Howden has acquired Granular Investments Limited and Granular Investments EU SAS, a strategic move aimed at expanding its credit risk transfer (CRT) capabilities across Europe and enhancing its product offering for large financial institutions.
Founded in 2019 by Giuliano Giovannetti and Richard Sullivan, Granular Investments operates as a specialised intermediary and advisor in the credit risk transfer and capital relief space. The firm has built a strong reputation for its expertise in synthetic securitisation and single-name credit risk solutions, working closely with banks and insurers to design capital-efficient risk strategies.
Synthetic securitisation enables financial institutions to transfer credit risk to third parties—typically through derivatives or guarantees—without removing the underlying assets from their balance sheets. This mechanism allows banks to achieve regulatory capital relief under the European Capital Requirements Regulation (CRR), freeing up capital to support further lending or investment.
The acquisition will bolster Howden’s position in the European CRT market, expanding services to banks, insurers, and financial institutions seeking bespoke risk solutions. Giovannetti and Sullivan will join Howden Capital, Advisory, and Placement’s (CAP) global credit and political risk team, further strengthening the division’s depth in specialised financial solutions.
Howden CAP unifies the firm’s global expertise across M&A, credit structuring, and political risk insurance. With the integration of Granular Investments, Howden CAP is set to broaden its capacity to deliver tailored CRT solutions to meet the evolving demands of the financial services sector.
The acquisition comes at a time of continued resilience in the credit and political risk insurance (CPRI) market. As noted in Howden’s 2025 market report, the global CPRI sector has maintained a stable premium base of US$49 billion, underscoring its role as a critical enabler of cross-border trade and investment in a challenging macroeconomic environment.
The deal aligns with Howden’s long-term strategy to grow its presence in credit risk and structured finance, tapping into increasing demand for innovative risk mitigation tools among financial institutions across Europe.
