International insurance broker Howden has acquired Manchester-headquartered intermediary Reich Insurance Group for an undisclosed sum.
Reich serves UK and international clients, has more than 140 employees and is led by Simon Taylor and Danny Lopian.
The firm offers insurance solutions for individuals and businesses with particular specialisms in property, construction and development, life and healthcare.
Peter Blanc, executive chairman at Howden UK & Ireland, (pictured) said: “I’ve known Simon and Danny for many years and have always admired their business.
“Their reputation is outstanding and their areas of specialism, particularly in real estate and construction as well as healthcare, are completely aligned with Howden.
“All of our discussions were centred on the future and how the Reich team would fit within the Howden business – and the answer is that it’s a perfect match. I’m really looking forward to meeting all of our new colleagues and welcoming them to the Howden family.”
David Howden, CEO of Howden, said: “Simon is an industry entrepreneur, who for the last 20 years has led Reich to be the success story we see today.
“Howden has become the natural home for insurance industry entrepreneurs, both in the UK and across the world, who put their trust in us as they know that our people and our clients are at the heart of everything we do.
“I am delighted to welcome Simon, Danny and Reich to the Group.”
Simon Taylor, CEO of Reich, said: “While we have grown to become one of the largest independent brokers in the market, we have been searching for the perfect partner to take us to the next level and we were not prepared to merge until we found that right partner.
“We needed a business that matched our absolute focus on providing the very best to our clients in their search for the right insurance product.
“In this market, we felt that only one business was the perfect fit, and that was Howden.“
Taylor added: “We are very excited by what the future holds.”
Danny Lopian, director of Reich, added: “We are very excited by this opportunity to come together with Howden, who we see as an ideal fit for our business, our staff and our clients.
“This will give us the opportunity to provide a greater and broader service to our clients and we look forward to developing our business services to even higher levels.”