The retail arm of Hyperion Insurance Group, Howden, has announced that it has completed the acquisition of leading specialist broker, Sterling Knight, which is headquartered in Singapore.
Specialising in specie and international employee benefits and serving clients ranging from multinationals to SMEs, Stirling Knight, will continue to operate under its own licence and Dr Victor Adam and his management team will continue to lead the business.
Goh Chye Huat, CEO of Howden Singapore, commented: “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.”
Dr Victor Adam, 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.”
David Howden, CEO of Howden and Hyperion, said: “I am extremely pleased to welcome Sterling Knight to the Group. Their reputation and client-focused ethos are first class and they bring diversification and international expertise to the region. The acquisition represents another significant milestone for Howden as we implement our regional strategy to grow our Asia footprint.”
Lawrence Adam, Head of International operations at Sterling Knight, 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”.
The acquisition has received regulatory approval from the MAS.