UK insurance coverage dealer Howden has reached an settlement to accumulate Allianz UK’s musical insurance coverage e-book for an undisclosed sum.
Following the deal, the client base, in addition to the advertising and operations groups, will likely be built-in into Howden’s current music scheme, Lark Music.
This acquisition enhances Lark Music’s present portfolio, which primarily focuses on high-value devices.
It’s also a part of Howden’s efforts to increase its product vary to incorporate insurance coverage for all sorts of musical devices, catering to musicians of all ages and ability degree.
Allianz Musical Insurance coverage, a supplier of musical instrument and gear insurance coverage for UK musicians with greater than 60 years of expertise, will proceed to supply underwriting providers as the only capability supplier for the newly branded Lark Music Keynote providing.
This product will embody each Allianz Music Shield and Lark Music Important plans.
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Lark Music will deal with the each day administration of shoppers’ musical instrument insurance policies and claims.
Howden stated the acquisition will herald experience and funding to assist each beginner {and professional} musicians, whereas permitting Allianz UK to keep up its assist for the music trade.
This current acquisition comes after Howden’s buy of Hencilla Canworth, a British dealer specialising in performing arts insurance coverage.
Howden divisional director of schemes division Dean Wright stated: “Allianz Musical Insurance coverage is well-known to our Lark Music enterprise, and is held in excessive regard. Mixed, our two companies characterize £7.3m ($9.35m) GWP [gross written premium] and can service 68,000 clients, offering them with entry to a full spectrum of musical instrument insurance coverage merchandise, each within the UK and internationally.”
Allianz UK MD for specialty Kieran O’Keeffe stated: “This step with Howden presents a wonderful alternative for progress within the musical insurance coverage area and we’re assured that it’ll efficiently increase and enhance the choices obtainable for purchasers.
“We’re proud to be the UK underwriter for Lark Music’s new Keynote insurance coverage product, a testomony to our experience and fame within the trade.”
In Could of this yr, Howden acquired MiCRO, a specialist in microinsurance for pure catastrophe protection in Latin America.
