Australian insurance intermediary Honan Insurance Group (Honan) has announced the acquisition of Rehab Life for an undisclosed sum.
Founded in 2013, the acquired firm is an authorised provider of vocational rehabilitation, injury management, and workplace risk services.
The firm works with healthcare professionals, including occupational therapists, physiotherapists, exercise physiologists, rehabilitation counsellors and psychologists, to assist workers in getting back to work after an injury.
Through the acquisition, Honan hopes to provide clients with more value in terms of employee health and wellbeing by leveraging Rehab Life’s experience in rehabilitation wellbeing and return to work services.
Rehab Life will continue operating under its existing name.
Honan CEO Andrew Fluitsma said: “Our relationship with Rehab Life and Grant Bourne started in 2015 when we worked together to establish our workplace risk division, and we’ve since grown to be trusted partners”.
“Acquiring Rehab Life will help us to add allied health expertise to our risk consulting team, creating more opportunities for more specialised, value-added service for our clients”.
According to information from Safe Work Australia, each significant workplace claim results in an average loss of 6.6 weeks of work, while the average amount of compensation handed out is A$13,500 ($9135.11), the broker said.
Honan’s claims data shows that shoulder injuries were the costliest to workplaces with the average claim being A$11,500 ($7781.76) and in 15.5% of cases of a shoulder injury, claims exceeded A$100,000 ($67667.5).
Rehab Life CEO Grant Bourne said: “We have nurtured a relationship with Honan over several years, achieving great things together. Honan is the right fit for us as they are one of the fastest growing brokers in the Asia-Pacific region, providing us the necessary footprint to expand our services.”