London-based Howden announced Thursday it will acquire Gravitas Insurance Agency, a Los Angeles-based retail brokerage specializing in contingency cover for music, sport and live events.
Terms of the transaction were not disclosed.
The deal follows Howden’s recent launch of a U.S. retail brokerage operation led by former Marsh executive Mike Parrish and comes as it looks to build a sport, media, entertainment and equine business in the U.S.
Gravitas was established in 2022 by industry veteran John Tomlinson and provides tailored programs for performing artists, touring acts, live event organizers, talent agencies and record labels. Before that Mr. Tomlinson led the North America entertainment platform at Lockton.
The deal will expand Howden’s global sports and entertainment business. Howden last year acquired Hencilla Canworth, a U.K.-based performing arts broker, and Boni Aldaya, a leading entertainment broker in Spain. In 2023 it acquired Franz Gossler, a Germany-based film and entertainment insurance broker.
“As Howden recently made clear by establishing a U.S. leadership team for its expansion in this dynamic market, we are committed to creating opportunities for the most talented and leading players in the sector,” Jim Hays, Howden vice chair, said in a statement.
Howden, founded by CEO David Howden in 1994, is the world’s 10th-largest insurance brokerage. Its managing general agency, Dual, has operated in the U.S. for about a decade and in 2022, Howden bought U.S. reinsurance brokerage TigerRisk Partners.
About a quarter of Howden’s $3.85 billion in revenue is generated from U.S. business.
‘ The preceding article may include information circulated by third parties ’
‘ Some details of this article were extracted from the following source www.businessinsurance.com ’
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