{"id":2616,"date":"2021-03-02T12:58:47","date_gmt":"2021-03-02T04:58:47","guid":{"rendered":"https:\/\/www.pacificprime.sg\/blog\/?p=2616"},"modified":"2021-03-02T14:59:51","modified_gmt":"2021-03-02T06:59:51","slug":"pacific-prime-acquires-cxa-groups-brokerage-arms-in-singapore-and-hong-kong","status":"publish","type":"post","link":"https:\/\/www.pacificprime.sg\/blog\/pacific-prime-acquires-cxa-groups-brokerage-arms-in-singapore-and-hong-kong\/","title":{"rendered":"Pacific Prime acquires CXA Group’s brokerage arms in Singapore and Hong Kong"},"content":{"rendered":"

Pacific Prime Singapore<\/a> is pleased to officially announce the acquisition of CXA Group’s brokerage arms in Singapore and Hong Kong, which is a significant milestone for Pacific Prime<\/a> in 2021.<\/p>\n

Singapore\u2019s office looks forward to welcoming our insurtech colleagues from CXA in the coming weeks and utilizing the industry-leading technology acquired to bolster Pacific Prime\u2019s insurance offerings, as well as insurtech tools already in place at the global insurance intermediary.<\/p>\n

So far, Pacific Prime Singapore is progressing well in expanding its office space to accommodate the new members of the workforce and merging the technologies together.<\/p>\n

Discover more about the acquisition in this article, or check out our press release on Business Wire<\/a> for further information.<\/p>\n

\n

\"Corporate<\/a><\/p><\/div>\n\n

A major milestone for Pacific Prime in 2021<\/h2>\n

It was officially announced on February 4th, 2021 by Neil Raymond, CEO and Founder of Pacific Prime, that Pacific Prime had acquired CXA Group\u2019s brokerage arms in Singapore and Hong Kong, as well as their insurtech-based platform to facilitate HR professionals when managing their employee benefits offerings.<\/p>\n

This exciting development represents a significant milestone for Pacific Prime<\/a> as we strengthen our foothold in the Asia Pacific region and improve insurance services for our corporate clients globally.<\/p>\n

Neil Raymond<\/a>, CEO and Founder of Pacific Prime, commented after the acquisition:<\/p>\n

\u201cCXA Group has the expertise that we can benefit from, particularly in using technology to transform the employee benefits landscape. I believe this makes us the third biggest employee benefits broker in Singapore and Hong Kong after the mergers of Aon-WTW and Mercer-JLT, with managed premiums of over USD $700 million globally.\u201d<\/p><\/blockquote>\n

Rosaline Chow Koo<\/a>, CEO of CXA Group, mentioned:<\/p>\n

\u201cWe\u2019re confident to leave our Hong Kong and Singapore brokerage arms with Pacific Prime, as we share the same commitment to being technology-driven.\u201d<\/p><\/blockquote>\n

Demonstrating Pacific Prime\u2019s insurtech capabilities<\/h2>\n

In the course of Pacific Prime\u2019s 20+ years of offering tailored services and solutions to individuals and corporate clients, we have invested heavily in building in-house IT systems and insurtech capabilities. As of 2021, around 15% of our 600 staff are IT-specialists and are responsible for supporting the brokerage\u2019s bespoke CRM system, secure servers, IT operating systems, and more.<\/p>\n

The technology and tools acquired as part of the CXA deal are a welcome addition to Pacific Prime’s in-house IT systems, and will certainly allow Pacific Prime to offer employee benefits<\/a> (EB) flex solutions to large multinationals, as well as smaller SMEs in the Asia Pacific region and around the world.<\/p>\n

Offering full flex and simplified EB solutions to clients<\/h2>\n

Clients in Singapore will be among the first in Asia Pacific to receive full flex and simplified EB solutions These will be aided by the acquired technology, to enable human resource (HR) teams to simplify plan administration across multiple jurisdictions and leverage valuable insights from data, as well as streamline total rewards management.<\/p>\n

Clients can reach out to the team at Pacific Prime Singapore<\/a> for a timeline of when this will happen (although it will be a few months at least).<\/p>\n

A few words for existing corporate clients in Singapore<\/h3>\n

Pacific Prime understands that some corporate clients may want to know what this means to their current arrangements and plans moving forward. To address any concerns regarding the acquisition, we have highlighted what this means for our corporate clients and those of CXA Group:<\/p>\n