Howden Group, a global insurance and reinsurance intermediary, has raised approximately $703m in gross proceeds through a debt issuance designed to strengthen its funding capacity and support future growth initiatives.
The capital was secured through an add-on issuance to the group’s existing senior notes, with the transaction attracting strong backing from institutional investors, according to InsurTech Insights.
Howden operates as an insurance and reinsurance intermediary, providing broking, advisory and risk management services across retail, specialty and wholesale markets. The group serves a broad client base that includes multinational corporates, small and medium-sized enterprises and individuals, with operations spanning multiple international jurisdictions.
The proceeds from the issuance are expected to bolster Howden’s financial flexibility and investment capacity, enabling the group to continue pursuing strategic growth opportunities. These include organic expansion across its existing platforms as well as selective acquisitions to deepen its market presence and broaden its service offering.
The transaction involved a $690m add-on to Howden’s existing $500m 8.125% senior notes due 2032. The private offering was completed pursuant to Rule 144A and Regulation S under the US Securities Act of 1933. The additional notes were issued at 101.875% of par, reflecting strong investor demand, and are expected to be listed on the Official List of The International Stock Exchange.
Howden Group chief investment officer Mark Craig said, “I’m delighted with the outcome and strong support from the capital markets. This successful transaction follows our high yield bond issue in February 2024. We received strong demand and priced the offering above par, benefitting from continued confidence among credit investors in Howden’s sustained performance and growth plans.”
As part of the transaction, Howden confirmed that its credit ratings were reaffirmed in January 2026, with Moody’s maintaining a B2 Stable rating and S&P affirming a B Stable rating. The group also pointed to its long-dated maturity profile, noting that it has no material refinancing requirements until 2030, providing additional balance sheet resilience and flexibility.
The latest issuance builds on previous fundraising, including the original $500m senior notes, bringing the total size of the notes to $1.19bn following the add-on.
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