Howden has acquired full ownership of AlphaXO Risk Partners, a specialty insurance broker headquartered in Sydney.

Pacific CEO Matt Bacon says the move will strengthen Howden’s 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,” Mr Bacon said.

“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.”

AlphaXO Risk Partners offers specialist insurance broking and risk consulting services. It is also a marine insurance intermediary, advising on all types of maritime risks ranging from hull and machinery, protection and indemnity, cargo, marine liabilities to shipbuilding and repairing.

Howden says the AlphaXO leadership team remains unchanged, with MD Andrew Glover continuing to oversee the business.

“We have enjoyed a longstanding relationship with the Howden Group, who took an initial equity stake in the business almost ten years ago,” Mr Glover said.

“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.”