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Pacific Prime Malaysia Acquires MIT Insurance Brokers

KUALA LUMPUR: Global insurance brokerage Pacific Prime Malaysia recently acquired MIT Insurance Brokers Sdn Bhd, the country’s leading insurance brokerage firm specialising in risk management, insurance, and reinsurance.

From Left: Cedric Deschamps, CEO of Pacific Prime Consultants Malaysia, and Shahrizal Shahruddin, Director of MIT Insurance Brokers Sdn Bhd.

Pacific Prime’s merger with MIT Insurance simplifies broker unity, where insurance is streamlined, and client-centric in the face of evolving challenges.

Among Pacific Prime’s fifteen offices around the globe, MIT Insurance Brokers will operate as part of Pacific Prime Consultants Malaysia, a fully licensed client service point that provides localised products as well as flexible benefits administration and servicing within the region.

In the coming weeks, it is anticipated that MIT Insurance Brokers’ staff will continue their journey onboard the Pacific Prime flagship with the shared goal of simplifying insurance.

Pacific Prime chief executive officer Neil Raymond said Malaysia is an exciting country for the company to expand its operations.

“With the integration of MIT Insurance Brokers, we’ll bring together a team of established and experienced personnel to provide innovative and strategic solutions both within and outside of the region.

“This is of utmost importance in light of the numerous global regulatory and technological changes taking place,” he said in a recent statement.

MIT Insurance Brokers has been the leading property and casualty, financial lines, and employee benefits solutions since 1973.

Previously under the ownership of the largest state development corporation in Malaysia, MIT Insurance Brokers has provided high-profile clients with retail brokerage and risk consulting services, overseeing the methodical execution of their insurance programs and arrangements to fit every unique requirement and risk profile.

Pacific Prime Consultants Malaysia chief executive officer Cedric Deschamps said acquiring MIT Insurance Brokers will undoubtedly distinguish Pacific Prime from its competitors.

“MIT Insurance Brokers’ current guiding principles—providing the most optimal solutions for their client’s unique requirements—are in perfect alignment with our own.

“I am convinced that Pacific Prime’s global footprint, combined with MIT Insurance Brokers’ 50 years of expertise locally, will pave the way for the future—and here in Malaysia, we’re just getting started,” he said.

MIT Insurance Brokers has a proven track record of formulating cost-efficient insurance solutions for medical institutions, food manufacturers, plantations, retail businesses, property developers, energy companies and so forth.

The company’s versatility has positioned it to be one of the most technically capable and advanced insurance service providers in Malaysia.

MIT Insurance Brokers director Shahrizal Shahruddin said this acquisition happens at an opportune time for the company to showcase its track record and capability.

“MIT Insurance Brokers has been in the market for over 50 years, and I hope we carry on this momentum.

“I look forward to seeing us deliver the best services to our clients in Malaysia, and most importantly, I’m delighted to be a part of Pacific Prime. Here’s to a wonderful year ahead for the insurance industry,” he said.

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