Howden, part of the Hyperion Insurance Group (“Hyperion”), today announced that it will join forces with Asia’s leading high net worth life insurance broker, International Planning Group (“IPG”) to form IPG Howden.
Hyperion has purchased a controlling interest in IPG Asia and EMEA (Europe, Middle East and Africa) to form a business that will offer greater international scale and breadth of specialisms to clients and partners.
David Howden, CEO of Howden and Hyperion, said, “This is an exciting partnership with the clear industry leader in the high net worth life insurance space. It will allow us to respond to the continued emergence of significant wealth planning needs across Asia and EMEA by delivering high-quality life insurance products to clients through our extensive international network.”
He continued: “IPG and Howden are extremely complementary businesses with a common culture of empowerment, underpinned by employee-ownership. This allows both businesses to have the agility to respond to changing client needs by developing innovative, market-leading solutions. By joining forces, we will be able to deliver even better solutions to even more clients.”
Goh Chye Huat, CEO of Howden Asia, added: “IPG will bring to Howden Asia experience in an area that we have long-held ambitions to enter. Through IPG Howden, we will be able to expand the reach of the Howden brand in Asia to a completely new audience. We see significant opportunity for growth in the high net worth market in Asia, and what better way to enter this space than with the leading high net worth life insurance broker.
This is an important deal for Howden Asia and a key step on our path to become the standout independent alternative to the traditional bigger players.”
Jon Baker, founder, Chairman and CEO of IPG commented, “The IPG-Howden partnership strengthens and reinforces our commitment to IPG’s core referral partners. IPG Howden will leverage an enhanced infrastructure, increased scale, expanded capabilities, greater resources and existing onshore licenses to pursue new opportunities, additional market segments and new life insurance carrier and product solutions.”
He added: “By leveraging the unique capabilities, resources and strengths of both entities, IPG Howden will create the necessary critical mass to dramatically increase penetration, revenue and profits in the international life insurance market.”
The business will continue to be operated by IPG’s existing management team, including Peter Tsih, CEO of International Planning Group Asia & EMEA; Cho Peng Lim, CEO of IPG Singapore; and Benjamin Cheng, CEO of IPG Hong Kong. Steve Lamb (CFO, International Planning Group) will take on the additional role of CFO, IPG Howden. The management team will report into a new board of directors which will be chaired by Jon Baker and include David Howden, Goh Chye Huat, Jon Baker, Jr. (President, International Planning Group) and Peter Tsih.