Howden, part of the Hyperion Insurance Group, has reached an agreement to purchase a strategic stake in Malene Insurance Brokers in Malaysia.
Malene operates as an independent niche broker in the energy and power sector in Malaysia. The company also offers takaful insurance products.
The move is part of Howden’s strategy to strengthen its footprint in the Southeast Asian market and follows the recent merger of Howden and Maxi in Thailand to form Howden Maxi.
Additionally, Howden is acquiring the remaining 51% stakes in CIMB Howden Insurance Brokers from CIG, a subsidiary of Malaysian financial services company CIMB Group.
Both CIMB Howden and Malene will rebrand as ‘Howden’. CIMB Howden will be renamed as Howden Insurance Brokers, while Malene Insurance as Howden Takaful Brokers.
Upon completion of the transactions, Malene will become part of CIMB Howden and operate under one locally incorporated holding company HBG Malaysia.
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Collectively, they will be the second largest insurance broker in Malaysia.
Howden Broking Group CEO Jose Manuel Gonzalez 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.”
Howden Asia regional CEO Goh Chye Huat 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,” Huat added.
Financial terms of the transaction have not been revealed.