London, August 14, 2024 – Allianz UK has completed the sale of its musical insurance book to Howden, marking a significant transaction in the niche insurance market. The deal, valued at approximately £25 million, involves the transfer of around 5,000 policies and the associated customer base, which includes both individual musicians and music-related businesses across the UK.
This strategic divestiture by Allianz UK is part of its broader plan to streamline operations and focus on its core insurance segments. The sale was finalized on August 10, 2024, and includes the transfer of a specialized team of 30 employees who will join Howden to continue managing the musical insurance portfolio.
Howden, a leading insurance brokerage, views this acquisition as a key move to expand its specialty lines, particularly in musical insurance—a sector experiencing growing demand. The addition of Allianz’s musical insurance portfolio allows Howden to enhance its offerings and strengthen its position in the niche market, providing tailored insurance solutions for a wide range of musical instruments and related risks.
This transaction highlights the ongoing trend within the insurance industry, where major firms are increasingly divesting non-core assets to focus on areas of strength, while specialized firms like Howden capitalize on opportunities to broaden their service offerings.
Source: Insurance Business UK
