Global insurance group Howden has announced its latest move in the Pacific market by acquiring Silks Insurance (Silks), a specialised Australian insurance broker focusing on the bloodstock market.
Established in 2020 by Stuart Doughty, Silks has experienced rapid growth as a bloodstock intermediary, offering a range of equine industry solutions covering foals, weanlings, yearlings, broodmares, racehorses, and stallions.
The deal follows Howden’s recent expansion efforts, including the acquisition of HQ Insurance in Australia and Tysers’ UK bloodstock broking business. Additionally, Howden’s underwriting arm, DUAL, acquired bloodstock Managing General Agencies Galileo and David Ashby Underwriting.
The Silks acquisition aligns with Howden’s overarching strategy to position itself as the foremost equestrian insurance intermediary in the global insurance market.
Silks director Stuart Doughty outlined how Silks would benefit from the deal with Howden.
“Silks’ clients will reap the benefits of Howden’s international platform and data and analytics capabilities as we continue our growth journey with them. Ultimately, Silks has been built on a loyal client base and the hard work of its experienced employees,” he said. “Now it has the backing of Howden and its significant bloodstock insurance relationships in the UK, I can only see this as a positive for our clients in the future. It will be business as usual heading into the 2024 Magic Millions sale, and we look forward to seeing all our clients and friends up there for the first sale of the year.”
Howden Pacific CEO Matt Bacon emphasised the deal’s significance in advancing Howden’s bloodstock offering in the Pacific market.
“The Silks team has a wealth of experience and brings across market-leading talent who share the Howden commitment to bloodstock, as well as a passion for the equine world. We are delighted that such a talented team have chosen to partner with us and create an exciting equine business in the Pacific,” he said.
Duncan Fraser, global practice leader for sport and entertainment at Howden, underscored the strategic importance of building capabilities and expertise to meet clients’ needs globally.
“The addition of the Silks team significantly enhances our presence in Australia and is a major step in our strategy to be recognised by clients as the leading sport, media, entertainment, and equine broker in the market,” he said.
Howden’s recent partnership with the Victoria Racing Club (VRC) and sponsorship of the Melbourne Cup Carnival underscore its commitment to the horse racing industry in Australia, the company stated. It is also an official partner of Ascot racecourse in the UK.
In other news, Howden’s reinsurance brokerage division recently partnered with a vendor management platform in the insurance sector.
