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Howden acquires Théorème

Paris (France), September 28th, 2022,

FDC has advised Howden Group to acquire Théorème, a family-owned corporate insurance broker headquartered in Paris. This operation represents the second acquisition in France for Howden Group after CRF Conseils in July 2022.

Founded in 1994, Howden Group is a leading international insurance distribution group with core activities of retail, specialty and reinsurance broking. With more than 12,000 employees, the company is headquartered in the United Kingdom and operates in 90 countries and 45 companies held in Europe, Asia, Africa, Latin America, Pacific and Middle East.

Howden Group established in France in February 2022 following the appointment of Nicolas Aubert, ex-director of AIG France and ex-director of Willis Tower Watson UK, as CEO of Howden France. The group aims to become one of the leaders of the French brokerage market and a European alternative to the large North American companies on all the B2B insurance products.

Founded in 1991 and led by Xavier de Font-Réaulx, the business has grown to become a significant broker in France, with a market-leading Motor Fleet platform and specialisms within Property & Casualty and Employee Benefits.

Théorème is uniquely placed in the market to service large, medium and small corporate clients across the full insurance value chain, with a multi-specialist approach and deep specialism and expertise. The firm has grown significantly in recent years and currently serves 1,500 clients across its offices in Paris, Annecy and Nantes.

This acquisition follows Howden’s recent agreement to acquire C.R.F. Conseils and underlines Howden’s continued investment in expertise for the benefit of its French clients.

Nicolas Aubert, CEO, Howden France commented: “Théorème offers knowledge and technical skills that will allow us to both expand and enhance our client proposition in France. The firm’s multi-specialist positioning is highly complementary to Howden’s capabilities and Théorème’s Motor Fleet platform is unmatched. Building on our acquisition of CRF Conseils, our purchase of Théorème reasserts our ambition to build a platform based on advanced experience and expertise, which will welcome the best talent in the French insurance market.”

Xavier de Font-Réaulx, President, Théorème said: “We are proud of the entrepreneurial and autonomous culture that we have developed and nurtured at Théorème over the past 30 years. When it came to thinking about the future of our family business, after many steps, we enthusiastically chose to join Howden. Joining the Howden “family” is ideal for us. We have common principles centred on expertise, collective culture, a vision for employees and a customer-centric approach.”

Etienne de Font-Réaulx, Motor Fleet Director, Théorème said: “By choosing Howden, our ambition is to continue as a leader in the Motor Fleet insurance market with new digital tools and a dedicated and highly specialised team that will provide our customers with a service that adds high value every day.”

Martin de Font-Réaulx, P&C Director, Théorème added: “Howden will strengthen our existing specialities and allow us to open up new ones by bringing in new technical skills. This is great news for our customers and also for our teams who will have opportunities in this growing market.”

Luigi Sturani, CEO, Howden Europe said: “Our ambition to position ourselves as one of the leading brokers in Europe is no secret. Partnering with strong strategic and culturally aligned businesses, attracting the industry’s top talent – Théorème’s Xavier de Font-Réaulx and his team and unlocking organic growth is enabling Howden to rapidly grow across the Continent and establish itself as the European-focused alternative in the broking market. The acquisition of Théorème brings us a step closer in fulfilling our ambition to position ourselves among the leading brokers in France and we’re looking forward to welcoming Théorème’s employees and clients to Howden.”

The FDC team is delighted to have supported Howden Group in this operation, an important milestone in the conquest of the French market.


Howden Group side:

  • Company: Howden Group (Nicolas Aubert, Adrien Laplane) ; Howden Group Corporate Finance and Legal (Dimitri de Lamazière, William O’Grady, Chris Keville)
  • Financial advisor: Financière de Courcelles (Bertrand de Saint Remy, Michael Petit, Charles Delbarre, Hamza Lahna)
  • Legal advisor: Gide Loyrette Nouel (Hugues Scalbert, Pierre-Guillaume Sagnol)
  • Financial due diligence: PwC (Hervé Demoy, François Bourrelier)
  • Tax due diligence: PwC (François-Marc Venier, Lidija Volpe)
  • IT due diligence: PwC (Philippe Weber)

Théorème side:

  • Company: Théorème (Xavier de Font-Réaulx, Etienne de Font-Réaulx, Martin de Font-Réaulx)
  • Financial advisor: Cambon Partners (Guillaume Eymar, Vincent Ruffat, Thomas de Villeplée)
  • Legal advisor: VOLT Associés (Lucas d’Orgeval)
  • Financial due diligence: Deloitte (Vincent Rapiau)
  • Legal and tax due diligence: KPMG (Franck Bernauer, Vincent Berger)

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