The two musical instrument insurance businesses will service 68,000 customers
Howden, the global insurance intermediary group that owns musical insurance company Lark Music, has agreed to acquire the Allianz UK’s musical insurance book.
The deal will see Howden incorporate Allianz’s music customer base and marketing and operations teams into its scheme Lark Music.
The acquisition aims to provide expertise and investment in musical insurance for the benefit of both amateur and professional musicians.
Allianz Musical Insurance, which specialises 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 deal follows Howden’s recent acquisition of Hencilla Canworth, a specialist performing arts insurance broker who partners with the Musicians’ Union, offering a range of insurance policies tailored to musicians.
Dean Wright, divisional director, Schemes Division of 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 (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.’
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