Marsh McLennan to acquire Melbourne-based Honan Insurance Group
Marsh McLennan, the global insurance and risk management powerhouse, has made a landmark announcement regarding its intention to acquire Honan Insurance Group Pty Ltd.
A leading name in specialized insurance, spanning corporate risk, employee benefits, and strata and real estate insurance, Honan Insurance Group will soon become a part of Marsh’s extensive portfolio.
Under the deal, Marsh McLennan has agreed to purchase 100% of Honan Insurance Group’s outstanding shares, which encompasses the 80% stake held by majority shareholder, the globally recognized private equity firm, TA Associates (TA). While the financial details of this transaction remain under wraps, it is anticipated to be finalized later this year after obtaining the necessary regulatory permissions.
Since its inception in 1964, Honan Insurance Group has carved a niche in the insurance space with its operations spreading across Australia, New Zealand, and parts of Asia. The company, headquartered in Melbourne, has established a strong presence in various cities, such as Sydney, Brisbane, Perth, Adelaide, Darwin, Newcastle, Auckland, Singapore, and Kuala Lumpur. Serving a clientele of over 30,000, Honan’s prime expertise lies in catering to large residential structures, agents, and landlords, especially in Australia and New Zealand.
The acquisition will witness Honan Insurance Group’s CEO, Andrew Fluitsma, directly reporting to Nick Harris, CEO, Pacific, Marsh. Furthermore, Honan’s talented team is expected to amplify Marsh’s corporate services.
Nick Harris, expressing his enthusiasm, mentioned, “Honan’s exceptional skills, especially in corporate risk and strata insurance, will enrich Marsh’s specialist offerings across Australia and New Zealand, enabling us to assist clients in navigating the modern-day risks. We’re thrilled to have Andrew and his exemplary team join the Marsh family.”
Echoing Nick Harris’s sentiments, Andrew Fluitsma said, “This union signifies a monumental phase for both our clients and colleagues, melding our proficiency with Marsh’s global prowess. This also serves as a testament to Honan’s relentless dedication and performance. Backed by TA’s unwavering support in the past three years, we’ve witnessed remarkable growth in various facets. This merger promises a brighter, innovative future, where we anticipate making further strides in the insurance domain alongside Marsh.”