UK-based insurance services provider Howden Broking Group has acquired Tel Aviv-based insurance broker Bar-Ziv Ravid Insurance Group for an undisclosed amount to expand its operations in Israel.
Founded in 1976, Bar-Ziv Ravid Insurance Agency provides specialist insurance services and products. It consists of a leading Professional Indemnity portfolio of architects and engineers, its Construction portfolio, its Property and Casualty business, and its consultancy arm.
With this acquisition, Howden has become one of the top three general insurance brokers by revenue in Israel.
Howden Broking Group CEO Tim Coles said that the acquisition will help the company to deliver even more services to clients.
"Moshe Bar-Ziv and Zachi Ravid have built a business which is incredibly well respected in the Israeli insurance sector and has a track-record of quality service stretching back over 30 years," Coles added.
As part of the acquisition, Zachi Ravid, CEO of Bar-Ziv Ravid, Moshe Bar-Ziv and their team will join the Howden family.
Ravid said that joining with Howden presents a series of benefits for our clients and employees which make it an excellent opportunity.
"Our combined size makes us a leading broker in Israel, and Howden’s global network and resources will help us deliver an enhanced offering to our current clients as we grow our presence further in the sector," Ravid added.
Howden Broking Group is part of Hyperion Insurance Group.