KUALA LUMPUR: Howden, part of the Hyperion Insurance Group and the world’s largest independent retail broker, has agreed to acquire a strategic stake in Malene Insurance Brokers Sdn Bhd.
Malene is a leading Malaysian independent niche broker in the energy and power sector, and a takaful specialist.
Malene will join Howden’s other Malaysian business, CIMB Howden Insurance Brokers Sdn Bhd, under one common locally incorporated holding company HBG Malaysia Sdn. Bhd.
HBG Malaysia has agreed to buy the remaining 51 per cent of shares in CIMB Howden that were held by CIMB Group Holdings Bhd’s subsidiary, CIG Bhd, further reinforcing Howden’s commitment in this strategically important market.
Both CIMB Howden and Malene will rebrand as “Howden” with CIMB Howden being renamed as Howden Insurance Brokers Sdn Bhd and Malene Insurance as Howden Takaful Brokers Sdn Bhd.
Together, they will be the second largest broker multinational broker in Malaysia.
CIMB Howden is a specialist financial lines, corporate risks and employee benefits broker and Malene a niche broker with a strong portfolio of corporate clients within the power, oil and gas, transportation and ports sectors.
Jose Manuel Gonzalez, chief executive officer of Howden Broking Group, said: “Investing in the right partners in Asia is a key priority for Howden as we continue to broaden our distribution of specialist solutions for clients. By partnering with Malene, we build on Howden’s existing Islamic finance expertise in the Middle East and move closer towards building a leading global takaful capability.”
Goh Chye Huat, regional CEO of Howden Asia said since CIMB Howden joined the group in 2015, the business had gone from strength to strength.
“Our latest investments in Malaysia are an important step in achieving our vision of being a leader in each of the markets that we operate in across Asia. I look forward to watching our operations in Malaysia continue to thrive,” he added.