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Marsh McLennan unit and US-based insurance broker and risk adviser Marsh has brokered a deal to acquire insurance intermediary Honan Insurance Group.

Both parties did not disclose the financial terms of the transaction, which includes the acquisition of TA Associates’ 80% stake in Honan.

According to Bloomberg’s earlier report, the deal could value Honan at A$700m ($448.21m).

Established in 1964, Honan is headquartered in Melbourne and operates throughout Australia, New Zealand, and Asia.

It serves more than 30,000 clients through offices in Sydney, Brisbane, Perth, Adelaide, Darwin, Newcastle, Auckland, Singapore, and Kuala Lumpur.

Honan specialises in strata and real estate insurance services, providing residential, commercial, industrial, and build-to-rent advice to significant residential buildings (strata committees), brokers, and landlords in Australia and New Zealand.

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It also provides corporate risk advice and employee benefits.

Following the deal, Honan CEO Andrew Fluitsma will report to Marsh Pacific CEO Nick Harris.

Harris said: “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 look forward to welcoming Andrew and his team to Marsh.”

Fluitsma commented: “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 a significant recognition for the hard work and dedication of the entire Honan team, which has helped us create a valuable proposition for clients.”

In May 2023, Guy Carpenter, also a unit of Marsh McLennan, revealed plans to acquire Re Solutions, an Israel-based reinsurance broker.