Howden takes final stake in APAC marine broker AlphaXO
Global broker group Howden bought out the final stake in its Australian specialty brokerage unit AlphaXO Risk Partners with its focus on marine and maritime risks.
Howden has been a long-term leader in the unit, having taken its initial equity stake nearly a decade ago. In turn, the current leadership line-up will remain in place following the deal.
Established in 2007, AlphaXO offers bespoke specialist insurance broking and risk consulting
on all types of maritime risks, ranging from 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 commented: “Increasing our shareholding in AlphaXO strengthens our position in the Australian, New Zealand and Pacific insurance markets. It reflects our commitment to build a leading business in the region, focused on developing long-term relationships with clients, and offering full-service expertise and capability. 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 have now chosen Howden to be their permanent home.”
AlphaXO managing director Andrew Glover added: “We have enjoyed a longstanding relationship with the Howden Group, who took an initial equity stake in the business almost ten 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.”
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