Hyperion buys controlling stake in IPG's Asia and EMEA operations
Hyperion Insurance Group has purchased a controlling interest in the Asia and EMEA arms of International Planning Group (IPG), an Asian life insurance broker serving high-net-worth individuals and businesses.
Hyperion's retail broking arm Howden will join forces with IPG Asia and EMEA to form IPG Howden.
Through this partnership, IPG group CFO Steve Lamb will take on the additional role of CFO of IPG Howden. The management team will report into a new board of directors which will be chaired by Jon Baker and include CEO of Howden and Hyperion David Howden, Howden Asia CEO Goh Chye Huat, IPG president Jon Baker Jr. and Tsih.
“This is an exciting partnership with the clear industry leader in the high net worth life insurance space," said CEO Howden. "It will allow us to respond to the continued emergence of significant wealth planning needs across Asia and EMEA by delivering high-quality life insurance products to clients through our extensive international network.”
“IPG and Howden are extremely complementary businesses with a common culture of empowerment, underpinned by employee-ownership. This allows both businesses to have the agility to respond to changing client needs by developing innovative, market-leading solutions. By joining forces, we will be able to deliver even better solutions to even more clients,” Howden added.
Huat said: “IPG will bring to Howden Asia experience in an area that we have long-held ambitions to enter. Through IPG Howden, we will be able to expand the reach of the Howden brand in Asia to a completely new audience. We see significant opportunity for growth in the high net worth market in Asia, and what better way to enter this space than with the leading high net worth life insurance broker. This is an important deal for Howden Asia and a key step on our path to become the standout independent alternative to the traditional bigger players.”
Baker, founder, chairman and CEO of IPG commented, “The IPG-Howden partnership strengthens and reinforces our commitment to IPG’s core referral partners. IPG Howden will leverage an enhanced infrastructure, increased scale, expanded capabilities, greater resources and existing onshore licenses to pursue new opportunities, additional market segments and new life insurance carrier and product solutions.”
“By leveraging the unique capabilities, resources and strengths of both entities, IPG Howden will create the necessary critical mass to dramatically increase penetration, revenue and profits in the international life insurance market,” he added.
Make sure you are GDPR compliant and confirm your email address to keep getting our daily emails
More of today's news
AmTrust deal back on track as offer price bumped up by 10%
Arch expands Irish operations to write EU business post-Brexit
Insurtech start-up Laka raises $1.5m in seed funding
XL Catlin introduces terror cover for fleet operators
German insurance start-up Coya raises $30m
