Global insurance intermediary group Howden has announced its acquisition of Storfield Insurance Consultants Ltd, which is a provider of general insurance for small-to-medium sized enterprises as well as high-net-worth clients.
The acquisition is part of Howden’s move to strengthen its position in Hong Kong as well as broaden its geographical footprint all across Asia.
Howden Hong Kong CEO Alfred Sham said the acquisition was a milestone for the development of the firm’s business in Hong Kong.
“With our combined capabilities, we not only become stronger together but also unlock additional value for our respective clients and insurer partners. We look forward to working closely together to achieve new heights,” said Sham.
Storfield was established in 1985 by Tony Lau and was led by CEO Victoria Lau. Its expertise in providing general insurance to SMEs and HNW spans a wide variety of areas such as bloodstock, fine art, luxury vehicle and yacht insurance, and tailored insurance solutions for SMEs.
Lau said that Howden was a natural choice for the next chapter of the insurer’s growth.
“We are confident that the combination of our local expertise and Howden’s global capabilities will enable us to better serve our clients,” said Lau.
Following the acquisition, Howden Hong Kong’s total headcount is around 200 with 17 offices and 1,100 employees all across Asia. This serves as a reflection of Howden’s strategy to leverage its global capabilities for the benefit of clients in local markets.
“This latest development is another example of Howden’s broader strategy to widen its footprint in Asia, and follows Howden’s recent entry into the Japanese reinsurance and retail markets with the launch of Howden Re Japan, a strategic partnership with Keystone ILS and the acquisition of Foresight,” said Howden Asia Regional CEO Chye Huat Goh.
What do you think about this story? Share your thoughts in the comments below.
