Hong Kong: FP Marine Risks, a marine insurance broker, today announced that it is in advanced negotiations to acquire the assets and staff of Risk Exchange, a fellow marine insurance broker, also based in Hong Kong.
The transaction is expected to be completed by the end of March with the Risk Exchange personnel being fully integrated into FP Marine Risks’ operations by April 1. Richard Walker will join the board of FP Marine Risks, and will be appointed Managing Director, Asia.
Philip Bilney, FP Marine Risks’ group chief executive, said: “This is a real back-to-basics deal about creating value – the two finest marine broking houses in the Asian market getting together to form a focused, dedicated and supremely well-resourced specialist. It completely changes the landscape of our market.”
FP Marine Risks was the first Asian-headquartered broker to be accredited by Lloyd’s, with offices in Hong Kong, London, Beijing, Taipei, Sydney, and Melbourne. In February 2013, FP Marine Risks became part of the Hyperion Insurance Group. [10/03/14]