Our company is a partnership between two reputable global industry leaders – Magsaysay Maritime Corporation and Houlder Insurance Brokers (Far East) Ltd.
For many years, the Magsaysay Group of Companies has relied on its own insurance operations to handle its protection needs. Called Magsaysay Insurance Services, Inc., this company arranged most of the Group’s insurance policies covering mostly maritime related risks such as ship owning, ship management and crewing. It has since grown from a purely captive business to a wider client base that include other external corporate and individual accounts. Seeing the need to professionalize its brokerage operations to be able to expand more its product and service offerings, Magsaysay began a search for an international partner. It found synergy with Houlder.
Formalized in March 1998, the joint venture company brings with it Magsaysay’s over 50 years of enviable track record in the shipping industry and Houlder’s 100 years of experience in risk management and insurance.
One of the largest insurance brokers in the Far East, Houlder started as a London-based Lloyd’s broker specializing in marine insurance programming and placements in London, Oslo, Paris, New York and Tokyo. It was acquired in 1988 by the China Merchants Group, a strong global business conglomerate with varied interests in shipping, banking, insurance, engineering, hotel and tourism.
The partnership, growing even stronger, now extends assistance to insurers by helping them to access new reinsurance markets and specialized products through Houlder’s Hong Kong office to cover their risks. Some of the risk specialities include Infrastructure Projects, Power and Energy, Ship Repairers’ Liability, Port and Terminal Operators’ Liability, Sabotage and Terrorism. It also offers risk consulting services to companies wanting to embark on a serious risk management program.