Malaysia: Pacific Prime acquires local broker


Global insurance brokerage Pacific Prime has fully acquired MIT Insurance Brokers, a Malaysian insurance brokerage firm specialising in risk management, insurance, and reinsurance.

CEO of Pacific Prime Neil Raymond said in a statement, “Malaysia is an exciting country for us to expand our operations. With the integration of MIT Insurance Brokers, we’ll 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.”

Pacific Prime’s merger with MIT heralds a new age of broker unity, where insurance is simplified, streamlined, and client-centric in the face of evolving challenges. MIT will operate as part of Pacific Prime Consultants Malaysia, a fully-licensed client service point that provides localized products as well as flexible benefits administration and servicing within the region.

MIT has been at the forefront of Malaysian property and casualty, financial lines, and employee benefits solutions since 1973. Previously under the ownership of the largest state development corporation in Malaysia, MIT has provided high-profile clients with retail brokerage and risk consulting services, overseeing the methodical execution of their insurance programmes and arrangements.

MIT’s clients include medical institutions, food manufacturers, plantations, retail businesses, property developers, energy companies, etc.

Established in 2000, Pacific Prime is an award-winning global insurance brokerage and employee benefits specialist that offers individual and corporate insurance solutions. With $750m worth of premiums under management, Pacific Prime is now the third largest employee benefits broker in Asia Pacific after acquiring CXA Group’s brokerage arms in 2021. The brokerage has over 1,000 employees and 15 offices worldwide, including Hong Kong, Singapore, China, Thailand, Malaysia, the UAE, the UK, the US, Mexico, and the Philippines.

 



This article was originally published by a www.asiainsurancereview.com . Read the Original article here. .