Broker Howden expands Thai business via merger with Maxi
Howden, the retail broking arm of Hyperion Insurance Group, has merged its Thailand-based subsidiary with motor insurance broker Maxi.
The company said Howden Insurance Brokers (Thailand) will join forces with Maxi Insurance Broker to form a combined entity called Howden Maxi. It will specialise in motor, property & casualty, transportation, jewellers’ block, financial lines, employee benefits and reinsurance.
Following the deal, Howden Maxi will become a part of both Howden Broking Group and Master Group Corporation (MGC). MGC will retain a significant stake in Howden Maxi and will remain an important strategic partner.
Jittiwut Sasibutra, founder and managing director of Maxi, has taken on the role of CEO of Howden Maxi.
José Manuel González, CEO of Howden, said: “We have brought together two very complementary businesses. Howden Maxi combines Maxi’s market-leading motor expertise and widely-recognised local brand with Howden’s international reach and experience in delivering a broad range of specialist insurance products to commercial clients in Thailand. This results in a greater breadth and depth of expertise for the clients of both businesses.
“Maxi is an exciting, successful and fast-growing business driven by strong, dynamic leadership from Jittiwut. I am delighted to welcome him and his team to Howden.”
Sasibutra commented: “At Maxi, we have always prided ourselves on the level of client and employee-focus that underpin our culture. As part of a leading international insurance group, we can offer a wider, better range of insurance solutions to our clients and, because that group is Howden, we can do so without losing any of the positive cultural attributes that have been integral to our success. The teams of both businesses have already settled comfortably under the new name of Howden Maxi and we look forward to a very exciting future together.”
Goh Chye Huat, CEO Howden Asia, said: “Building scale in our operations is a key strategic objective for Howden Asia. By bringing together Howden and Maxi, we have doubled the size of our Thai business and will significantly increase the prominence of the Howden brand in the local market. This really is a transformational step for Howden in Thailand.”
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