Howden completes acquisition of Australian specialty broker AlphaXO Risk Partners
Howden increases shareholding to assume full ownership
Sydney, 30 November 2022 - Howden, the international insurance broker, today announces that it has increased its shareholding to 100% in AlphaXO Risk Partners (AlphaXO), a specialty insurance broker headquartered in Sydney. The leadership team remains unchanged, with Andrew Glover continuing his role as Managing Director.
Established in 2007, AlphaXO is one of the Pacific region’s foremost specialist insurance broking and risk consulting companies. It is also one of the leading marine insurance intermediaries in the region, with a highly experienced team providing bespoke insurance products for vessels and professional crews.
AlphaXO advises 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.
Commenting on the acquisition, Matt Bacon, CEO, Howden Pacific, said: “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.”
Andrew Glover, Managing Director, AlphaXO, said: “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.”
Andrew continued: “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.”