Howden, the international insurance broker, has acquired Bermuda-based Foram Brokerage Ltd, the independent re/insurance broker.

Howden said that the acquisition affirms its commitment to the Bermudian market and provides clients with access to an expert team made up entirely of Bermudians.

The global broker said that Foram provides speciality brokerage services in casualty, energy, professional, construction, product recall, property and healthcare lines predominantly to Fortune 1000 US clients requiring access to the Bermudian market.

It added that Foram complements Howden’s existing expertise, distribution and product range, and offers clients a team of industry veterans with deep experience in the Bermudian market.

Paul Redgate, deputy chairman of Howden Specialty, said: “Foram joining us reaffirms our strategy of giving clients access to all key markets via our global insurance market hubs.

“By providing clients with a significant on-the-ground presence in Bermuda, this acquisition also underscores Howden’s commitment to the Bermudian market by investing in on-island expertise to enhance our client offering and to build a leading position in the world’s leading re/insurance markets.”

The acquisition of Foram, the company said, reflects Howden’s ongoing strategy to deliver smartly optimised re/insurance programmes that are tailored to clients’ commercial priorities supported by strong hub offices in the world’s top insurance and reinsurance markets.

Foram’s strong relationships with key markets in Bermuda will translate into solutions that are expertly adapted to clients’ commercial, cultural and operational needs, Howden said.

Robert Stubbs, president of Foram, said: "As part of Howden, our clients will benefit from the talent, product expertise and data and analytics capability of Howden’s global specialty offering, enabling our company to deliver ever more advanced risk solutions to our clients.

“In Howden, we have found a place which shares our values, allowing us to grow and to continue to focus on the client-centricity and innovation for which we are known in the Bermudian market.”

Howden Broking is headquartered in the United Kingdom and comprises owned businesses across Europe, the Asia Pacific, Africa, Latin America and the Middle East.

Established in 1994, Howden employs more than 6,500 people worldwide. It said that together with network partners aligned to its specialty-led proposition, it operates in more than 90 territories.