Australia-based specialty broker is one of the major marine insurance intermediaries in the Pacific region

Howden 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 a specialist insurance broking and risk consulting company. It is also one of the major marine insurance intermediaries in the Pacific region.

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.”

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.”