British insurance broker Howden has signed a deal to acquire advice firm SPF Private Clients in a bid to expand its offering into the mortgage broking market.
The deal, whose financial details were not disclosed, also bolsters Howden’s existing presence in the insurance and wealth management space, including its high-net-worth (HNW) and private client focused businesses.
Established in 2011, SPF focuses on residential and commercial mortgage broking, commercial real estate insurance, HNW personal lines insurance, property title insurance, life assurance and associated wealth management consulting.
SPF CEO Mark Harris will continue to lead the firm, which will be integrated into Howden’s UK & Ireland business following the transaction.
Harris said: “PF will benefit from the significant opportunities that being part of Howden will deliver, with a big drive into offering our debt product lines across the group.
“We will carry on doing what we do best, ultimately enabling us to develop products to best serve our clients while allowing our talent to flourish.”
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The deal is part of Howden’s commitment to invest in the UK economy and its high street brand A-Plan, and to offer clients enhanced access to personal advice.
Last year, Howden agreed to buy Aston Lark to fortify its UK business and set up a ‘full-spectrum British broker with unrivalled reach and access’.
Commenting on the deal, Howden UK & Ireland CEO Carl Shuker said: “With SPF, the recent acquisition of A-Plan and the upcoming completion of Aston Lark, Howden UK & Ireland will be a leading end-to-end insurance distributor capable of supporting all of our clients, whatever their insurance and mortgage needs, underpinned by market-leading digital and data capability.”
Last year, insurer M&G agreed to buy financial advice Sandringham Financial Partners to expand its wealth management business in the UK.