Howden Italia, the Italian part of the leading European insurance brokerage group, aims to achieve at the end of its five-year plan 190 million in revenues, up compared to the 108,2 million that marked the end of its fiscal year last September. To achieve this objective, the company led in Italy by Federico Casini, she is ready to do new acquisitions, with nine operations already under observation.
During the presentation of the data on Tuesday it emerged in detail that i revenues 2023 already show an increase compared to the 93,5 million in 2022. But if we also consider the two acquisitions that took place before summer (Assimovie and Wide Care Services), this year's pro-forma annual revenues amounted to 113 million, with a growth of 21% compared to 2022. EBITDA it amounted to 19,3 million with a margin of 17,8% (16,5 million and 17,5% respectively in 2022). Organic growth is 12,5% while overall growth is 15,7%.
Revenues of 2027 million by 190, also with new acquisitions
Yesterday Casini also illustrated the growth objectives: in Italy Howden aims to reach 2024 million in 130 and in 2027 190 million euros of revenues. The industrial plan also envisages that the ebitda, which in 2023 was equal to 17,5% of the turnover (19,3 million), will reach 25% of the turnover in 2027.
According to the CEO, the growth will occur partly through acquisitions (30 million) and the rest through organic growth, both through new clients (40 million), both through the specialization (35 million). “We will make acquisitions along two lines, both to increase our specialization and to increase our territorial presence, opening in areas where we want to be present" he explained Casini. “It has already been like this with Assimovie, leader in the insurance brokerage sector in the film world and then again with Wcs, specialized in the administrative services of health funds and pension funds”. The new operations will serve to accelerate growth.
9 brokers are under observation, each with a turnover between 1 and 3 million
In 2021 Howden acquired Andrea Scagliarini SpA and Tower SpA in Italy, while in 2022 Asi Insurance Broker Srl, Nord Est Insurance Broker Srl and the Assiteca Group. Under observation there are now others nine brokers, added Casini. They are dossiers pipelined which respect the criteria of specialization and territorial presence established by Howden and which are valid individually between 1 and 3 million in turnover for a total value of approximately 20 million in revenues. At a European level, Howden has a total liquidity of one billion available for acquisitions, he adds, which could allow the Italian subsidiary to carry out even more important operations if the right opportunity arose.
Employees have corporate control, with a 35,5% share of the capital
According to the company's business model, they are the employees the main shareholder with a share of 35,5%. The other shareholders, all with 21,5%, are General Atlantic, HG Capital and Caisse du Depot et Placement du Quebec. “When a company puts people first – declared Federico Casini – they feel more satisfied and empowered. A good thing not only for them, but also for the customers we take care of because we work with a long-term goal: to build a company we can be proud of."
From the beginning of October all Howden Group activities worldwide they have a single name and a single brand globally. This also affected the Italian companies: Assimovie, Assiteca, Assiteca Consulting and Nord Est Insurance Brokers which are now respectively called Howden Assimovie, Howden Assiteca, Howden Assiteca Consulting and Howden Treviso. TO Globally the Howden group achieved revenues of 2022 billion euros in 2 with an ebitda of 650 million and a margin of 30,7% and acquisitions clearly had an impact on this front too. In 2022, organic growth was 19% compared to 2021, while total growth was 66%.
Insurance innovation with Howden Ventures
Directly present with 500 offices in 50 countries, the Howden Group has positioned itself among the European leaders and has achieved an international dimension also thanks to innovation. The group has just launched the first insurance innovation hub to the world to accelerate the development of new solutions insurtech. With Howden Ventures Up to £500 million could be raised, with major Lloyd's underwriters ready to invest. Howden Ventures has already allocated £10 million to support 5 startups over the next two years. The goal is to bring together talents, ideas, skills, technologies and investments to address new emerging risks, from climate and demographic changes to geopolitics.
