Howden to acquire Allianz book as capacity deal announced

Howden has agreed to acquire Allianz UK’s musical insurance book as part of plans to grow its schemes business.

Allianz’s music arm specialises in instrument and equipment insurance for musicians in the UK.

The deal will see Howden incorporate Allianz’s music customer base and marketing and operations teams into its scheme Lark Music.

Combined, the two businesses represent £7.3m in gross written premiums (GWP) and will service 68,000 customers.

Dean Wright, divisional director of the schemes division at Howden, 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 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.”

Capacity

As part of the deal, a new keynote product that incorporates Allianz music protect and Lark Music essential products will be formed.

Allianz UK will underwrite the proposition as the exclusive capacity provider, while Lark Music will be responsible for the day-to-day running of customers’ musical instrument policies and claims.

Kieran O’Keeffe, managing director of specialty at Allianz UK, said: “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.

“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.

“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.”