Pacific Prime Acquires MIT Insurance Brokers Sdn Bhd

Business Wire

KUALA LUMPUR, Malaysia--(BUSINESS WIRE)--
Global insurance brokerage Pacific Prime is pleased to announce the full acquisition of MIT Insurance Brokers Sdn Bhd, Malaysia’s leading insurance brokerage firm specializing in risk management, insurance, and reinsurance.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20240206369158/en/

Pictured (from left to right) are Cedric Deschamps, CEO of Pacific Prime Consultants Malaysia, and Shahrizal Shahruddin, Director of MIT Insurance Brokers Sdn Bhd. (Photo: Business Wire)

With unwavering dedication to providing exceptional service, 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 programs and arrangements to fit every unique requirement and risk profile.

“World Class, Home Grown." MIT Insurance Brokers has a proven track record of formulating innovative and cost-efficient insurance solutions for medical institutions, food manufacturers, plantations, retail businesses, property developers, energy companies, etc. Their versatility has positioned them as one of the most technically-capable and advanced insurance service providers in Malaysia.

A statement from Neil Raymond, CEO of Pacific Prime:

“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 Insurance Brokers heralds a new age of broker unity, where insurance is simplified, streamlined, and client-centric in the face of evolving challenges. Among Pacific Prime's fifteen offices around the globe, MIT Insurance Brokers 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. In the coming weeks, it is anticipated that MIT’s staff will continue their journey onboard the Pacific Prime flagship with the shared goal of simplifying insurance.

A statement from the CEO of Pacific Prime Consultants Malaysia, Cedric Deschamps:

“I am beyond excited about this development. Acquiring MIT Insurance Brokers will undoubtedly distinguish Pacific Prime from its competitors. Their current guiding principles—providing the most optimal solutions for their clients' unique requirements—are in perfect alignment with our own. I am convinced that Pacific Prime’s global footprint, combined with MIT’s 50 years of expertise locally, will pave the way for the future—and here in Malaysia, we’re just getting started.”

A statement from Shahrizal Shahruddin, Director of MIT Insurance Brokers:

“This acquisition happens at an opportune time for us to showcase what we’re capable of together. MIT Insurance Brokers has been in the market for over 50 years, and I hope we carry on this momentum. I look forward to seeing us deliver the best services to our clients in Malaysia, and most importantly, I'm delighted to be a part of Pacific Prime. Here’s to a wonderful year ahead for the insurance industry.”

About Pacific Prime

Established in 2000, Pacific Prime is an award-winning global insurance brokerage and employee benefits specialist that offers individual and corporate insurance solutions. With USD $750 million 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.