The Ardonagh Group has acquired a majority stake in Apex Insurance (Holdings) Limited in Hong Kong.
The move strengthens Ardonagh’s footprint in the region, as it will operate Apex alongside PSC’s Hong Kong operations, PSC HK Insurance Group (PSC HK). The acquisition also aims to deepen Ardonagh’s in-market expertise through Apex’s quality local management team.
Apex was founded in 1988 and is a provider of insurance broking and insurance agency services to SME businesses, predominantly across general liability, accident & health, and property damage.
Additionally, Apex will continue to be led by its management team, including Allen Lee, Philip Mak Jimmy Poon and Andrew Mak.
On a separate note, the PSC HK portfolio, which also includes Charter Gilman Insurance Brokers, Charter-Union Insurance and Trans-Pacific Insurance Brokers, joined Ardonagh as part of the AUD 2.3 billion take-private of Australia’s PSC Insurance Group in October 2024.
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Des O’Connor, Chief Commercial Officer, Ardonagh, commented, “Ardonagh has a demonstrable track record of identifying strong management teams, and this strategic acquisition exemplifies our ethos of empowering independent businesses to grow. Combining Apex with PSC HK will bring deep local expertise to enhance our existing presence in Asia and drive continued value creation for clients and colleagues alike.”
Philip Mak, Apex’s Managing Director, said, “In almost four decades, Apex has continued to evolve and build its strong reputation in the Hong Kong insurance market. Now with the backing of Ardonagh and our new colleagues at PSC HK, we embark on the next phase of our growth journey. I look forward to working with Hei and the team and contributing to Ardonagh’s strategic vision in Asia.”
Hei Wong, Managing Director of PSC HK Insurance Group, added, “We have admired the Apex team for many years and are delighted to welcome them to both PSC Hong Kong and the wider Ardonagh Group. The team’s knowledge and capabilities will be invaluable to us as a combined business, and with the support of Ardonagh’s global capabilities, we are uniquely placed to capture the opportunities in the Hong Kong and the wider Asia region.”
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