Hub. However, we have made the strategic decision to focus on North American opportunities, which have been more robust than at any time in recent memory.”

Neil Morrison, Hub’s Executive Vice President, Operations, added: “Harmonia more than met our expectations for growth and margin. While we are disappointed to see them leave, we worked closely with them to find a new partner to support their plans for the future, and Hyperion is an ideal fit.”

David Howden, CEO of Hyperion, stated: “I’m extremely pleased to welcome Harmonia to the Group. The continuing leadership of the founding family means Harmonia will retain the entrepreneurial spirit that reflects our own, and that has made it such a leader in the Brazilian market. It will help us develop our business in Brazil, which is a crucial market for international growth.”

He added: “The opportunity to add this high growth company to our Iberoamerican platform means we will be able to offer a greater range of products to our clients, as we look to expand further into the Latin American market”.

José Roberto Conduta observed “We are delighted to be joining Howden Broking Group, with its culture that is similar to our own, and the know-how and global reach that they have. We are looking forward to helping Howden further develop their plans in Latin America.”