Global insurance group Howden has strengthened its presence in the Western Australia market by increasing its shareholding in Unicorn Risk Solutions (Unicorn) to 100%.
Established in 2020, Unicorn is a Perth-headquartered general insurance broker that offers a wide range of risk management and insurance broking services and solutions, including general insurance broking, workers’ compensation claims and injury management, insurance program auditing, and claims handling.
In August 2022, Howden made its first investment in Unicorn. The partnership has since delivered significant benefits to Howden and Unicorn’s clients and staff, it was stated.
The decision to increase Howden’s shareholding in Unicorn to 100% reflects the global insurance group’s strategy to grow a differentiated, challenger business and provide more choices for clients, employees, and insurance markets in Western Australia and the Pacific market, a Press release noted.
Reflecting on the partnership between Howden and Unicorn, Howden Pacific CEO Matt Bacon commended Unicorn’s rapid growth, thanks to its brokers, who have immersed in the Western Australia insurance market for decades, and its commitment to caring for its people and clients.
“We are excited about this next step in Howden and Unicorn’s partnership, having been closely involved with them since our initial stake in August 2022. They are aligned very closely with our values, and we have thoroughly enjoyed working together. The team at Unicorn is extremely impressive, which, when combined with the cultural alignment, made this an obvious decision,” Bacon said.
Unicorn director Eddy Pope said the deal enables Unicorn to work with a large global broker, combined with the responsiveness, innovation, and knowledge of a local broker.
“The consolidation of our partnership with Howden was an easy decision to make because of the obvious and proven benefits to our clients and staff, leveraging the combined strength of both companies. Unicorn’s vision was to become the pre-eminent broker in Western Australia by looking after our clients and people in an old fashioned, new age way,” Pope said. “Howden’s people-first and client-centric approach and their commitment to provide world-class solutions and service fit perfectly with our culture. We are confident that the depth, breadth, and scale of our combined capability will bring real benefit to our clients.”
The acquisition follows the launch of Howden’s new arm that aims to establish an investment and risk incubator that expediates the development of insurance products.
