Ardonagh buys majority stake in Hong Kong broker RMIB

Core Viewpoint - The Ardonagh Group has acquired a majority interest in Risk Management Insurance Brokerage (RMIB), a Hong Kong-based company, to enhance its presence and service offerings in the Asian market [1][2]. Group 1: Acquisition Details - The exact size of the stake and financial details of the acquisition were not disclosed [1]. - RMIB, established in 1996, specializes in advising clients on employee benefits, property and casualty (P&C), transport risks, and selected international programs [1]. Group 2: Strategic Intent - Ardonagh's chief commercial officer, Des O'Connor, emphasized the opportunity in Asia and the demand for local, independent broking services, highlighting RMIB as a trusted and respected partner [2]. - The acquisition aims to expand Ardonagh's range of services in employee benefits and specialist risk advisory within the region [3]. Group 3: Management and Collaboration - RMIB will continue to be directed by Bie Tong and Danny Yao, who will oversee the company and collaborate with Ardonagh on business development and insurer relationships [3]. - The addition of RMIB strengthens Ardonagh's existing portfolio in Hong Kong, which includes other investments such as PSC HK and Charter Gilman Insurance Brokers [3][4]. Group 4: Market Position - Bie and Danny are well-regarded in the Hong Kong insurance market, and their addition is expected to create meaningful opportunities for collaboration and growth within the Ardonagh Group [5].