Howden Broking Group to Acquire Accette in Asia

U.K.-based Hyperion Insurance Group plc said its brokering subsidiary Howden Broking Group has reached an agreement to acquire Accette Insurance Group, an independent insurance broker in Asia in a bid to strengthen its services offering in the region.

The acquisition of Accette is "key to developing the group's global retail capacity," said David Howden, chief executive of Hyperion. The acquisition is subject to regulatory approval and contact.

Hyperion, an international insurance group covering wholesale and retail brokering, reinsurance brokering and underwriting, has recently gained a reinsurance license in Singapore and has offices in South Korea, Taiwan, Hong Kong and India.

"Having built up a relationship with Accette spanning more than 10 years, this is an exciting development in the growth of our companies," said Howden.

Accette, part of international distribution and logistics company Zuellig Group, has operated in Asia for nearly 40 years with its headquarters in Singapore and offices in Hong Kong, Indonesia, Malaysia, the Philippines and Thailand.

The Singapore-based insurance broker serves institutional and individual clients in most major markets across Asia, offering personal and commercial brokering, risk management, alternative risk financing and claims consulting services.

"We have for many years served our customers in Asia as an independent insurance broker. It is fitting therefore for us to be talking to a growing international independent broker," said David Zuellig, chairman of Accette.

With the globalization of the insurance business, Zuellig said "the time had come for us to be part of an international broking group" with an expanded products portfolio and expertise to serve clients in other countries.

(By Iris Lai, Hong Kong bureau manager: [email protected])