Howden, part of the Hyperion Insurance Group and the world’s largest independent retail broker, is acquiring a strategic stake in Malene Insurance Brokers.
Malene is a leading Malaysian independent niche broker in the energy and power sector and a takaful specialist. Malene will join Howden’s other Malaysian business, CIMB Howden Insurance Brokers, under one common locally incorporated holding company HBG Malaysia.
HBG Malaysia has agreed to purchase the remaining 51% of shares in CIMB Howden that were held by CIMB Group Holdings’ subsidiary, CIG, further reinforcing Howden’s commitment in this strategically important market.
Following this development, both CIMB Howden and Malene will be rebranded as ‘Howden’; CIMB Howden Insurance Brokers will be renamed Howden Insurance Brokers, while Malene Insurance Brokers will be known as Howden Takaful Brokers. Together, they will be the second largest multinational broker in Malaysia.
CIMB Howden is a specialist financial lines, corporate risks and employee benefits broker, and Malene, incorporated in 1980, is a niche broker with a strong portfolio of corporate clients within the power, oil and gas, transportation and ports sectors.
Howden Broking Group CEO Jose Manuel Gonzalez said, “By partnering with Malene, we build on Howden’s existing Islamic finance in the Middle East and move closer towards building a leading global takaful capability.”
Howden Asia regional CEO Goh Chye Huat said, “Our latest investments in Malaysia are an important step in achieving our vision of being a leader in each of the markets that we operate in across Asia. I look forward to watching our operations in Malaysia continue to thrive.” M