Marsh to acquire Honan Insurance Group
Marsh , a top global insurance broker, is planning to buy Honan Insurance Group , a specialist insurance broker in corporate risk, employee benefits, and real estate insurance. This includes purchasing shares from the main shareholder, TA Associates, a big private equity firm. The deal details weren’t shared and it should close later in 2023 after regulatory checks.
Honan, founded in 1964, has its main office in Melbourne and serves over 30,000 clients from various locations including Sydney, Brisbane, Singapore, and others. They offer specific advice in areas like real estate insurance to big residential buildings in Australia and New Zealand.
Once the deal is done, Honan’s CEO, Andrew Fluitsma, will report to Marsh’s Pacific CEO, Nick Harris. Marsh appreciates the skills Honan brings, especially in corporate risk. Mr. Harris believes this acquisition will allow Marsh to offer even better services in Australia and New Zealand. Mr. Fluitsma sees this as a chance to combine Honan’s expertise with Marsh’s vast resources. He thanked his team for their hard work and is excited about the growth opportunities under Marsh.