Insurance giant Howden expands Scottish presence with Glasgow takeover

Howden Scotland, the insurance broker business formerly known as Bruce Stevenson, has acquired Glasgow-based peer Neilson Laurence & Neil for an undisclosed sum.

Glasgow, above, is home to the business insurance specialist Neilson Laurence & Neil, which has been acquired by Howden Scotland.

Bosses at Howden, which operates in around 50 countries and employs some 15,000 people globally, said the deal would strengthen the group’s presence in Scotland and expand opportunities for clients in the country by “adding expertise and capabilities”. Through the acquisition, Neilson Laurence & Neil will fully integrate into the Howden Glasgow team and broaden its portfolio of insurance and risk management services available to clients.

Howden, which globally handles almost £30 billion of premiums on behalf of its clients, said both companies shared a “deep entrepreneurial culture and people-first values”. Founded in 1994, the group operates in about 50 countries across Europe, Africa, Asia, the Middle East, Latin America, the US, Australia and New Zealand. Edinburgh-based Bruce Stevenson - now branded Howden Scotland - was founded in 1981 by David Bruce.

Douglas Linn, senior partner, Neilson Laurence & Neil, said: “This decision marks the culmination of careful consideration, and it’s clear that the timing is perfect. Joining forces with Howden Scotland, with their unwavering commitment to client satisfaction and deep industry expertise, will only serve to enhance our capabilities and reach.”

Kenny Hogg, chief executive of Howden Scotland, added: “As Howden Scotland expands, it is essential that we continue to build on market expertise, and Neilson Laurence & Neil is therefore an ideal partner for us in this regard. I look forward to welcoming Douglas and his team to our Glasgow office, and collectively delivering the best possible solutions to our clients.”

Earlier this year, the Bruce Stevenson business unveiled a change at the top after seeing revenues and profits rise by about a third. Hogg replaced Edward Bruce as chief executive with Bruce moving to the role of executive chairman. Financial results revealed that Bruce Stevenson increased turnover by 30 per cent to £11.7 million in the year to February 28, 2023, while posting a profit increase of 33 per cent to £3.9m and gross written premium (GWP) up 18 per cent at £63.2m.

Growth during the year was supported by a number of specialist areas, including renewable energy, private clients, food and drink, and hospitality and tourism.