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- Howden Group Holdings
Howden Group Holdings Revenue, Valuation, Funding & Investors
Howden Group Holdings is valued at $5B as of September 2020, a 4.8x multiple on its last reported $1B revenue.
Last Howden Group Holdings valuation
$5B
Undisclosed stage · Sep 2020
Last Howden Group Holdings funding round
$500M
Undisclosed stage · Apr 2023
Howden Group Holdings revenue
$1B
Undisclosed stage · Sep 2020
Key investors in Howden Group Holdings
General Atlantic
La Caisse
Hg
About Howden Group Holdings
Howden Group Holdings is a London-headquartered international insurance broker and underwriting agency with operations in 50 countries. It employs 15,000 people serving corporate clients through specialized divisions in marine, energy, aviation, and construction risks. Acquired Hyperion Insurance Group in 2021, Howden manages premiums exceeding $30 billion annually via owned managing general agents.
Founded
1994
HQ
Website
Status
Privately held
Customer focus
B2B
Revenue model
Commission
Revenue
$1B (Sep 2020)
Valuation
$5B (Sep 2020)
Sectors
Howden Group Holdings Valuation
Howden Group Holdings is currently valued at $5B, based on its undisclosed-stage round in September 2020.
The $1.5B round was led by Hg.
Howden Group Holdings' valuation has grown 13x from $381M at its secondary sale in July 2013 to $5B in September 2020, across 2 priced rounds.
Howden Group Holdings valuation by funding round
Revenue multiple| Date | Stage | Valuation | Revenue Multiple |
|---|---|---|---|
| Sep 2020 | Undisclosed stage | $5B | 4.8x |
| Jul 2013 | Secondary | $381M | - |
Howden Group Holdings Revenue
Howden Group Holdings' latest recorded revenue is $1B, as of its undisclosed-stage round in September 2020. At a $5B valuation, that implies a 4.8x revenue multiple.
Howden Group Holdings revenue by funding round
| Date | Revenue * | Valuation | Revenue Multiple | Stage |
|---|---|---|---|---|
| Sep 2020 | $1B | $5B | 4.8x | Undisclosed stage |
* Revenue (or ARR) figures are the values recorded alongside each funding round. Typically run-rate revenue at the time of the deal, or a reported LTM (last 12 months) revenue.
Howden Group Holdings Funding History
Howden Group Holdings has raised a total of $2.4B across 3 funding rounds, plus 2 secondary share sales.
Howden Group Holdings' first fundraising round was a $400M undisclosed-stage round in December 2017. The most recent completed round was a $500M undisclosed-stage round in April 2023.
Howden Group Holdings funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Apr 2023 | Undisclosed stage | - | $500M | - | Howden Group Holdings is a global insurance group providing broking, reinsurance, and managing general agent services. The company is headquartered in London and operates in 50 countries with approximately 4,500 employee shareholders as of 2023. On March 24, 2023, Howden finalized a $500 million seven-year term loan with over 60 lenders and increased its revolving credit facility from £185 million to £360 million. The company secured more than £875 million ($1.1 billion) in total debt and equity to fund M&A investments, new initiatives, and talent acquisition. For the fiscal year ended September 30, 2023, Howden reported revenue of £2,443 million, representing a 33% increase from £1,841 million in FY2022, with organic growth of 13%. Adjusted consolidated EBITDA reached £780 million in FY2023, up 30% from £599 million in FY2022, with an EBITDA margin of 31.9%. The company completed 56 acquisitions in FY2023, including five transactions exceeding £25 million in enterprise value, such as TigerRisk in the US, March RS in Spain, Apex in New Zealand, Théorème in France, and Reich Insurance in the UK. Howden's strong financial trajectory reflected three-year revenue and EBITDA CAGRs of 46% and 47%, respectively, with 17% average organic growth over three years. |
| Sep 2020 | Undisclosed stage | Hg (lead) | $1.5B | $5B | Howden Group Holdings (formerly Hyperion Insurance Group) is an international insurance intermediary group founded in 1994, headquartered in London, comprising broking (Howden), underwriting (DUAL), and digital/data businesses. In September 2020, Hg made a significant equity investment valuing the business at an enterprise value of US$5 billion, providing up to $1.5 billion in total capital (equity plus debt) for growth via acquisitions, technology, and data investments. Hg joined existing investors General Atlantic and CDPQ, with management and over 1,000 employees as the largest shareholder group. For the financial year ended 30 September 2020, Howden reported revenue of £777 million (up 7% YoY), adjusted consolidated EBITDA of £223 million (up 6% YoY), 6% organic growth, and an EBITDA margin of 29%. Pro forma for the A-Plan acquisition and other post-year-end deals, the group approached £1 billion in revenue with over 8,500 employees across 40+ territories, handling $9 billion in gross written premium. |
