Howden Group has completed a $3 billion equivalent repricing and upsize of its USD and EUR term loan B facilities.
Under the transaction, which was completed December 11, the $1.6 billion dollar-denominated term loan B margin was reduced by 75 basis points to 275bps over SOFR, matching the tightest USD pricing the group has achieved to date. The €1 billion EUR term loan B margin was cut by 25 basis points to 325bps over EURIBOR and simultaneously upsized by €160 million to €1.16 billion, which Howden says reflects strong demand from credit investors and increasing liquidity available to support future expansion.
The refinancing highlighted Howden’s continued access to competitive funding at a time when insurance brokers are using balance sheets more actively to fund acquisitions, invest in specialty capabilities and scale internationally.
For large intermediaries like Howden, access to cheaper and longer-dated capital has become an increasingly important differentiator, particularly as competition intensifies for talent, specialty underwriting expertise and distribution platforms.
Read more: Howden appoints chief global impact officer
Mark Craig, group chief financial officer at Howden, said the repricing reflects both favorable market conditions and continued investor confidence in the group’s performance and growth ambitions. The deal follows similar refinancing activity in August 2025 and December 2024, signaling a consistent ability to reprice debt as credit conditions allow.
The company said the transaction reinforces its position as one of the most active consolidators in the global insurance broking sector. The additional liquidity provides flexibility to pursue further acquisitions, invest in specialty and reinsurance capabilities, and support organic growth across its international operations, while maintaining balance sheet resilience.
Howden is rated B2 stable by Moody’s and B Stable by S&P and benefits from a long-dated maturity profile, with no material refinancing requirements until 2030.
This extended runway reduces refinancing risk and supports the group’s strategy of sustained expansion in a market where scale, capital strength and execution capability are increasingly critical for intermediaries serving complex corporate and specialty risks.
Elsewhere, the insurance group also recently created the role of chief global impact officer, appointing Nick Stace to lead the company's sustainability, resilience and social impact strategy.
