The insurance broker and risk advisor arm of Marsh McLennan, Marsh, has reached an agreement to acquire 100% of the outstanding share capital of Honan Insurance Group Pty Ltd, a specialist insurance broker in the areas of corporate risk, employee benefits, and strata and real estate insurance.
Terms of the acquisition, which is expected to be completed later in 2023 subject to regulatory approvals, were not disclosed.
On completion of the acquisition, Andrew Fluitsma, CEO of Honan, will report to Nick Harris, CEO of Pacific, Marsh. The well-regarded management team and employees of Honan will further strengthen Marsh’s corporate offering.
The agreement also outlines the 80% holding of majority shareholder TA Associates (TA), a global private equity firm.
Harris commented on the acquisition, “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.”
Founded in 1964, Honan operates across Australia, New Zealand, and Asia from its Melbourne headquarters. The firm specialises in corporate risk advisory and employee benefits, in strata and real estate insurance services, offering residential, commercial and industrial, and build-to-rent advice to large residential buildings, agents, and landlords in Australia and New Zealand.
Fluitsma concluded, “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.”
