Under the deal, the musical insurance customers and marketing and operations teams from Allianz will be integrated into Howden’s existing Lark Music scheme.
The swoop will enhance Lark Music’s current offerings, which primarily focus on high-value instruments, supporting the scheme’s goal to expand its product range to cover a wider variety of musical instrument insurance for musicians at all levels of expertise.
Following the acquisition, Allianz will continue to act as the sole capacity provider for the newly rebranded Lark Music Keynote product, encompassing the Allianz Music Protect and Lark Music Essential offerings. Lark Music, meanwhile, will manage the day-to-day operations.
Howden’s acquisition aims to leverage expertise and investment to benefit both amateur and professional musicians while allowing Allianz to maintain its support for the music industry. The deal follows Howden’s recent swoop for performing arts insurance broker Hencilla Canworth.
“Allianz Musical Insurance is well known to our Lark Music business and is held in high regard,” noted Dean Wright, Howden’s divisional director for the schemes division.
“Combined, our two businesses represent £7.3 million in 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.”
Kieran O’Keeffe, managing director for specialty at Allianz UK, commented: “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.”
The musical insurance business of Allianz has traded for more than six decades in the UK.
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