Reinsurance News

Honan expands NZ market share with acquisition of Certus Insurance Brokers

17th March 2023 - Author: Kane Wells

Honan Insurance Group has boosted its service capability and reach in the New Zealand market through the acquisition of Certus Insurance Brokers (CIBNZ).

According to Honan, the acquisition signifies its continued growth ambition and diversification into the New Zealand market, which saw national Gross Written Premiums totalling more than $7 billion in 2021.

CIBNZ, which was established in 2001, provides personalised risk advice and insurance to a range of diverse clients.

Its team of 15 risk advisors, brokers and general insurance specialists operating across two offices in central and regional Auckland hold vast general insurance and local market expertise.

Honan Chief Executive Officer, Andrew Fluitsma, commented, “New Zealand has been an important market for Honan’s clients since we established our first local office in Auckland in 2010.

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“The acquisition of CIBNZ now gives us the regional expertise backed by the Honan firepower to rapidly expand our share of the Antipodean market.”

Fluitsma continued, “It has been an intense 12 months of M&A activity, but I’m proud to say we’ve become damn good at acquiring businesses.

“From the legal, financial and compliance side, to the operations and cultural integration, our team have the capabilities to seamlessly bring businesses into the Honan Group and immediately deliver value.

“The result has seen our business deepen its sector expertise and expand our reach, all while maintaining our challenger brand ethos and premium client experience when compared to the industry behemoths.”

CIBNZ General Manager, Mark Gustafson, said, “After building Certus Insurance Brokers into a successful independent brokerage specialising in SME and domestic insurance, now is the right time to become part of a larger and progressive Group.

“We’re excited to become part of a dynamic and diverse brokerage with a strong regional footprint. Our values and growth aspirations are aligned in delivering a world-class broker proposition. In joining with Honan it will allow us to tap into a broad range of expertise that will significantly strengthen our customer proposition and business operations.”

Chief Executive Officer of industry broking collective NZbrokers, Jo Mason, added, “This is an exciting moment for NZbrokers as the Honan acquisition of CIBNZ will bring new opportunities for growth. Certus is a well-established and respected member of NZbrokers and has a long track record of success.

“We believe the Honan expertise and resources will complement CIBNZ’s existing strengths and it is great for the new team to recognise the value that being part of New Zealand’s largest broker network brings to them. We are committed to helping Honan/CIBNZ ensure a smooth transition and we welcome them into our family.”

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