Pacific Prime, the global insurance broker based in Singapore, has acquired the Hong Kong and Singapore brokerage arms of CXA Group, an insurtech company that has exited the sector to focus on its cloud-based enterprise SaaS business.
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.
Pacific Prime said in a statement that the technology gives it the ability to offer full-flex and simplified flex solutions to all of its clients around the world.
Neil Raymond, CEO of Pacific Prime, 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. This acquisition propels us towards our long-term objective of being the leading global employee benefits specialist.”
Rosaline Chow Koo, CEO of CXA Group, said: “We’re confident to leave our Hong Kong and Singapore brokerage arms with Pacific Prime, as we share the same commitment to being technology-driven.”
Historically, Pacific Prime has built all of its own insurtech in-house and 15% of its 600 staff are IT-focused. This insurtech approach has been largely responsible for Pacific Prime’s growth over the past decade.
The technology it is acquiring as part of the CXA deal is complementary to Pacific Prime’s in-house technology, and will allow Pacific Prime to offer employee benefits flex solutions to large multinationals, as well as smaller SMEs.