| Dec 2017 | Undisclosed stage | La Caisse (lead) | $400M | - | Howden Group Holdings (then operating as Hyperion Insurance Group) is a London-based insurance broker focused on wholesale, retail broking, and related services, including the launch of its international retail network Howden One. In December 2017, CDPQ (La Caisse de dépôt et placement du Québec) invested more than US$400m in growth equity and to provide liquidity to existing shareholders, joining General Atlantic as a long-term partner, with management and employees remaining the largest shareholder group. This followed General Atlantic's 2013 investment, during which revenue grew nearly fivefold and EBITDA rose from £36m to over £150m. For the financial year ended 30 September 2017, the group reported preliminary unaudited revenue of £535m (up 20% from £444m in 2016) and EBITDA of £152m (up 24% from £123m), achieving an EBITDA margin of 28% and 8% organic revenue growth on a bank-reported basis. These figures reflect strong performance across divisions amid a competitive market, with the investment timed to fuel further expansion post-results. The round did not disclose a post-money valuation for Howden Group Holdings. Subsequent years showed continued growth, with 2018 revenue reaching £620m and adjusted EBITDA £181m. CDPQ holds 22.6% ownership alongside General Atlantic and HG Capital, with management and employees at 32.2% as of later reports. |
| Jul 2016 | Secondary | General Atlantic | - | - | General Atlantic exercised its call option over B.P. Marsh & Partners' residual shareholding in Hyperion Insurance Group in July 2016, and B.P. Marsh sold its final holding in the international insurance intermediary group for a cash consideration of GBP 7.3 million. The option had been granted as part of the July 2013 secondary transaction in which General Atlantic acquired just over 30 per cent of Hyperion by buying 3i Group's stake and 80 per cent of B.P. Marsh's shareholding, and it entitled General Atlantic to acquire the balance at GBP 5.20 per share at any time before the third anniversary of that completion or an earlier flotation. The exercise of the option ended B.P. Marsh's involvement in a business it had co-founded with David Howden in 1994 with an initial equity investment of GBP 25,000, followed by a further GBP 4.3 million of equity over the life of the holding. Across the full period from 1994 to the final exit in 2016 the investment generated an internal rate of return of 25.56 per cent for B.P. Marsh. Hyperion combines retail and specialty insurance broking through its Howden network with managing general agency underwriting through Dual, placing commercial, specialty and personal lines risks for clients and other brokers and earning commission and fee income rather than carrying underwriting risk. By the year ended 30 September 2015 the group employed more than 3,000 people and reported revenue of GBP 299 million, having grown from five employees at inception. The business was later renamed Howden Group Holdings. |
| Jul 2013 | Secondary | General Atlantic | - | $381M | B.P. Marsh & Partners sold 80 per cent of its shareholding in the international insurance intermediary group Hyperion Insurance Group to the growth equity firm General Atlantic for a cash consideration of GBP 29.2 million in July 2013. The sale formed part of a wider secondary transaction, first announced in March 2013 and completed in July, under which General Atlantic acquired a little over 30 per cent of Hyperion by buying up to the whole of 3i Group's shareholding together with the majority of B.P. Marsh's position. The transaction valued Hyperion at an equity value of approximately GBP 250 million, and management and employees continued to hold more than 60 per cent of the company after completion. B.P. Marsh's residual interest, which reduced its holding from 13.8 per cent to 2.76 per cent of Hyperion's shares, was left outstanding and made subject to a call option in favour of General Atlantic exercisable at GBP 5.20 per share and expiring on the third anniversary of completion or on a flotation of Hyperion, whichever came sooner. B.P. Marsh co-founded Hyperion with David Howden in 1994 with an initial equity investment of GBP 25,000 and subsequently invested a further GBP 4.3 million, having also introduced 3i as a fellow shareholder in 2008. Hyperion combines retail and specialty insurance broking through its Howden network with managing general agency underwriting through Dual, earning commission and fee income rather than carrying underwriting risk. By the year ended 30 September 2015 the group employed more than 3,000 people and reported revenue of GBP 299 million. The group was later renamed Howden Group Holdings. |
Who has invested in Howden Group Holdings?
