Howden acquires leading Bermudian broker Foram
Acquisition offers clients on-island expertise and cements Howden’s commitment to Bermuda
London / Bermuda, 21 October 2021 - Howden, the international insurance broker, today announced the acquisition of Foram Brokerage Ltd., an independent (re)insurance broker based in Hamilton, Bermuda. This acquisition affirms Howden’s commitment to the Bermudian market and provides clients with access to an expert team made up entirely of Bermudian nationals.
Foram is an independent (re)insurance broker that provides 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. Foram complements Howden’s existing expertise, distribution and product range, and offers clients a team of industry veterans with deep experience in the Bermudian market.
Paul Redgate, Deputy Chair, Howden Specialty, said: “Foram joining us reaffirms our strategy of giving clients access to all key markets via our global insurance market hubs. 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.”
The acquisition of Foram reflects Howden’s on-going strategy to deliver smartly optimised (re)insurance programmes that are tailored to clients’ commercial priorities supported by strong hub offices in the world’s major insurance and reinsurance markets. Foram’s strong relationships with key markets in Bermuda will translate into solutions that are expertly adapted to clients’ commercial, cultural and operational needs.
Robert Stubbs, President, Foram, said: "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. ”