Howden, the well-regarded London-based insurance intermediary group, has made a significant move by announcing the acquisition of Storfield Insurance Consultants Ltd., a firm that specializes in offering general insurance services tailored for small-to-medium sized enterprises (SMEs) as well as high-net-worth (HNW) clients. This strategic acquisition is poised to enhance Howden’s operational capabilities within the competitive Hong Kong market.
This acquisition not only enriches Howden’s portfolio but also broadens its geographical footprint across Asia, underscoring the company’s commitment to investing in specialized expertise that caters specifically to the diverse needs of clients in the region, thereby reaffirming its position as a leading player in the insurance sector.
Established in 1985 by industry veteran Tony Lau, Storfield Insurance Consultants has built a reputation for providing comprehensive asset protection services to SMEs and HNW individuals alike. Under the experienced leadership of CEO Victoria Lau, Storfield has developed expertise in a wide array of insurance categories, covering unique items such as bloodstock and fine art, luxury vehicles, yacht insurance, and bespoke insurance solutions designed exclusively for the unique challenges faced by SMEs.
On completing this acquisition, Howden Hong Kong will see its total workforce expand to approximately 200 employees, supported by a network of 17 offices and an impressive 1,100 employees across the broader Asia region. This expansion is part of Howden’s overarching strategy to harness its global capabilities to deliver superior service and value to clients operating in local markets.
“The acquisition of Storfield marks a major milestone in the development of Howden’s business in Hong Kong. With our combined capabilities, we not only become stronger together but also unlock additional value for our respective clients and insurer partners. We look forward to working closely together to achieve new heights,” commented Alfred Sham, CEO of Howden Hong Kong, in an optimistic statement highlighting the growth potential of this partnership.
“After almost 40 years of independent growth, Howden is the natural choice for the next chapter of Storfield’s growth. We are confident that the combination of our local expertise and Howden’s global capabilities will enable us to better serve our clients,” stated Tony Lau, founder of Storfield, reflecting on the bright future this collaboration promises.
“This latest development is another example of Howden’s broader strategy to widen its footprint in Asia, and follows Howden’s recent entry into the Japanese reinsurance and retail markets with the launch of Howden Re Japan, a strategic partnership with Keystone ILS and the acquisition of Foresight,” said regional CEO, Chye Huat Goh, highlighting Howden’s aggressive regional expansion plans.
Howden boasts a presence in 55 countries across continents including Europe, Africa, Asia, the Middle East, Latin America, the US, Australia, and New Zealand. The company employs 19,000 dedicated professionals and manages premiums totaling a remarkable US$42 billion on behalf of its diverse client base.
Topics
Mergers & Acquisitions
Agencies
Interested in Agencies?
Get automatic alerts for this topic.
**Interview with Victoria Lau, CEO of Storfield Insurance Consultants Ltd.**
**Editor:** Thank you for joining us today, Victoria. How does it feel to be part of Howden after the acquisition?
**Victoria Lau:** Thank you for having me! It’s an exciting time for us at Storfield. Joining Howden not only validates the hard work our team has done since we started in 1985, but it also opens up an array of opportunities for our employees and clients. We’re thrilled to leverage Howden’s extensive resources to enhance the services we provide.
**Editor:** How do you see this acquisition impacting your current clients, particularly in the SME and HNW segments?
**Victoria Lau:** Our focus has always been on offering tailored solutions for SMEs and high-net-worth individuals. With Howden’s support, we can significantly expand our offerings and enhance our capabilities. This means our clients will benefit from a wider range of specialized products and services, alongside our existing commitment to comprehensive asset protection.
**Editor:** What specific advantages do you think Howden brings to Storfield’s operations, especially concerning your expertise in niche markets such as yacht insurance and fine art?
**Victoria Lau:** Howden has a strong reputation and expertise across various markets worldwide. This acquisition allows us to combine that experience with our niche knowledge. For instance, clients with unique assets like fine art or luxury vehicles will benefit from tailored coverage options that are backed by Howden’s vast resources and global insights. We can now provide more robust insurance solutions designed to meet sophisticated and diverse client needs.
**Editor:** How do you envision the growth of Howden in the Hong Kong market post-acquisition?
**Victoria Lau:** This acquisition is a significant step for Howden in strengthening its foothold in Hong Kong and the broader Asian market. With our expanded workforce and additional offices, we can better serve our local clients while also drawing on Howden’s global capabilities. We intend to ramp up our presence, bringing more specialized services to the market, and ultimately enhancing our already strong client relationships.
**Editor:** Lastly, what does this acquisition mean for the future direction of Storfield and its employees?
**Victoria Lau:** It’s a transformative moment for us. Our employees will have increased career development opportunities through Howden’s supportive global network. We are committed to maintaining our core values and focus while integrating into Howden. The future looks bright! We’re dedicated to continuing our legacy of quality service while maximizing the advantages that come from being part of a larger, respected organization.
**Editor:** Thank you, Victoria. It sounds like an exciting new chapter for you and Storfield!
**Victoria Lau:** Thank you! We’re looking forward to what’s next.
