Insurance broker Howden has announced the acquisition of business and assets of AEGIS Insurance Agencies to bolster its Asian operations.
Howden did not disclose the financial value of the deal.
Founded in 2003, AEGIS is a Singapore-based specialist insurance agency, which offers bespoke retail insurance solutions.
The acquired firm specialises in professional indemnity, professional liability, pilot loss of license protection, and bonds and financial guarantee schemes.
AEGIS is also said to have developed close ties with several private education institutions in Singapore by offering them fee protection and medical insurance cover.
Howden Asia CEO Goh Chye Huat said: “Evan Chng and Richard Tay have built a highly respected business that is a market leader in its chosen segments, and its commercial portfolio will help us diversify our business, expands our breadth and depth of specialism in Asia, and makes us the leading broker in the private education insurance segment in Singapore.”
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Howden noted that AEGIS was the first broker to offer loss of license insurance cover for pilots of airline groups in the Asia Pacific.
Currently, it is the only insurance broker, which offers this service in Singapore.
AEGIS Co-Founder Richard Tay said: “Our clients will benefit from Howden’s scale, international depth and breadth, and access to top-quality technology and digital solutions.”
AEGIS co-founder Evan Chng said: “As an employee-owned company with a People First culture that shares our commitment to client centricity and innovation, our people will be empowered to deliver ever more advanced risk solutions to clients as part of Howden.”
Last month, Howden bought SPF Private Clients (SPF) to strengthen its presence in the UK market.