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Howden celebrates 10 years in the UAE; Big expansion after huge success

Source: Middle East Insurance Review | Apr 2018

Howden, the world’s largest international independent retail broker, continues its major expansion in the Middle East after consolidating its position in a highly competitive market, with its unique offerings and services.

   Howden is part of the UK-headquartered Hyperion, a global insurance group comprising broking divisions Howden and RKH Specialty and underwriting division DUAL. RKH Specialty is the largest independent specialty broker in the London market and DUAL is the world’s largest international MGA. Howden and its broker network, Howden One are able to offer specialist solutions to clients in over 80 territories globally. In the Turkey, the Middle East and Africa (TMEA) region, Howden has 12 offices in 12 territories with over 250 professionals. 

   Howden celebrated its 10th anniversary in the UAE at a glittering event at The Poolside, Atlantis, The Palm, in Dubai on 14 March 2018, attended by the elite of insurance industry in the UAE and hosted by the dynamic Mr David Howden, CEO, Hyperion Insurance Group and Howden.

   Mr Howden said: “We are committed to this region and are actively looking to expand here through investment and acquisitions, both in new territories as well as in areas where we already have a presence. The Group is growing strongly organically, and we are open to selective acquisitions. Our focus is on attracting the best talent, while aligning ourselves with like-minded and independent businesses.” 

   In 2008, the Group’s revenue was GBP50 million and today it has over GBP500 million and its five-year compound annual growth rate (CAGR) is 37% in respect of revenue. “It’s really the people who have been our real business builders, and not just doing insurance. They really have an ambition to build this business and they understand how to do it. The strength of our Group is in attracting quality people who drive our business locally,” he added. 

   Last year, Mr Atinc Yilmaz joined Howden as Regional CEO for TMEA, further cementing the Group’s ambitions in the region. Since joining he has focused on building on regional capabilities to provide special risk and retail insurance solutions for clients in the UAE and TMEA region.

   Talking about the successful journey of Howden in the UAE, Mr Arvind Kashyapa, Chairman & CEO, UAE, Howden, said: “When we started with just four people in 2008, in the first year, we wrote AED20 million of premium income. Last year, we saw over AED600 million of premium income with an employee strength of 73 people in two offices. We have a CAGR of over 35%. We believe ourselves to be the seventh-largest broker in the UAE now (although such figures are not officially available), which we achieved by organic growth. This is proof of our exceptional performance in the region compared to some of our competitors who have had a presence here much longer than us.

   “We have done a number of unique covers, including a political risk cover in Algeria, some large complex property programmes and certain EB schemes that we have provided to  five or six insurance companies in the market. We have retained many large clients for eight or even nine years in this 10-year period. 

   “The two basic pillars of our success has been the support from Howden’s UK office and the commitment of our employees. This is reflected in our consistently good performance,” Mr Kashyapa added. M 
 
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