Howden, a subsidiary of UK insurer Hyperion Insurance Group, has acquired an undisclosed stake in Malene Insurance Brokers, a Malaysian insurance and takaful broking company.
Image: Howden buys stake in Malene Insurance Brokers. Photo: courtesy of rawpixel/Unsplash.com.
The financial terms of the deal were not revealed by Howden, which said that Malene Insurance will join CIMB Howden Insurance Brokers, its other Malaysian business.
The two businesses will operate under a common locally incorporated holding company, called HBG Malaysia.
Malene Insurance has been operating for over thirty five years as a specialist brokerage with particular focus on power and utility and oil and gas industries. The company offers a range of insurance broking, risk management, claims management, reinsurance placement and consultancy services.
Howden’s acquisition of stake in Malene Insurance follows HBG Malaysia’s recent deal to take full ownership in CIMB Howden by acquiring the remaining 51% stake from CIMB Group.
According to Howden, the stake in Malene Insurance further strengthens its commitment in the strategically important Malaysian market.
The company revealed that CIMB Howden and Malene Insurance will rebrand under Howden, as Howden Insurance Brokers and Howden Takaful Brokers, respectively. The combination is expected to be the second largest international broker in Malaysia.
The acquisition of stake in the Malaysian specialist brokerage is part of Howden’s heightened activity in the Southeast Asian region. In late January, the company merged its Thai subsidiary with Maxi Insurance Broker to create a top 10 Thai broker, called Howden Maxi, which will provide a range of direct insurance and reinsurance services.
Howden Maxi’s key specialization will be across the areas of motor, property and casualty, transportation, jewellers’ block, employee benefits, financial lines and reinsurance.
Howden Asia CEO Goh Chye Huat said: “The past nine months have been transformational for Howden Asia. Howden’s growth strategy has always been focused on becoming leaders in the specialist lines and markets that we choose to operate in.
“By bringing IPG, Malene and Maxi into the Group, we are now able to offer clients, across Asia and beyond, leading high net worth life solutions, we have increased our global Islamic finance capabilities, and we are the leading motor broker in Thailand.”