Pacific Prime has extended its operations in Asia with the finalisation of its acquisition of MIT Insurance Brokers, an insurance brokerage firm in Malaysia.
MIT Insurance, which has operated in Malaysia for more than 50 years, specialises in employee benefits solutions, property and casualty, and financial lines, for high-profile clients across various industries.
The acquisition will have MIT Insurance Brokers operate as part of Pacific Prime Consultants Malaysia, a fully-licensed client service point that provides localized products as well as flexible benefits administration and servicing within the region.
MIT insurance staff will continue under the Pacific Prime brand with a shared goal of simplifying insurance for clients.
The move follows Pacific Prime’s recent expansion into Australia.
Neil Raymond, CEO of Pacific Prime and based in Hong Kong, said: “With the process finalised, I am pleased to announce that Pacific Prime has completed the full acquisition of MIT Insurance Brokers, a premier insurance brokerage firm in Malaysia.
“Not only are we thrilled to be expanding into Australia, but we are also very eager to make an impact in the Malaysian insurance market. And what better way to do it than by working with some of the best insurance experts in Malaysia?
“Malaysia is an exciting country for us to expand our operations. With the integration of MIT Insurance Brokers, we’ll bring together a team of established and experienced personnel to provide innovative and strategic solutions both within and outside of the region.
“This is of utmost importance in light of the numerous global regulatory and technological changes taking place.
“As always, I would like to extend my gratitude to Shahrizal Shahruddin, the MIT team, and our people. The year is off to an incredible start, and I am extremely excited to witness the amazing work that Cedric Deschamps and his team in Malaysia will accomplish throughout the remainder of the year.”
Shahrizal Shahruddin, director of MIT Insurance Brokers, said: “This acquisition happens at an opportune time for us to showcase what we’re capable of together. MIT Insurance Brokers has been in the market for over 50 years, and I hope we carry on this momentum. I look forward to seeing us deliver the best services to our clients in Malaysia, and most importantly, I’m delighted to be a part of Pacific Prime. Here’s to a wonderful year ahead for the insurance industry.”
Olivier Zeller, regional CEO of Pacific Prime, said via LinkedIn: “This strategic acquisition pushes us to the next level and empowers our position as one of the top brands in the insurance industry in Malaysia.
“MIT Insurance Brokers has been providing innovative insurance solutions for various industries in Malaysia for over 50 years. Their dedication to providing exceptional service and tailored risk management for their clients aligns with the core values of Pacific Prime.
“This strategic acquisition will allow us to offer better insurance solutions by leveraging the combined expertise of both companies, simplifying the insurance process for our clients.”
And Cedric Deschamps, CEO of Pacific Prime Consultants Malaysia, said: “I am beyond excited about this development. Acquiring MIT Insurance Brokers will undoubtedly distinguish Pacific Prime from its competitors.
“Their current guiding principles—providing the most optimal solutions for their clients’ unique requirements—are in perfect alignment with our own.
“I am convinced that Pacific Prime’s global footprint, combined with MIT’s 50 years of expertise locally, will pave the way for the future—and here in Malaysia, we’re just getting started.”