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Marsh to Acquire Honan Insurance Group: Strengthening Risk Advisory Services in Australia and New Zealand

Gracie Gottlieb | 21 August, 2023

Sydney, Australia - Marsh, the world's leading insurance broker and risk advisor, has announced its acquisition of Honan Insurance Group Pty Ltd (Honan), a prominent specialist insurance broker in corporate risk, employee benefits, and strata and real estate insurance. This acquisition includes Honan's 80% holding by TA Associates (TA), a leading global private equity firm. The transaction, subject to regulatory approvals, is expected to be completed later in 2023. The terms of the acquisition have not been disclosed.

Established in 1964, Honan operates in Australia, New Zealand, and Asia from its headquarters in Melbourne. It serves over 30,000 clients across various locations, including Sydney, Brisbane, Perth, Adelaide, Darwin, Newcastle, Auckland, Singapore, and Kuala Lumpur. Honan offers corporate risk advisory, employee benefits, as well as specialized strata and real estate insurance services, catering to large residential buildings, agents, and landlords in Australia and New Zealand.

Upon completion, Andrew Fluitsma, the CEO of Honan, will report to Nick Harris, the CEO of Marsh's Pacific region. The experienced management team and employees of Honan will further enhance Marsh's corporate offerings.

Nick Harris expressed his enthusiasm about the acquisition, stating, "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 have the highest regard for the management and team at Honan and, together, we will provide a best-in-class suite of solutions to our clients. We look forward to welcoming Andrew and his team to Marsh."

Andrew Fluitsma also shared his thoughts on the transaction, saying, "This acquisition 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 significant recognition for the hard work and dedication of the entire Honan team, which has helped us create a valuable proposition for clients. With the support of TA over the last three years, Honan has undergone a period of accelerated growth, completing several acquisitions and increasing revenue and profitability. I look forward to building on our joint dedication to innovation and excellent client service, while supporting colleagues in their career development, and contributing to their continued success. The senior leadership team at Honan is committed to this exciting next phase of growth within Marsh."

Marsh is a leading insurance broker and risk advisor globally, with over 45,000 employees operating in 130 countries. The company provides data-driven risk solutions and advisory services to both commercial and individual clients. Marsh is a business of Marsh McLennan, the world's leading professional services firm in the areas of risk, strategy, and people. With an annual revenue of over $20 billion, Marsh McLennan helps clients navigate an increasingly dynamic and complex environment through its market-leading businesses, including Marsh, Guy Carpenter, Mercer, and Oliver Wyman.

Honan Insurance Group, founded in 1964 and headquartered in Melbourne, has established itself as a disruptor in the traditional broker model. With more than 400 employees and offices in Australia, New Zealand, Singapore, and Malaysia, Honan partners with a diverse range of organizations, from global corporations to property managers, non-profit organizations, start-ups, and sole traders. Honan's customer-focused approach, combined with its deep sector experience, enables the company to add value to clients beyond insurance through comprehensive risk profile assessments and clear, easy-to-understand advice.

TA Associates, the majority shareholder of Honan, is a renowned global private equity firm focused on scaling growth in profitable companies. With a history dating back to 1968, TA has invested in more than 560 companies across various industries, including technology, healthcare, financial services, consumer goods, and business services. Leveraging its industry expertise and strategic resources, TA collaborates with management teams worldwide to help high-quality companies deliver lasting value.

The acquisition of Honan by Marsh signifies a strategic move to strengthen Marsh's presence in Australia and New Zealand. By combining their resources and expertise, Marsh and Honan aim to provide enhanced risk advisory services and innovative solutions to their clients. This acquisition is expected to open new avenues for growth and contribute to the continued success of both companies.

For more information about Marsh, please visit []( To learn more about Honan Insurance Group, visit their website at [](

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