IIB was incorporated on 26th February 1997 as Innawawasan Sdn Bhd as a joint venture company between a Hong Kong based Pacific World Risk Management Limited (PWRM) and Sabah Economic Development Corporation (SEDCO). In 1999, it was granted an Insurance Broking License by Bank Negara Malaysia under Innawasan Insurance Brokers Sdn Bhd. On 28th February 2000, the company changed its name to IIB Insurance Brokers Sdn Bhd. In 2005, SEDCO  acquired the entire equity of the company.

Since its inception, the company has undertaken the management of insurance and takaful programs as well as risk management programs of various entities both in the public as well as private sectors. These engagement include those in ports operation, energy and power, construction, manufacturing, aviation, hospitality, medical services, transportations, educational institutions, government and its related interest. This has not only provided the company with experience in managing complex insurance placement and management programs, but has also positioned the company to contribute towards to overall growth of the industry and the economic landscape.