ActiveQuote, based in Cardiff, has been acquired by Howden, marking a significant development in the UK health insurance market. The acquisition is expected to enhance Howden’s capabilities in serving diverse clients, from individual consumers to multinational corporations.
Despite the undisclosed value, this acquisition underscores the strategic ambitions of Howden to expand its footprint in the health insurance sector, leveraging ActiveQuote’s established market position and expertise.
Strategic Acquisition Enhances Howden’s Market Position
The acquisition of ActiveQuote by Howden signifies a strategic enhancement of Howden’s position in the health insurance brokerage market within the UK. Howden aims to benefit from ActiveQuote’s established reputation and operational capabilities, strengthening its offerings to a diverse range of clients, including individual consumers and large corporations. This strategic move aligns with Howden’s growth ambitions and commitment to providing comprehensive health insurance solutions.
Background of ActiveQuote and its Impact
Founded in 2009 by fintech entrepreneur Richard Theo, ActiveQuote has grown to become a prominent player in the insurance comparison sector. The company has fostered a culture of professionalism alongside a dynamic work environment, contributing to its success over the years.
ActiveQuote employs 132 staff at its Cardiff Bay headquarters and manages premiums totalling approximately £60 million. This operational scale presents a valuable opportunity for Howden to expand its reach and capabilities.
Howden’s Strategic Vision
Mike Dalby, Managing Director for UK consumer life and health at Howden, stated, “This acquisition comes at a crucial time. Over the past 12 months, we have observed a 46% increase in interest for private medical insurance, driven by individuals seeking faster access to healthcare.”
By integrating ActiveQuote, Howden is poised to meet this rising demand effectively.
The strategic incorporation of ActiveQuote enables Howden to offer enhanced insurance solutions that align with evolving consumer needs. Howden’s objective is to utilise ActiveQuote’s expertise to deliver superior service and expand its client portfolio.
ActiveQuote’s Transition and Future Outlook
Rob Saunders, Chief Executive of ActiveQuote, expressed optimism about the acquisition, highlighting it as a pivotal step in the company’s growth journey. “Joining Howden offers us the opportunity to develop further and provide better solutions for our clients,” he noted.
This partnership is seen as mutually beneficial, bringing together the strengths and expertise of both entities to enhance market offerings and client satisfaction.
The transition signifies a new era for ActiveQuote, promising growth and innovation through collaboration with Howden.
Richard Theo’s Perspective and Future Ventures
Richard Theo, the founder of ActiveQuote, expressed pride in the company’s evolution and its culture. He affirmed his confidence in Howden as a partner capable of continuing ActiveQuote’s legacy.
Mr. Theo’s focus now shifts to his sustainable banking start-up, Zero, alongside his interest in other entrepreneurial ventures. His past achievements include founding the digital investment platform Wealthify, which was later acquired by Aviva.
Theo’s entrepreneurial insights have significantly influenced ActiveQuote’s successful trajectory.
Howden’s Leadership and Market Growth Ambitions
Glenn Thomas, Chief Executive and Global Practice Leader of Howden employee benefits, welcomed the acquisition, acknowledging the expertise and strong reputation of ActiveQuote.
He emphasised Howden’s ambition to grow the UK consumer health insurance market under Mike Dalby’s leadership, viewing this acquisition as a significant step towards achieving that goal.
The collaboration with ActiveQuote is expected to catalyse Howden’s growth strategy, positioning it as a leading provider in the health insurance sector.
Conclusion of the Acquisition
The acquisition marks a significant milestone in the UK health insurance market, reflecting Howden’s strategic intent to enhance its service offerings and client reach. By integrating ActiveQuote, Howden is well-positioned to deliver improved insurance solutions, meeting the demands of a dynamically evolving market.
The acquisition of ActiveQuote by Howden stands as a strategic move that promises to reshape the health insurance brokerage landscape in the UK. With enhanced capabilities and a broader client reach, Howden is prepared to address the increasing demand for comprehensive health insurance solutions, securing its position as a market leader.
