International insurance broker Howden has completed the acquisition of Australian specialty broker AlphaXO Risk Partners (AlphaXO).
Established in 2007, AlphaXO is one of the Pacific region’s leading specialist insurance broking and risk consulting companies. It is one of the leading marine insurance intermediaries, with a highly experienced team providing bespoke insurance products for vessels and professional crews. AlphaXO advises on all types of maritime risks, including hull and machinery, protection and indemnity, cargo, marine liabilities, shipbuilding and repairing, and all associated risks, including cyber, war, and kidnap and ransom.
Howden Pacific CEO Matt Bacon said increasing Howden’s shareholding to 100% in AlphaXO strengthens its position in the Australian, New Zealand, and Pacific insurance markets.
“It reflects our commitment to building a leading business in the region, focused on developing long-term relationships with clients, and offering full-service expertise and capability,” said Bacon. “Howden Pacific will continue to invest in talent, with the fantastic team at AlphaXO being a demonstration of that. In turn, our new colleagues will certainly enjoy an environment that empowers them to deliver innovative solutions for our clients. We are delighted that Alpha XO has now chosen Howden to be their permanent home.”
As discussed during the acquisition process, the leadership team remains unchanged, with Andrew Glover continuing his role as the managing director of AlphaXO.
Commenting on the acquisition, Glover said: “We have enjoyed a longstanding relationship with the Howden Group, who took an initial equity stake in the business almost 10 years ago. With the recent establishment of Howden in the Pacific region, we are confident that now is the right time for both businesses to work more closely together.
“The whole team is looking forward to the next exciting chapter in AlphaXO’s story and being able to continue to provide our clients with the same extraordinary service, as well as access to additional resources from being a part of the Howden group.”
Howden and AlphaXO sealed the deal after announcing the international insurance broker’s acquisition of Counselling Appraisal Consultants (CAC).
