International brokerage Howden has acquired Expat Marine Limited (EML), a specialist insurance broker providing general insurance and employee benefits in Hong Kong.
Financial details of the transaction were not disclosed.
EML was established 32 years ago by CEO Peter McTavish. The Lloyd’s coverholder firm caters to individuals and small businesses, specialising in insurance for fine art, yachts and pleasure craft.
“We chose to join Howden because it is a people-first, employee-owned business where colleagues are empowered to deliver exceptional service to clients,” McTavish said. “As markets develop, our clients will benefit from the expertise and product knowledge of Howden’s international specialty offering and its independent spirit will enable us to continue to focus on the client-centricity and outstanding personal service for which we are known in Hong Kong.”
Howden said the acquisition reinforces its commitment to the Hong Kong market and complements its existing expertise and product range. Access to Howden’s global speciality offering will allow EML’s high-net-worth clients to access a wider range of services and global markets.
“This is another step in our growth strategy as we continue to increase our breadth and depth of specialism and distribution through collaboration with businesses that lead in their markets and share our vision,” said Goh Chye Huat, CEO of Howden Asia. “EML’s commercial portfolio is extremely well matched with Howden Hong Kong’s and this transaction will help us diversify our business, create synergies and enable us to grow more rapidly in Hong Kong.”