KUALA LUMPUR, Feb 9 -- Global insurance brokerage, Pacific Prime has acquired Hong Kong and Singapore brokerage arms of CXA Group, an insurtech company, solidifying its foothold in Asia Pacific.
According to a statement, the deal took place on Feb 4.
The acquisition of CXA Group’s brokerage arms in Hong Kong and Singapore is a breakthrough, as Pacific Prime seeks to continually expand in the Asia Pacific region and globally.
In addition, the acquisition gives Pacific Prime the technology to offer full-flex and simplified flex solutions to its clients, globally.
It will also serve to bolster Pacific Prime’s employee benefits and compensation technology, enabling global HR teams to simplify plan administration across multiple jurisdictions and leverage valuable insights from data, as well as streamline total rewards management.
Pacific Prime Chief Executive Officer, Neil Raymond said: “CXA Group has expertise that we can benefit from, particularly in using technology to transform the employee benefits landscape.
“I believe this makes us the third biggest employee benefits broker in Singapore and Hong Kong after the mergers of Aon-WTW and Mercer-JLT.”
CXA's insurtech business is backed by HSBC, Singtel Innov8, the Singapore Economic Development Board's investment arm EDBI and B Capital Group, the venture firm of Facebook co-founder Eduardo Saverin.
-- BERNAMA
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