Howden Broadens Asia Footprint With Acquisition of Hong Kong Broker Storfield
Howden, the London-based insurance intermediary group, announced the acquisition of Storfield Insurance Consultants Ltd., a specialist in general insurance for small-to-medium sized enterprises (SMEs) and high-net-worth (HNW) clients.
Financial details of the transaction were not disclosed.
This strengthens Howden’s position in Hong Kong, broadens its geographical footprint across Asia and underlines its commitment to invest in specialty expertise for clients in the region.
Established in 1985 by Tony Lau, and led by CEO Victoria Lau, Storfield provides comprehensive asset protection services to both SMEs and HNW individuals. Storfield’s expertise spans a wide range of areas including bloodstock, fine art, luxury vehicle and yacht insurance, as well as tailored insurance solutions specifically designed for SMEs.
With the addition of Storfield, Howden Hong Kong’s total headcount is approximately 200, with 17 offices and 1,100 employees across the Asia region. This expansion reflects Howden’s broader strategy to leverage its global capabilities for the benefit of clients in local markets.
“The acquisition of Storfield marks a major milestone in the development of Howden’s business in Hong Kong. With our combined capabilities, we not only become stronger together but also unlock additional value for our respective clients and insurer partners. We look forward to working closely together to achieve new heights,” commented Alfred Sham, CEO, Howden Hong Kong, in a statement.
“After almost 40 years of independent growth, Howden is the natural choice for the next chapter of Storfield’s growth. We are confident that the combination of our local expertise and Howden’s global capabilities will enable us to better serve our clients,” according to Tony Lau, founder, Storfield.
“This latest development is another example of Howden’s broader strategy to widen its footprint in Asia, and follows Howden’s recent entry into the Japanese reinsurance and retail markets with the launch of Howden Re Japan, a strategic partnership with Keystone ILS and the acquisition of Foresight,” said Chye Huat Goh, regional CEO, Howden Asia.
Howden operates in 55 countries in Europe, Africa, Asia, the Middle East, Latin America, the US, Australia and New Zealand, employs 19,000 people and manages premiums totaling US$42 billion on behalf of its clients.
Source: Howden