UK insurance broker Howden has reached an agreement to acquire Allianz UK’s musical insurance book for an undisclosed sum.
Following the deal, the customer base, as well as the marketing and operations teams, will be integrated into Howden’s existing music scheme, Lark Music.
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This acquisition enhances Lark Music’s current portfolio, which mainly focuses on high-value instruments.
It is also part of Howden’s efforts to expand its product range to include insurance for all types of musical instruments, catering to musicians of every age and skill level.
Allianz Musical Insurance, a provider of musical instrument and equipment insurance for UK musicians with more than 60 years of experience, will continue to offer underwriting services as the sole capacity provider for the newly branded Lark Music Keynote offering.
This product will include both Allianz Music Protect and Lark Music Essential plans.
Lark Music will handle the daily management of customers’ musical instrument policies and claims.
Howden said the acquisition will bring in expertise and investment to support both amateur and professional musicians, while allowing Allianz UK to maintain its support for the music industry.
This recent acquisition comes after Howden’s purchase of Hencilla Canworth, a British broker specialising in performing arts insurance.
Howden divisional director of schemes division Dean Wright said: “Allianz Musical Insurance is well known to our Lark Music business, and is held in high regard. Combined, our two businesses represent £7.3m ($9.35m) GWP [gross written premium] 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.”
Allianz UK MD for specialty Kieran O’Keeffe said: “This step with Howden presents an excellent opportunity for growth in the musical insurance space and we are confident that it will successfully expand and improve the offerings available for customers.
“We are proud to be the UK underwriter for Lark Music’s new Keynote insurance product, a testament to our expertise and reputation in the industry.”
In May of this year, Howden acquired MiCRO, a specialist in microinsurance for natural disaster coverage in Latin America.
