Howden buys stake in Malene Insurance

Howden, part of the Hyperion Insurance Group recently announced that it has agreed to acquire a strategic stake in Malene Insurance Brokers Sdn. Bhd, a niche broker in the energy and power sector, and a takaful operator.

Malene will join Howden’s other Malaysian business, CIMB Howden Insurance Brokers Sdn. Bhd. under one common locally incorporated holding company HBG Malaysia Sdn. Bhd.

HBG Malaysia Sdn. Bhd. has agreed to purchase the remaining 51 percent of shares in CIMB Howden that were held by CIMB Group Holdings Bhd.’s subsidiary, CIG Bhd, according to a statement.

Both CIMB Howden and Malene will rebrand as ‘Howden’ with CIMB Howden Insurance Brokers Sdn. Bhd. being renamed as Howden Insurance Brokers Sdn. Bhd. and Malene Insurance Brokers Sdn. Bhd. being renamed as Howden Takaful Brokers Sdn. Bhd. Together, they will be the second largest broker multinational broker in Malaysia.

CIMB Howden is a specialist Financial Lines, Corporate Risks and Employee Benefits broker and Malene a niche broker with a strong portfolio of corporate clients within the Power, Oil and Gas, Transportation and Ports sectors.

Jeffrey Chan will remain as CEO of Howden Insurance Brokers Sdn. Bhd. Ismam Shahrin Ismail, will step up from his role as General Manager of Malene to become CEO of Howden Takaful Brokers Sdn. Bhd. (subject to regulatory approval).