Howden Broking announced that it has acquired independent superyacht insurance broker Sturge Taylor & Associates (STA Group).
STA Group will become part of Howden and will operate under the new trading name Howden Sturge.
This acquisition further underlines Howden’s drive to invest in specialisms and embed them across its global platform, enabling it to offer greater expertise and advice to clients, said the company in a statement.
Financial details of the acquisition, which has received full regulatory approval, were not disclosed.
STA Group, which has been addressing the insurance requirements of superyacht owners and the connected industry for over 50 years, is the world’s leading independent specialist superyacht insurance broker with 30 employees and offices in London, Southampton and Antibes and includes the well-known Fastnet Marine insurance broking firm.
“We are always seeking to expand our specialty capabilities and STA Group is one of the oldest and most established insurance brokers in the superyacht and pleasure craft space,” commented Andy Bragoli, CEO of Howden’s UK region.
“Partnering with STA Group provides our clients with access to market-leading expertise in this specialized sector, at the same time enabling us to extend the reach of our global marine capability, particularly in the U.S., where we can focus our wholesale capabilities and strong retail relationships with our U.S. partners to target the US pleasure craft market,” he added.
“It is our ambition to take our business to the next level and, for us, this means maximizing our ability to deliver the best solutions for our clients, scaling up our offering and moving into new markets. As an independent firm, we are delighted to be partnering with a company that shares those values of independence and employee ownership,” said a joint statement from Burr Taylor and Caspar McDonald, directors of Sturge Taylor, and Richard Power, director of Fastnet Marine.
“Becoming part of Howden means we can continue to grow our business, leveraging its global scale, market strength and extensive expertise in the wider marine sector,” they added.
Howden’s Marine division, which comprises more than 110 people, is headquartered in London with offices across Europe, Asia-Pacific and the Middle East, and with access to a network of international partners.
“The acquisition of STA Group is a strategic move that has been particularly well timed with the marked uptick in the superyacht industry, as it bounces back after a challenging few years,” noted Daniel Whiteside, global head of Marine, Howden.
“New orders for superyachts have increased from 353 in 2019 to 365 in 2020, with the second half of last year seeing the best results since 2009,” he added. “Howden Sturge will be responding to this demand, delivering specialist cover across the world’s insurance markets and, in conjunction with HX, our digital and analytics arm, developing data-driven insurance products for pleasure craft clients.”
About Howden Broking
Established in 1994, Howden employs more than 6,500 people worldwide. Together with network partners aligned to its specialty-led proposition, Howden operates in more than 90 territories.
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