Howden, the retail broking unit of Hyperion Insurance Group, has agreed to buy a strategic stake in Malene Insurance Brokers, a leading Malaysian independent niche broker in the energy and power sector, according to reports from New Straits Times.
Malene will reportedly join Howden’s other Malaysian business, CIMB Howden Insurance Brokers, and combine under one common locally incorporated holding company called HBG Malaysia.
“The past nine months have been transformational for Howden Asia,” said Goh Chye Huat, Howden Asia Chief Executive Officer.
“Howden’s growth strategy has always been focused on becoming leaders in the specialist lines and markets that we choose to operate in.”
In addition, HBG Malaysia has agreed to purchase the remaining 51% of shares in CIMB Howden that were held by CIMB Group Holdings’s subsidiary, CIG.
Both CIMB Howden and Malene will rebrand as ‘Howden’ with CIMB Howden Insurance Brokers being renamed Howden Insurance Brokers and Malene Insurance Brokers being renamed as Howden Takaful Brokers.
Together, they will be the second largest broker multinational broker in Malaysia.
“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,” said Jose Manuel Gonzalez, Chief Executive officer of Howden Broking Group.
“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.”
