The Ardonagh Group has acquired a majority stake in Hong Kong-based Apex Insurance. The group will operate Apex alongside PSC’s Hong Kong operations, PSC HK Insurance Group, strengthening Ardonagh’s footprint in the region.

Founded in 1988, Apex is a provider of insurance broking and insurance agency services to SME businesses, predominantly across general liability, accident & health, and property damage lines of business. Apex will continue to be led by its management team, including Allen Lee, Philip Mak Jimmy Poon and Andrew Mak.

Des O’Connor, Ardonagh’s chief commercial officer, said: “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, managing director at Apex, added: “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.”