RPC advises Howden Broking on its acquisition of independent Superyacht Broker Sturge Taylor
International law firm RPC has advised Howden Broking on its acquisition of 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.
Established in 1994, Howden employs more than 8,500 people worldwide. Together with network partners aligned to its specialty-led proposition, Howden operates in more than 90 territories.
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.
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.
This is the fourth insurance market deal by RPC's corporate insurance team, led by partner James Mee, it has advised its client Howden Broking on, in the last seven months.
In December, DUAL, the largest international underwriting agency, and Dale Underwriting Partners announced a new venture, Dale DUAL MGU Limited. This venture involves capacity provided by Aviva and will expand the underwriting capacity of the mid-market global Commercial Property business.
At the end of November, Howden announced the acquisition of Safeonline, the leading cyber and tech broker; and at the end of September, the acquisition of St Giles Legal & Professional Risks, a specialist professional indemnity (PI) insurance broker.
Commenting on this, Lee Holland, M&A Chief Counsel at Howden Group said: “It was a pleasure to work with James and the RPC team on these transactions. They understand both the intricacies of our group and the sectors in which we operate, and demonstrated tireless commitment and good humour throughout, regardless of the pressures.”
James Mee, partner at RPC, says: “We’re always delighted to work with the team at Howden Group, both on the broking and underwriting agency sides of the business. These four deals have been great fun and allowed us to leverage our knowledge and expertise in different aspects of the market.
“2020 was a busy year for RPC's corporate insurance team, one of the busiest I have seen, with over 15 transactions. The market continues to be very active, and we're seeing investments at all levels, across distribution and capacity. 2021 has started as another interesting year for the market, with a number of deals announced and in the pipeline. We're very much looking forward to helping our clients achieve their aims.”
RPC's corporate insurance team specialises in insurance market transactions for all kinds, bringing together dedicated expertise and a deep knowledge of the sector, and advising on the full range of commercial, regulatory and transactional matters. RPC is a longstanding adviser to the global insurance market.