One indemnity insurance provider has recently announced it has come to an agreement in the acquisition of a registered Lloyds broker.
Howden Israel will now be acquiring business insurance specialists Davidoff Insurance Brokers. Focusing primarily on commercial insurance lines, Davidoff has both wholesale and retail capabilities and additionally conducts some personal insurance line business as well.
Hyperion subsidiary Howden Israel is a major professional liability insurance and directors & officers broker located in the Middle East. Howden’s acquisition of Davidoff will result in a combined business volume large enough to rank it firmly in the top five non-life broking houses currently operating in the Israeli marketplace.
David Howden, chief executive for Hyperion, stated that both Hyperion and Davidoff have been working closely together for more than a decade and a half in both business and personal relationships. Howden Israel was actually an off-shoot of Davidoff Insurance Brokers at its inception in 2003, stated Mr Howden.
Howden Israel and Davidoff have always had a very close working relationship, stated the chief executive, which is why the new acquisition is both a strategically and culturally sound decision. Thanks to the backing of 3I, Hyperion has both located and continues to identify suitable targets for acquisition, Mr Howden continued. He also added that the Israeli market is an extremely important one to Hyperion.
Rony Davidoff, chairman of Davidoff Insurance Brokers, commented that the new acquisition is just the newest and most exciting chapter in the Davidoff/Howden story. Insisting that this is just the beginning, Mr Davidoff stated that the worldwide insurance industry is currently led by top-quality tier firms and found it extremely fitting that the next period of growth for his company will be as part of one of the fastest growing of these firms.