Howden acquires the Cypriot brokerage firm Niche

Howden Cyprus has acquired Niche Insurance Brokers Ltd and Niche Insurance Agents Ltd, broadening its scope of operations and bringing changes to the local brokerage market.

By acquiring the two companies, Howden Cyprus, with its strong market share and a presence in the reinsurance mediation of the financial and insurance sector since 2003, is now making a dynamic entry into direct insurance mediation.

Commenting on the acquisition deal, the founder and CEO of Niche Insurance Brokers, Kyriakos Kaloyirou, said: “By incorporating the Niche companies in a group with the size and potential of Howden, is a special challenge for me and my associates, and the beginning of even greater productive and qualitative successes. Since 2015, when Niche Brokers Ltd first became active, our goal has been to create a balanced risks portfolio – with emphasis on Financial Lines, Property as well as Professional and Employer Liability.”

He added, “These choices led, not only to the swift and healthy growth of our operations, but also to the creation of a significant business insurance portfolio, which is completely aligned with Howden’s targets”.

Kaloyirou said he believed the agreement will lead to a drastic increase of operations, but also a more comprehensive service for insured parties in Cyprus, “who have embraced us with their trust for years”.

Dimitris Tsesmetzoglou, CEO Howden Greece & Cyprus, said: “I am particularly happy for the completion of this agreement, which is the first of its kind in the Cypriot market and marks the start of the implementation of a major investment plan, which will attract professionals with the characteristics, ethos and principles that are inscribed in our DNA.”

He said the aim was to implement the plan, prioritising the local market and society. “Besides, this is the orientation and guidelines of the Howden group, which we are an integral part of,” said Tsesmetzoglou. “We believe in growing our operations in cooperation with Cyprus’ insurance firms, always in combination with the expertise and scope provided by an international, independent organisation like Howden, and always having in the foreground the universal and vertically integrated service of our customers."