Honan Insurance Group (Honan), an Australian intermediary, has acquired Ardrossan Insurance Brokers (Ardrossan) for an undisclosed sum.
Ardrossan is engaged in servicing national and international companies and small and medium enterprises (SMEs).
Nick Harvey formed the acquired business in 2013 after 25 years in the insurance broking and risk consultancy industries.
Ardrossan works across industries including professional services, manufacturing, retail, hospitality, finance, property, transport and logistics, construction, sport, and leisure.
Honan CEO Andrew Fluitsma said: “Under Nick Harvey’s leadership, Ardrossan has built a strong reputation in the Australian market, and by joining forces, we will see our platform and infrastructure help Ardrossan optimise its operations.
“Ultimately, we want to disrupt the traditional broker model and strategic business partnerships such as this, where we share an entrepreneurial spirit and take a similar approach to client service excellence, help us to innovate the risk industry.”
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Under the terms of the agreement, Ardrossan will join Honan and continue to be led by Harvey and current staff.
Harvey said: “Honan’s acquisition represents an important and natural step in the growth and evolution of Ardrossan. As we grow in the future, the risk and insurance complexities organisations face will also continue to broaden and we look forward to delivering solutions to our clients based upon our existing depth of knowledge plus the additional extensive resources of Honan.
“Access to Honan’s specialised claims capabilities, analytics, re-insurance and placement teams, workers’ compensation, industry sector specialisations, life and employee benefit solutions, and IT resources will significantly benefit our clients and staff.”
In December 2022, Honan acquired Rehab Life, a vocational rehabilitation, injury management, and workplace risk services provider.