Fast-growing employee benefits consultancy Howden is buying Punter Southall Health and Protection as well as its associated Red Arc Assured and Risk Policy Administration businesses for an undisclosed fee.
The transaction, which remains subject to regulatory approval, adds significant scale to Howden’s existing UK business and further enhances its international employee benefits offering, which aims to provide innovative solutions and advice to employers.
Paul Johnston will join the Howden UK executive committee as chief information officer, Howden UK, reporting to Chris Evans, CEO, Howden UK. PSHP managing director John Dean also remains with the organisation.
PSHP will move to the Howden brand in the months following completion of the deal, while the RedArc and Psyon brands will remain.
Howden is part of Hyperion Insurance Group, which recently launched its fourth business – Hyperion X – which will develop the group’s efforts on data, digital delivery, and insurtech investments and incubation. PSHPH provides digital and data analytics services to clients and insurers under the Psyon brand.
Howden appointed Glenn Thomas as managing director and global practice Leader in employee benefits earlier this year. In 2017, Howden acquired Sterling Knight, a leading employee benefit specialist broker headquartered in Singapore, followed by the acquisition of the employee benefits broker ACP in Turkey. Steve Herbert joined the firm from Mercer last year.
PSHP acquired Enrich Reward Limited, the employee benefits consultancy in 2013, and The Private Health Partnership (PHP), the health group with a 25-year successful history, incorporating RedArc and Medical Care Direct, in July 2014. The company has over 160 employees split over three UK sites in Redhill, Surrey, central London and Baildon, Yorkshire.
Howden has insurance broking offices in Europe, Asia, Iberoamerica, the Middle East and Africa. It has the greatest reach with its own offices of any independent broker and a total reach to over 90 territories with its partner network Howden One.
Hyperion CEO David Howden says: “Howden and Punter Southall Health and Protection’s specialities are highly complementary with entrepreneurial cultures. We both believe in the importance of putting our employees first, which enables us to best serve our clients, and in the importance of technology and data, which underpins our strategies.”
Johnston says: “Joining the Howden family marks an exciting chapter for us and provides greater opportunities for our staff. It also represents a significant step in our desire to develop market-leading digital solutions for our clients. Working with Hyperion X, we will be able to build technology to transform the world of employee benefits for the better.’’
Thomas says: “I have known Paul and the Punter Southall team for many years and hold them in very high regard. I’m very much looking forward to welcoming them into Howden and delighted that they will play pivotal roles in the next exciting stage of Howden’s Employee Benefits growth in the UK and internationally.
“This deal is not predicated on cost savings, but is about growing the business. We have ambitious plans to grow Howden at home and abroad.”