Pacific Prime, a Hong Kong-based insurance intermediary, has expanded its Asian footprint with the acquisition of MIT Insurance Brokers.
Financial terms of the acquisition were not disclosed.
The acquired company is based in Malaysia and specialises in risk management and reinsurance solutions.
MIT has been operating in the South East Asian insurance industry since 1973, catering to property and casualty, financial lines and employee benefits lines of business.
The company offers tailored insurance programmes to clients across various sectors including medical institutions, food manufacturers and energy companies.
Pacific Prime expects the merger to simplify and streamline insurance processes, making them more client-focused in response to the changing industry landscape.
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It believes that the integration of MIT’s expertise will enhance the company’s ability to offer cost-efficient insurance solutions.
As part of the acquisition, MIT Insurance Brokers will operate under the umbrella of Pacific Prime Consultants Malaysia.
This division is a fully licensed client service point that provides localised products and flexible benefits administration within the region.
MIT’s employees will join Pacific Prime over the coming weeks.
Pacific Prime CEO Neil Raymond said: “Malaysia is an exciting country for us to expand our operations. With the integration of MIT Insurance Brokers, we will bring together a team of established and experienced personnel to provide innovative and strategic solutions both within and outside of the region. This is of utmost importance in light of the numerous global regulatory and technological changes taking place.”
MIT Insurance Brokers director Shahrizal Shahruddin said: “This acquisition happens at an opportune time for us to showcase what we are capable of together. MIT Insurance Brokers has been in the market for over 50 years, and I hope we carry on this momentum.
“I look forward to seeing us deliver the best services to our clients in Malaysia, and most importantly, I am delighted to be a part of Pacific Prime. Here’s to a wonderful year ahead for the insurance industry.”