Under the deal, Matrix will operate as Howden Matrix later this year
UK-based independent specialty broker Howden Broking Group has acquired Greek Matrix Insurance & Reinsurance Brokers for an undisclosed amount.
Matrix, which was founded in 2003 and became a broker at Lloyd’s in 2012, offers reinsurance and specialist insurance broking services.
The company has a large presence in Greece and Cyprus and has subsidiaries in Turkey and South Africa.
The deal follows a strategic partnership between Howden and Matrix, under which Howden supported the latter’s acquisition of Piraeus Insurance and Reinsurance Brokers.
Piraeus Insurance and Reinsurance Brokers is the broking arm of Piraeus Bank, Greece’s largest bank.
Howden CEO José González said: “This is a great opportunity for both businesses and above all, for our clients. Joining with Matrix, the leading independent broker in Greece and Cyprus, aligns with our strategy and pledge to provide clients with market-leading expertise, wherever needed.”
Matrix will be rebranded as Howden Matrix later this year
Under the deal, Matrix will operate as Howden Matrix later this year and become part of Howden’s Mediterranean region that has CEO Danny Sever at the helm.
Server, along with Howden Broking Group commercial director Isabelle Cadignan and RKH Specialty Marine head Daniel Whiteside will join the Matrix board.
Furthermore, Dimitris Tsesmetzoglou will retain its position as the CEO of the business.
Tsesmetzoglou said: “Completing this merger in the current conditions is testament to the shared priorities, values and commitment of our two businesses and an environment of stability and economic growth, which a new government has established in Greece.
“We are excited to join forces to enhance our offering to existing clients, and together present a more compelling proposition going forward.”
In February 2019, Howden, a subsidiary of UK insurer Hyperion Insurance Group, had acquired an undisclosed stake in Malene Insurance Brokers, a Malaysian insurance and takaful broking company.