Global insurance intermediary group Howden has announced the acquisition of Allianz UK’s Musical Insurance business, which it will incorporate into its music scheme, Lark Music.

Following the transaction, the business’ customer base, marketing and operations teams will transfer into Howden’s Lark Music, which currently primarily services higher value instruments.

This acquisition complements Lark Music’s existing book of business, Howden noted, and reflects the business ambition to materially broaden its product offering to cover the full spectrum of musical instrument insurance for musicians of all ages and abilities.

A specialist in musical instrument and equipment insurance for musicians in the UK, Allianz Musical Insurance has been trading for over 60 years.

According to the announcement, Allianz UK will continue to underwrite as the exclusive capacity provider for the newly named Lark Music Keynote product, which incorporates the Allianz Music Protect and Lark Music Essential products.

Lark Music will be responsible for the day-to-day running of customers’ musical instrument policies and claims.

Dean Wright, Divisional Director, Schemes Division, Howden, commented: “Allianz Musical Insurance is well known to our Lark Music business, and is held in high regard.

“Combined, our two businesses represent £7.3mn GWP 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, MD for Specialty, Allianz UK, said: “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.

Adding: “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.”

Howden’s acquisition of Allianz Musical Insurance business follows the acquisition of Hencilla Canworth, a British specialist performing arts insurance broker.