Howden to Acquire Allianz UK’s Musical Insurance Book

Howden, the global insurance intermediary group, today announces that it has agreed to acquire the Musical Insurance book from Allianz UK and will incorporate its customer base and marketing and operations teams into Howden’s established music scheme, Lark Music.

Financial details of the transaction were not disclosed.

This acquisition complements Lark Music’s existing book of business, which currently primarily services higher value instruments, and reflects its ambition to materially broaden its product offering to cover the full spectrum of musical instrument insurance for musicians of all ages and abilities.

Allianz Musical Insurance, which specializes in musical instrument and equipment insurance for musicians in the UK, has traded for over 60 years. Allianz UK will continue to underwrite as the exclusive capacity provider for the newly named Lark Music Keynote product, which incorporates the Allianz Music Protect and Lark Music Essential products.

Lark Music will be responsible for the day-to-day running of customers’ musical instrument policies and claims.

This latest acquisition follows Howden’s recent acquisition of Hencilla Canworth, a leading British specialist performing arts insurance broker.

“Combined, our two businesses represent £7.3 million GWP and will service 68,000 customers, providing them with access to a full spectrum of musical instrument insurance products, both in the UK and internationally,” according to Dean Wright, divisional director, Schemes Division, Howden.

“This step with Howden presents an excellent opportunity for growth in the musical insurance space, and we’re confident that it will successfully expand and improve the offerings available for customers. We’re proud to be the UK underwriter for Lark Music’s new Keynote insurance product, a testament to our expertise and reputation in the industry,” commented Kieran O’Keeffe, MD for Specialty, Allianz UK.

“With their strategic focus and investment and our underwriting expertise, the goal is to create a seamless experience for all to ensure that Allianz Musical Insurance’s excellent service is not just maintained but enhanced,” O’Keeffe added. “Our specialist marketing and operations colleagues who are moving across to Lark Music will continue to look after customers and the wider music industry through partnerships and sponsorships.”

Founded in 1994, Howden operates in 55 countries across Europe, Africa, Asia, the Middle East, Latin America, the USA, Australia and New Zealand, employing 18,000 people and handling US$38 billion of premium on behalf of clients.

Source: Howden

Topics Mergers & Acquisitions Allianz