Pacific Prime, a Hong Kong-based insurance coverage middleman, has expanded its Asian footprint with the acquisition of MIT Insurance coverage Brokers.
Monetary phrases of the acquisition weren’t disclosed.
The acquired firm is predicated in Malaysia and specialises in threat administration and reinsurance options.
MIT has been working within the South East Asian insurance coverage business since 1973, catering to property and casualty, monetary strains and worker advantages strains of enterprise.
The corporate presents tailor-made insurance coverage programmes to purchasers throughout numerous sectors together with medical establishments, meals producers and power corporations.
Pacific Prime expects the merger to simplify and streamline insurance coverage processes, making them extra client-focused in response to the altering business panorama.
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It believes that the combination of MIT’s experience will improve the corporate’s skill to supply cost-efficient insurance coverage options.
As a part of the acquisition, MIT Insurance coverage Brokers will function underneath the umbrella of Pacific Prime Consultants Malaysia.
This division is a completely licensed shopper service level that gives localised merchandise and versatile advantages administration inside the area.
MIT’s staff will be part of Pacific Prime over the approaching weeks.
Pacific Prime CEO Neil Raymond stated: “Malaysia is an thrilling nation for us to develop our operations. With the combination of MIT Insurance coverage Brokers, we are going to deliver collectively a group of established and skilled personnel to offer revolutionary and strategic options each inside and outdoors of the area. That is of utmost significance in gentle of the quite a few world regulatory and technological modifications going down.”
MIT Insurance coverage Brokers director Shahrizal Shahruddin stated: “This acquisition occurs at an opportune time for us to showcase what we’re able to collectively. MIT Insurance coverage Brokers has been out there for over 50 years, and I hope we feature on this momentum.
“I sit up for seeing us ship one of the best companies to our purchasers in Malaysia, and most significantly, I’m delighted to be part of Pacific Prime. Right here’s to a beautiful 12 months forward for the insurance coverage business.”