3 investors have backed Howden Group Holdings across its funding rounds, including General Atlantic, La Caisse and Hg.
Lead investors include Hg and La Caisse.
Howden Group Holdings Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 2 | Participant | Jul 2013 | ||
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Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
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Start Free TrialAcquisitions by Howden Group Holdings
Howden Group Holdings has acquired 18 companies to date.
Last acquisition by Howden Group Holdings was on January 5th 2026. Howden Group Holdings acquired Atlantic Global Risk for undisclosed valuation.
Latest Acquisitions by Howden Group Holdings
| Description | Atlantic Global Risk is a Bermuda-based insurance brokerage specializing in mergers and acquisitions, tax structuring, and credit solutions for private equity firms. It facilitates deal financing through structured notes and derivatives, supporting transactions valued over $50 billion since 2006. Practice areas cover M&A indemnity wraps, tax-efficient spin-offs, and balance sheet optimization for portfolio companies in technology and healthcare sectors. | - | Gott & Wynne is a London-based insurance brokerage firm offering specialized risk assessment and claims management for commercial clients in the United Kingdom. It delivers bespoke coverage solutions for sectors including construction, manufacturing, and professional services. The company conducts thorough audits to identify exposures and negotiates policies with major insurers like Aviva and Allianz. Services extend to post-claim advocacy and compliance with Financial Conduct Authority regulations. Established in 1995, Gott & Wynne maintains offices in Manchester and Birmingham, supporting over 1,000 businesses with annual premiums exceeding £50 million. | Barnett Waddingham is a London-headquartered actuarial and consultancy firm specializing in pensions and employee benefits. The company administers defined benefit and defined contribution schemes, performs liability valuations, and advises on risk transfer transactions like buy-ins and buy-outs for UK employers. With over 1,000 staff across 20 offices, it supports trustees, sponsors, and insurers in long-term savings governance. | |
| HQ Country | |||||
| HQ City | New York City, NY | - | Llandudno | London | |
| Deal Date | 5 Jan 2026 | 11 Nov 2025 | 3 Oct 2025 | 25 Mar 2025 | |
| Valuation | undisclosed | undisclosed | undisclosed | undisclosed | |
| EV/Revenue | |||||
| EV/EBITDA | |||||
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Investments by Howden Group Holdings
Howden Group Holdings has invested in 2 companies to date.
Latest investment by Howden Group Holdings was on October 16th 2023. Howden Group Holdings invested in Ceto in their $2M Seed round.
