News Asia13 May 2022

Singapore:Howden acquires business of AEGIS Insurance Agencies

| 13 May 2022

Howden Insurance Brokers in Singapore, part of the international insurance broking group Howden, has acquired the business and assets of AEGIS Insurance Agencies, as it presses on with its strategy to expand Howden Asia's range of specialties.

This reinforces Howden’s commitment to the Asian market and its ongoing strategy to invest expertise to deliver tailored (re)insurance solutions that are expertly adapted to clients’ needs.

Established in 2003, AEGIS—a Singapore-based specialist insurance agency—offers tailor-made retail insurance solutions, specialising in professional indemnity, professional liability, pilot loss of license protection, and bonds and financial guarantee schemes. It enjoys strong relationships with many private education institutions in Singapore, providing them with fee protection and medical insurance cover. It was the first intermediary to offer loss of license insurance for pilots working for major airline groups in Asia Pacific, and is now the only intermediary offering this product in Singapore.

Commenting on the deal with Howden, Mr Richard Tay, co-founder of AEGIS, said, “Our clients will benefit from Howden’s scale, international depth and breadth, and access to top-quality technology and digital solutions. Howden is a perfect fit for our team, and we look forward to continuing our growth and remaining committed to delivering for our clients as part of Howden.”

Evan Chng, the second co-founder of AEGIS, said, “As an employee-owned company with a 'People First' culture that shares our commitment to client centricity and innovation, our people will be empowered to deliver ever more advanced risk solutions to clients as part of Howden.”

Mr Goh Chye Huat, CEO of Howden Asia, said, “The acquisition of AEGIS reflects our broader strategy of empowering local teams to partner with culturally aligned companies with a shared entrepreneurial culture, and is a further step in our strategy to enhance our operational capabilities and client offering in Singapore.

"Evan Chng and Richard Tay have built a highly respected business that is a market leader in its chosen segments, and its commercial portfolio will help us diversify our business, expand our breadth and depth of specialism in Asia, and make us the leading broker in the private education insurance segment in Singapore.”

Howden Broking, a leading independent provider of (re)insurance brokerage, risk consulting and employee benefits advice, is headquartered in the UK and comprises owned businesses across Europe, Asia, Australia and New Zealand, Africa, Latin America and the Middle East.

AEGIS is regulated and authorised to advise and transact in all general classes of insurance in Singapore.

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