Howden is buying a strategic stake in Malene Insurance Brokers, a leading Malaysian independent niche broker in the energy and power sector, according to reports.
Malene will reportedly join Howden’s other Malaysian business, CIMB Howden Insurance Brokers, and combine under one common locally incorporated holding company called HBG Malaysia.
Goh Chye Huat, Howden Asia CEO said: “The past nine months have been transformational for Howden Asia,”
“Howden’s growth strategy has always been focused on becoming leaders in the specialist lines and markets that we choose to operate in.”
Additionally, HBG Malaysia has agreed to purchase the remaining 51 percent of shares in CIMB Howden that were held by CIMB Group Holdings’s subsidiary, CIG.
Both CIMB Howden and Malene will rebrand as ‘Howden’ with CIMB Howden Insurance Brokers being renamed Howden Insurance Brokers and Malene Insurance Brokers being renamed as Howden Takaful Brokers.
Together, they will be the second largest broker multinational broker in Malaysia.
Jose Manuel Gonzalez, CEO of Howden Broking Group 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.”