1,000 employees invest in global brokerage
1,000 employees invest in global brokerage | Insurance Business Australia
Insurance News
1,000 employees invest in global brokerage
Global broker sees 1,000 employees invest through share offer scheme
Insurance News
By
Ryan Smith
Howden has announced that 1,000 of its employees have invested in the company for the first time through its 2023 Internal Share Offer Scheme (ISO).
This brings Howden’s total number of employee shareholders to approximately 4,500, in 35 out of the 50 countries in which the company operates. Employee shareholders represent Howden’s largest shareholder group, the company said.
Howden is the fifth-largest employee-owned business in the UK.
Howden also announced that General Atlantic is marking 10 years as an investor, while Caisse de dépôt et placement du Québec (CDPQ) has been an investor for five. Following the addition of HgCapital to Howden’s panel of equity partners in 2021 as part of its acquisition of A-Plan Group, all three external investors committed to continue investing in Howden for a further seven years.
Each owns 22% of Howden, and all three invested further funds as part of the company’s recently announced £1 billion (about $1.23 billion) in additional capital for fresh investment.
This year’s ISO scheme also saw Howden’s charitable foundation receive £1.8 million from the sale of shares, which it will use to further charitable work including protecting people from the social and economic impacts of climate change.
“Employees from across two thirds of our current country locations participated in the ISO this year, with 43% of investors being from outside the UK,” said Will Bloomer, chief corporate and legal affairs officer at Howden. “We had investors from Ireland to Indonesia and Sweden to Singapore, demonstrating the broad and international appeal of our ownership scheme. It is hugely important to us that the ISO is accessible to as many of our employees who wish to participate, where permitted. I’m most proud of the fact that 1,000 employees have joined as brand-new shareholders this year, helping to build on the success of our business.”
“The share scheme embodies our founding principles of friendship, trust and independence and the freedom to build a business that is owned and driven by the people that work in it,” said David Howden, CEO of Howden Group. “Our unique capital model and employee ownership is a key differentiator for us in attracting the best, entrepreneurial talent in the market and partnering with culturally aligned firms to drive sustainable growth. Since the company was founded in 1994, we have invested our profits back into the business, rather than paying dividends, and will continue to do so to build the business for the next 29 years.”
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