SPF Private Clients will join Howden’s UK and Ireland business, subject to regulatory approval, and Mark Harris (pictured) will stay on as chief executive.
Howden said that the acquisition would enhance its position of as a leading insurance distributor, extend its offering to the mortgage broking market and build on its general insurance and wealth management proposition.
SPF Private Clients was launched in 2011 following a management buyout and rebrand of Savills Private Finance, which was the financial arm of Savills.
Cabot Square Capital acquired a majority stake in the business in 2018, which at the time Harris said would give it the ability to acquire and grow the business.
The business offers residential and commercial mortgage broking, commercial real estate insurance, high net worth personal lines insurance, property title insurance, life assurance and associated wealth management consulting.
It has offices in Cambridge, London, Guernsey, Manchester, Bath and Oxford.
Harris said: “SPF and Howden are highly complementary businesses that focus on providing the best solutions to our clients while always putting our people first.
“SPF 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.”
Carl Shuker, chief executive Howden UK and Ireland said that SPF was a “stand-out business” in the sector and a “strong addition” to Howden’s UK and Ireland business.
He added: “Both businesses share cultures that are founded on entrepreneurialism and empowerment, and both are passionate about delivering the very best outcomes for our clients.”
Shuker said that this acquisition, along with the purchase of insurance brokers A-Plan and Aston Lark, that Howden UK and Ireland would 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”.
Chris Evans, deputy chief executive of Howden Broking Group, said that the two firms had a “long-established trading relationship” so the acquisition was a “natural next step” in its partnership.
“Its unique qualities will greatly enhance our offering in the region by diversification into complementary product distribution that will further position us as a leader in our home market,” he said.
Tarun Sharma, partner at Cabot Square Capital, said that had been a “privilege” to partner with Mark Harris and its team.
He continued: “Since we backed SPF in 2018, the business has strengthened its position as the leading UK property, insurance, and wealth intermediary for affluent and high net worth individuals, maintaining its differentiated relationship-led approach whilst underpinned by significant technology investment.
“We are delighted with the outcome and are confident SPF will continue to thrive as part of Howden.”
