Marsh is set to acquire Honan Insurance Group, a specialist insurance broker that excels in corporate risk, employee benefits, and strata and real estate insurance.
Marsh is acquiring Honan to deepen its specialist expertise in corporate risk and strata insurance, further bolstering its presence in Australia and New Zealand. The financial terms of the acquisition have not been disclosed.
Marsh, a significant segment of Marsh McLennan, functions as an insurance broker and risk advisor, serving clients with holistic risk management solutions. On the other hand, Honan Insurance Group, founded in 1964 and operating from its Melbourne base, has a vast presence across Australia, New Zealand, and Asia.
The firm specialises in corporate risk advisory, employee benefits, and strata and real estate insurance. They offer comprehensive advice to large residential buildings, agents, and landlords in both Australia and New Zealand.
Upon finalisation of the acquisition, which is slated for later in 2023 pending regulatory approvals, Andrew Fluitsma, the CEO of Honan, will directly report to Nick Harris, CEO of Pacific, Marsh. The acquisition will also integrate the proficient management and staff of Honan into Marsh’s corporate structure. Furthermore, the agreement indicates TA Associates’ (TA) 80% holding, a global private equity firm and a majority shareholder.
Over the past three years, with TA Associates’ backing, Honan has experienced rapid growth, marked by multiple acquisitions, increased revenue, and profitability.
Marsh CEO of Pacific Nick Harris remarked, “The addition of Honan’s highly complementary capabilities, particularly in corporate risk and strata insurance, will enable Marsh to deepen the specialist expertise we provide to clients across Australia and New Zealand, and support them in managing the risks they now face. We have the highest regard for the management and team at Honan and, together, we will provide a best-in-class suite of solutions to our clients. We look forward to welcoming Andrew and his team to Marsh.”
Honan CEO Andrew Fluitsma shared, “This transaction is good news for both our clients and colleagues who will benefit from the combination of our experience with Marsh’s global resources and solutions. It is also significant recognition for the hard work and dedication of the entire Honan team, which has helped us create a valuable proposition for clients.
“With the support of TA over the last three years, Honan has undergone a period of accelerated growth, completing several acquisitions and increasing revenue and profitability. I look forward to building on our joint dedication to innovation and excellent client service, while supporting colleagues in their career development, and contributing to their continued success. The senior leadership team at Honan are committed to this exciting next phase of growth within Marsh.”
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