American insurance broker Marsh has completed the acquisition of Australian intermediary Honan Insurance Group (Honan) for an undisclosed sum.
Marsh said the deal, which was announced in August 2023, strengthens its presence in the region’s corporate market segments.
Set up in 1964, Honan specialises in employee benefits and business risk advisory services.
Besides providing residential, commercial, and industrial build-to-rent guidance to big residential buildings (strata committees), brokers, and landlords in Australia and New Zealand, it also specialises in offering strata and real estate insurance services.
With its headquarters located in Melbourne, Honan has offices in Adelaide, Auckland, Brisbane, Darwin, Kuala Lumpur, Newcastle, Perth, Singapore and Sydney serving more than 30,000 clients nationwide.
Following the acquisition, former Honan CEO Andrew Fluitsma is now Marsh’s Pacific head of corporate and commercial.
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Marsh and Honan will now start bringing workers together in Australia, New Zealand, Singapore, and Malaysia.
They plan to finish co-location in the first quarter of 2024.
Marsh Pacific president Josh Roach said: “This is an exciting new chapter; it is about bringing two great businesses together, harnessing their respective strengths, and maximising the possibilities we will be able to achieve together for our clients, colleagues, and communities.”
Roach was appointed in his role as Marsh Pacific president in September and his appointment will be effective from 1 January 2024.
Fluitsma added: “I am incredibly pleased about our two organisations joining together, aligned around our shared values and ambitions, and enhancing the expertise and innovations we offer to the business community.”
Last month, Marsh McLennan, the owner of Marsh, launched a generative artificial intelligence tool for staff.
Called LenAI, the tool was developed by by Marsh McLennan’s Dublin Innovation Centre and aims to streamline processes and accelerate time-consuming tasks.