The launch of the Howden Classic Car offering

Howden is pleased to  announce some exciting news which will further support our aim to provide specialist advice for specialist products with the hire of Angus Forsyth, former Managing Director at Hagerty UK, one of the leading names in classic car insurance. 

We already supply our discerning clients a wide range of different products for their assets, including their classic cars an area of interest for many of our existing clients.  

Angus knows this niche area well and commented that “Classic car owners are more than just motorists. They are enthusiasts with a passion for what they drive. Naturally they are very protective of their asset and the insurance needs to reflect that. It is a very specialised and growing market. With its rich heritage in serving high net worth individuals, The Private Clients team aims to be the broker of choice for those looking to protect their beloved classic cars. It should also present opportunities across the rest of Howden as there will be clients of other divisions who own a classic car. I would welcome the chance to speak to any such clients and help cement their relationship with the group even further”.

Angus Forsyth has spent most of his working career in the insurance industry. Starting as a claims broker with Fenchurch Group in 1985, his Lloyd’s of London career culminated in his appointment as a class underwriter in the US professional liability market for both Cottrell Maguire and H.G. Jago syndicates respectively.

In 2004, Angus was approached by the US based Hagerty Insurance Agency, one of the World’s leading specialist classic car insurance brokers and asked to establish their UK operation. Launching in January 2006, Hagerty International Ltd, grew from an unknown European entity into a highly successful business while at the same time being recognised as the absolute experts in the classic car insurance arena.

In part, a great deal of this success came from Angus’s own passion, possibly obsession, with classic cars and classic motoring. His knowledge, understanding, and empathy with likeminded individuals, has led to an established and highly credible reputation.

Angus’s favourite car is a 1930 Austin 7 Ulster EA Sports that he found abandoned in a barn in 2012. The car had not turned a wheel for over 50 years yet, undeterred, he entered it into the London to Lisbon Long Distance Endurance Rally and successfully completed the 1,800-mile journey. Not without incident!!

Angus has successfully taken part and or competed in rally’s and tours all over the word, including the Mille Miglia, Flying Scotsman, Grand Premio Nuvolari, Pebble Beach, Zoot Grand Prix, Gordon Bennett rally, 1000 Mile Trial, and probably the most historic motoring event, The London to Brighton Veteran Car run, which he has completed 14 times. 

Angus joined Howden Group UK Ltd in March 2020, and brings his wealth of experience and talent to an already highly respected high net worth team. The ability to offer a highly specialist (collector) classic car motor product is yet another example of Howdens ability to tailor products and services to their HNW customer’s needs and requirements.

Angus Comment:

I could not be more delighted to have been asked to join this highly respected, specialised and professional team. The initiation of a bespoke classic car insurance product to enhance the comprehensive high net worth coverages already offered by the Howden Group is both a natural progression and very exciting prospect.

It would be remiss in these unprecedented times, not to touch briefly on the investment aspect of the hobby. Prior to the outbreak, the classic car World, remained in a strong and stable position. Yes, values have fluctuated but this was probably expected. The general growth in the market took a sharp turn during 2019 and clearly speculation buyers took a reality check and realised that dabbling in this market was perhaps not quite so easy. The majority of the mainstream classic car auctions have, likewise, been cancelled and while auctions only represent 5% of overall classic car sales, they are a good indicator as to what is happening in the market. Sales at the end of 2019 were generally upbeat with mid-market classic cars selling well, but at the high end it was clear that there had been a downturn. 

Regardless classic cars are still the best performing of all luxury assets over recent years. According to the Knight Frank’s Wealth Report, classic cars have been the strongest performer with the value of the HAGI Top Index rising by an astounding 487% over the past ten years. While much emphasis has been placed on the investment opportunities within the hobby, experience tells us that it is truly the passionate collector that dominates and drives the market.

Full details of the offering will be announced in due course.

Additionally , Angus will be delivering a talk on Classic cars for Home Grown and if clients wish to listen in the link is as follows to register:
https://us02web.zoom.us/meeting/register/tZwvdeyvqTwpEtVvMOE6tQCOJ2_YqtKkcu5c 

Angus Forsyth
Divisional Director
Howden Insurance Brokers