Howden, the London-based insurance broker, announced it has increased its shareholding to 100% in AlphaXO Risk Partners, an Australian specialty insurance broker.
Financial details of the deal were not disclosed.
AlphaXO’s leadership team remains unchanged, with Andrew Glover continuing his role as managing director.
Established in 2007 and headquartered in Sydney, AlphaXO is one of the Pacific region’s foremost specialist insurance broking and risk consulting companies. It is also one of the leading marine insurance intermediaries in the region, with an experienced team providing bespoke insurance products for vessels and professional crews.
AlphaXO advises on all types of maritime risks, ranging from hull and machinery, protection and indemnity, cargo, marine liabilities, shipbuilding and repairing, and all associated risks, including cyber, war, and kidnap and ransom.
“Increasing our shareholding in AlphaXO strengthens our position in the Australian, New Zealand and Pacific insurance markets. It reflects our commitment to build a leading business in the region, focused on developing long-term relationships with clients, and offering full-service expertise and capability,” commented Matt Bacon, CEO, Howden Pacific.
“We have enjoyed a longstanding relationship with the Howden Group, who took an initial equity stake in the business almost 10 years ago. With the recent establishment of Howden in the Pacific region, we are confident that now is the right time for both businesses to work more closely together,” said Glover at AlphaXO.
About Howden Broking
Established in 1994, Howden Broking today employs more than 11,500 people worldwide. Together with network partners aligned to its specialty-led proposition, Howden operates in more than 90 territories, comprising business in the UK, Europe, Asia, Australia and New Zealand, Africa, Latin America and the Middle East.
Source: Howden Broking
Topics Mergers & Acquisitions Agencies Excess Surplus Australia
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