Global insurance brokerage Pacific Prime has solidified its foothold in Asia Pacific by acquiring the Hong Kong and Singapore brokerage arms of CXA Group, an insurtech company that has exited this sector to focus on its cloud-based enterprise SaaS business. The acquisition deal took place on February 4th, 2021.
“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.”
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.
The acquisition of CXA Group’s brokerage arms in Hong Kong and Singapore is a breakthrough, as Pacific Prime seeks to continually expand in the Asia Pacific region and globally. The acquisition gives Pacific Prime the technology to offer full-flex and simplified flex solutions to all of its clients around the world.
Neil Raymond, CEO of Pacific Prime, welcomed this move: “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; 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 extremely 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.
The acquisition will serve to bolster Pacific Prime’s employee benefits and compensation technology, enabling global HR teams to simplify plan administration across multiple jurisdictions and leverage valuable insights from data, as well as streamline total rewards management.