Howden Group Holdings, the global insurance intermediary group with an office in Bermuda, has reported a 33 per cent increase in revenue in fiscal year 2023 to £2.44 billion (approximately $3.68 billion).

That compares with £1.84 billion (approximately $2.31 billion) in fiscal year 2022.

The company reported a 30 per cent increase in adjusted consolidated earnings before interest, tax, depreciation and amortisation to £780m (approximately $980 million) with EBITDA margin of 31.9 per cent, driven by a combination of organic growth of 13 per cent (FY22: 19 per cent) and selective acquisitions.

Howden said it had completed 56 acquisitions during the year ended September 30, 2023, building out its leading position in key markets: TigerRisk in the US; March RS in Spain; Apex in New Zealand; Théorème in France; and Reich Insurance in Britain.

The company said it welcomed 1,000 new employee shareholders in 2023, taking the total number to 4,500 from 35 out of the 50 countries in the group.

Howden employees have a total stake of 32 per cent in the business, making the company one of the largest employee-owned businesses in Britain.

David Howden, the chief executive of Howden, said: “We celebrate our 30th anniversary in 2024 as the largest privately held global insurance intermediary group outside North America with 16,000 employees in 50 countries looking after clients in retail, specialty and reinsurance broking, capital markets and underwriting.

“On a foundation of employee ownership, supported by long-term external investors, we have built a business with a difference. And we’ve grown by consistently and relentlessly executing on a strategy to attract and empower the best talent - both individuals and through high-quality, aligned acquisitions - to deliver standout organic growth over the long term.

“If we look back just three years, when we had just broken through the £1 billion revenue mark, we set out our intentions to be a leader in our home market, the UK, to be strong in reinsurance, to strengthen our European platform, and to accelerate our global specialty business.

“Three years later and we are the second largest insurance broker in the UK – the biggest in reach; we have moved to become one of the four top-tier reinsurance brokers; and we’re the largest independent global player in Europe; and in global specialty we have hired hundreds of people across the world creating a team of 2,000.

“Our three-year revenue compound annual growth rate is 46 per cent, our EBITDA CAGR 47 per cent and our three-year average organic growth number is 17 per cent. I am incredibly proud of what we are building.

“We look ahead, from a position of scale and strength and united under our new brand, with the same consistent and relentless focus on empowering great people to deliver all the capabilities of the group to our clients as we did right at the beginning.”

Howden has had an office on the island since its 2021 acquisition of Foram Brokerage Ltd.