Hyperion Insurance Group’s retail broking unit, Howden, has completed the acquisition of Singapore-based specialist broker, Sterling Knight, after receiving regulatory approval from the Monetary Authority of Singapore (MAS).
Brokerage Sterling Knight specialises in specie and international employee benefits, and the firm’s clients include multinationals and SMEs. After the acquisition, Sterling Knight will continue to operate under its own licence, according to a statement, and the business will continue to be led by Dr. Victor Adam and his management team.
Dr. Adam, Chief Executive Officer (CEO) of Sterling Knight Singapore, said; “Joining Howden is an important step for Sterling Knight and means we are now part of the world’s largest employee-owned insurance group. It gives us and our clients access to Howden’s extensive international reach as well as the product and technical capabilities of the wider Hyperion Group, which include access to RKH’s Specialty and Reinsurance experts in the London market.
“Hyperion’s employee-owned and entrepreneurial culture combined with its reach is of huge benefit to our clients and makes Howden the natural home for us. I look forward to growing the business together.”
CEO of Howden Singapore, Goh Chye Huat, added; “Sterling Knight is a broker with a tremendous reputation for specialist expertise, professionalism and exceptional service and I am very pleased that they have chosen to join the Group.
“Alongside their market-leading Specie team, which will strengthen our existing capabilities in the region, their International Employee Benefits business will combine with ours to create a very strong proposition in Asia, further leveraging our recent partnership with CXA to extend access to their Flex technology, platform and expertise.”
David Howden, the CEO of Howden and Hyperion, also expressed his delight at welcoming Sterling Knight to the Group, stating that the takeover is another step towards Howden’s regional growth strategy across Asia.
Head of International operations at Sterling Knight, Lawrence Adam, said; “I am excited with this merger as it will give our international team better capabilities and a larger platform for our International and Employee Benefits business. Going forward we will look to leverage the capabilities from the two teams to achieve even greater success in order to become a leader in the Employee Benefits space.”