Howden Group has reported a robust 23% year-on-year increase in adjusted revenue for the year ending 30 September 2024 (FY 2024), reaching $3.76 billion (£3.01 billion), up from $3.05 billion (£2.44 billion) in the previous year. Organic revenue growth also saw a solid 15% rise, surpassing the 13% growth recorded in 2023.
The company posted growth across its divisions, with its insurance broking segment leading the charge with a 14% organic revenue increase. The reinsurance division saw a significant 30% growth, while its Managing General Agent (DUAL) arm grew by 6%.
A key factor contributing to the strong performance was new talent, which played a significant role in driving organic revenue growth. New hires accounted for 30% of this growth, particularly in areas such as Treaty Reinsurance, Howden Re Programs, Sport & Entertainment, Aviation, and Construction.
David Howden, Founder and CEO of the company, expressed pride in surpassing $3.75 billion (£3 billion) in revenue and achieving double-digit organic growth for the fourth consecutive year. He credited the company’s success to its focus on talent retention and strategic investments, with Howden Group’s enterprise value now nearing $25 billion (£20 billion).
Looking at individual divisions, the insurance segment achieved 14% organic growth and expanded into new markets including Denmark, Luxembourg, Peru, and Japan. The reinsurance division’s impressive 30% growth was driven by strong performance in Treaty business and Howden Re Programs, along with expansions into Japan, Hamburg, and Zurich, where the company acquired Swiss reinsurance broker Haakon.
Meanwhile, DUAL posted a 6% organic growth, with notable expansions in Europe, Asia-Pacific, and North America. DUAL also acquired a professional indemnity portfolio valued at A$50 million ($31.36 million) from Allianz and took over Swiss Re’s Genoa-based Marine team, along with its €150 million ($155.93 million) portfolio.
Looking ahead, Howden Group remains focused on continuing its trajectory of organic growth, strategic acquisitions, and operational improvements to drive further expansion.
(Exchange rates: $1.00 = £0.80 = A$1.59 = €0.96)
Related topics
