The Ardonagh Group has acquired a majority interest in Hong Kong-based company Risk Management Insurance Brokerage (RMIB).
The exact size of the stake and other financial details were not disclosed.
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Established in 1996, RMIB advises clients on employee benefits, property and casualty (P&C), transport risks and selected international programmes.
Ardonagh chief commercial officer Des O’Connor said: “Ardonagh sees real opportunity in Asia and demand continues for local, independent broking services. RMIB represents the type of firm we value partnering with – trusted, technically capable and highly respected within its market. We are pleased to welcome Bie and Danny and look forward to close collaboration as we continue to enhance our Hong Kong presence and client offering together.”
RMIB will remain under the direction of Bie Tong and Danny Yao.
Both directors will continue to oversee the company and partner with Ardonagh on collaboration efforts, insurer relationships and business development.
The addition is set to expand Ardonagh’s range of services in employee benefits and specialist risk advisory within the region.
It builds on the company’s existing portfolio of Hong Kong investments, which include PSC HK, Charter Gilman Insurance Brokers, Charter-Union Insurance and Trans-Pacific Insurance Brokers.
In July last year, Ardonagh also took a majority stake in Hong Kong’s Apex Insurance (Holdings).
Apex, established in 1988, serves small and medium-sized enterprises with broking and agency services focused on general liability, accident and health, and property damage.
PSC HK Insurance Group managing director Hei Wong said: “Bie and Danny are well regarded across the Hong Kong insurance market. Their addition strengthens our platform through experience, capability and shared values. We see meaningful opportunities to collaborate and grow together as part of the Group.”