Latest Investments by Howden Group Holdings
| Description | Ceto is a London-based provider of AI-driven predictive analytics for the marine sector. The company integrates high-frequency sensor data with machine learning to forecast equipment failures, optimize fuel efficiency, and lower carbon emissions on vessels. Ceto launched the first connected marine insurance product, partnering with shipowners and insurers for real-time risk assessment and claims processing. | Azur Group is a Managing General Agent that underwrites and distributes insurance via digital platforms. London-headquartered, it specializes in personal and commercial lines, partnering with carriers like MS Amlin and brokers worldwide. Azur's technology enables real-time quoting and policy issuance for motor, property, and liability coverage. The group operates in over 50 countries, processing thousands of policies monthly. |
| HQ Country | ||
| HQ City | Newcastle | London |
| Deal Date | 16 Oct 2023 | 23 Oct 2018 |
| Round | Seed | Series B |
| Raised | $2M | $17M |
| Investors | Founders Factory; Chaucer; Business Investors Group | Ascot Group; Richard Little; American International Group Life; Eden Rock Group |
| Valuation | undisclosed | undisclosed |
| EV/Revenue | ||
| EV/EBITDA | ||
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Howden Group Holdings Competitors
Howden Group Holdings competitors include listed companies like Ryan Specialty, Steadfast Group, Baldwin Insurance and CorVel, and private ones like The Automobile Association and The Ardonagh Group.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Publicly listed | $3.1B | $803M | $4.9B | 2.8x | ||
| Private | $739M | $456M | $5.3B | 7.2x | ||
| Publicly listed | $1.1B | $359M | $4.5B | 3.2x | ||
| Publicly listed | $1.5B | $197M | $4.5B | 4.0x | ||
| Publicly listed | $959M | $175M | $3.6B | - | ||
| Private | $1.5B | $530M | $7.5B | 5.0x |
Howden Group Holdings Public Comps
Howden Group Holdings is still privately-owned, but its public comps include Ryan Specialty, Steadfast Group, Baldwin Insurance, CorVel, Rasan, AUB Group, Grupo Profuturo, Goosehead Insurance, Primerica and CAIXA Seguridade.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $3.1B | $803M | 3.0x | 2.8x | 11.3x | 9.0x | |||
| $1.1B | $359M | 4.4x | 3.2x | 13.4x | 9.8x | |||
| $1.5B | $197M | 5.1x | 4.0x | 38.3x | 17.4x | |||
| $959M | $175M | 3.5x | - | 19.1x | - | |||
| $174M | $73M | 16.1x | 11.0x | 38.6x | 25.9x | |||
| $776M | $239M | 3.6x | 2.4x | 11.6x | 6.9x | |||
| $2.1B | $387M | 0.9x | - | 5.2x | - | |||
| $365M | $86M | 4.2x | 3.8x | 17.9x | 12.4x | |||
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Common questions about Howden Group Holdings
| When was Howden Group Holdings founded? | Howden Group Holdings was founded in 1994. |
| Where is Howden Group Holdings headquartered? | Howden Group Holdings is headquartered in London, United Kingdom. |
| Is Howden Group Holdings publicly listed? | No, Howden Group Holdings is a private, VC-backed company. |
| What is Howden Group Holdings' valuation? | Howden Group Holdings was last valued at $5B in its undisclosed-stage round in September 2020. |
| How much funding has Howden Group Holdings raised? | Howden Group Holdings has raised $2.4B across 3 funding rounds. |
| What was Howden Group Holdings' last funding round? | Howden Group Holdings' last funding round was a $500M undisclosed-stage round in April 2023. |
| Who are Howden Group Holdings' investors? | Howden Group Holdings' investors include General Atlantic, Hg and La Caisse. |
| What is Howden Group Holdings' revenue? | Howden Group Holdings' latest recorded revenue is $1B (September 2020). |
| What is Howden Group Holdings' revenue multiple? | Howden Group Holdings' latest valuation implies a 4.8x revenue multiple ($5B valuation on $1B of revenue). |
| Which companies are comparable to Howden Group Holdings? | Companies comparable to Howden Group Holdings include Ryan Specialty, The Automobile Association, Steadfast Group, Baldwin Insurance, CorVel and The Ardonagh Group. |
| How many companies has Howden Group Holdings acquired? | Howden Group Holdings has acquired 18 companies, including Atlantic Global Risk, Evelyn Partners Financial Services, Gott & Wynne, Barnett Waddingham and Storfield Insurance Consultants. |
| What was the largest acquisition by Howden Group Holdings? | The $508M acquisition of R K Harrison Holdings in April 2015 is the largest acquisition Howden Group Holdings has made to date. |
| How many companies has Howden Group Holdings invested in? | Howden Group Holdings has invested in 2 companies, including Ceto and Azur Group. |
| What was Howden Group Holdings' last investment? | In October 2023, Howden Group Holdings invested in Ceto's $2M seed round alongside Founders Factory, Chaucer and Business Investors Group. |
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