Pacific Prime acquires CXA Group’s brokerage arms in Hong Kong and Singapore
Pacific Prime Hong Kong is beyond excited to officially announce the acquisition of CXA Group’s brokerage arms in Hong Kong (HK) and Singapore. The acquisition has expanded the company’s insurtech capabilities, and in doing so, elevated Pacific Prime’s position in becoming the 3rd largest employee benefits broker in Hong Kong and Singapore, after the mergers of Aon-WTW and Mercer-JLT.
Learn more about the acquisition in this article, or check out our press release on MarketWatch for further details.
A major milestone for Pacific Prime Hong Kong in 2021
This acquisition, which was completed on February 4th, 2021, represents a significant milestone for Pacific Prime as we strengthen our foothold across the Asia Pacific region, and improve our business insurance offerings to corporate clients globally.
The main office based in Hong Kong will be seeing several changes in the coming weeks and months as we welcome our new colleagues (around 20 in total) from the CXA Group. Included in the move is Manus Chan, Director of Actuarial Consulting & Analytics and Head of CXA HK, as well as experienced administrative staff and account management.
Together, we look forward to combining our skills, knowledge, experiences, and effort as we put clients at the center of our decision-making while utilizing our combined insurtech-based platforms and tools to enhance our business insurance offerings.
A word from the CEOs at Pacific Prime and CXA Group
Neil Raymond, CEO and Founder of Pacific Prime, mentioned after the acquisition:
“CXA Group has the 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, with managed premiums of over USD $700 million globally.”
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.”
Enhancing Pacific Prime’s insurtech capabilities
For over 20 years, Pacific Prime has remained committed to investing and building its very own in-house IT systems and insurtech capabilities. As of writing, around 15% of our 700 staff are IT specialists and are responsible for supporting the brokerage’s bespoke CRM system, IT servers, operating systems, and more.
The technology and tools acquired as part of the CXA deal are a welcome addition to Pacific Prime’s in-house IT systems, and will certainly allow Pacific Prime to offer employee benefits (EB) flex solutions to large multinationals, as well as smaller SMEs in the Asia Pacific region and around the world.
Ready to offer full flex and simplified EB solutions to clients
Corporate clients in Hong Kong will also be pleased to know that they will be among the first in Asia Pacific to receive full flex and simplified EB solutions. These will be supported by the acquired technology, to enable human resource (HR) professionals to simplify their plan administration across multiple jurisdictions and pull valuable insights from data, as well as streamline total rewards management.
Important notice for existing corporate clients and those of CXA Group in Hong Kong
Pacific Prime Hong Kong understands that some clients may have concerns about what the current arrangements are and plans moving forward in 2021. To offer our complete reassurance and establish clarity on the acquisition, we have highlighted the following points:
- There will be no changes to the high standards of service that we provide to our corporate clients, and you will continue to receive dedicated support from your key account manager.
- All existing and new corporate clients will have access to our state-of-the-art Prime Care Portal for streamlining the plan administration process, as well as all of CXA Group’s employee benefits technologies.
(Take note: If you have any further concerns or questions that require more in-depth support and answers, please leave your contact details, and our team of corporate insurance experts will reach out to you.)
Learn more from Pacific Prime’s technology-driven partnerships page
Our latest corporate page brings you the latest information and updates on the acquisition. You will also find a section for some of the frequently asked questions by corporate clients. Head over to the interactive technology-driven partnerships page, or contact us for more on what this acquisition means for existing and prospective corporate clients in Hong Kong.
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