Howden has announced the acquisition of Granular Investments Limited and Granular Investments EU SAS. The move will strengthen Howden’s credit risk transfer services in Europe. It will also broaden the firm’s product offerings for major banks and insurers.
Granular Investments: Specialist in Synthetic Solutions
Founded in 2019 by Giuliano Giovannetti and Richard Sullivan, Granular Investments is an intermediary and advisory firm. The company focuses on credit risk transfer and capital relief solutions. Its core expertise lies in synthetic securitization and single-name credit risk structures. Through these tools, banks can shift credit risk to third parties without removing underlying assets from their balance sheets.
By using derivatives or guarantees, banks can achieve regulatory capital relief under the European Capital Requirements Regulation (CRR). This approach allows institutions to free up capital while meeting compliance requirements.
Howden Strengthens Market Position
The acquisition is set to bolster Howden’s presence in the European credit risk transfer market. It will expand Howden’s service lineup for banks, insurance companies, and related industries. Both Giovannetti and Sullivan will join Howden Capital, Advisory and Placement (CAP) as part of its global credit and political risk team. Their expertise will support Howden’s goal of growing its suite of specialist financial solutions.
Howden’s CAP unit already combines strengths in M&A advisory, global credit solutions, and structured finance. Adding Granular Investments is expected to enhance CAP’s capacity to deliver tailored credit risk transfer programs.
Industry Leaders Highlight Benefits
Alessandro Minucci, Head of Financial Institutions at Howden Europe, emphasized the value of the new team members. He noted that Giovannetti’s and Sullivan’s deep regulatory knowledge and proven track record will help expand insurers’ participation in the credit risk sharing market. Their experience will also support collaboration between banks, insurers, and funds, ultimately benefiting the real economy.
“Their decades of experience working with banking and insurance counterparts, combined with their deep regulatory expertise and strong track record, will help expand insurers’ participation in the credit risk sharing market alongside banks and funds for the benefit of the real economy,” Minucci said.
Acquisition Aligns with Market Trends
The deal comes at a time when the credit and political risk insurance (CPRI) industry is seeing stabilizing market conditions. According to Howden’s 2025 report, the global CPRI market maintains a premium base of $49 billion, despite economic uncertainty.
By expanding its credit risk transfer capabilities, Howden aims to increase its share of this market. The firm is positioning itself to capitalize on growth opportunities in providing risk mitigation solutions to financial institutions.
Overall, the acquisition of Granular Investments aligns with Howden’s strategy to deliver innovative, customizable risk solutions. It further cements Howden’s role as a leading advisor in Europe’s specialist financial markets.
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