Creates leading corporate risk and strata insurance offering in Australia and New Zealand
Sydney, 1 December 2023 – Marsh, the world’s leading insurance broker and risk advisor and a business of Marsh McLennan (NYSE: MMC), today announced that it has completed its previously announced acquisition of Honan Insurance Group, a leading specialist insurance broker in the areas of corporate risk, employee benefits, and strata and real estate insurance.
The acquisition, which was announced in August, enhances Marsh’s market-leading position in the region’s corporate market segments and will offer significant benefits to clients of both companies.
Founded in 1964, Honan’s key offerings span corporate risk advisory and employee benefits. It also specialises in strata and real estate insurance services, offering residential, commercial and industrial, and build to rent advice to large residential buildings (strata committees), agents, and landlords in Australia and New Zealand.
Andrew Fluitsma, previously CEO of Honan, today becomes Marsh’s Pacific Head of Corporate and Commercial. From today Marsh and Honan will begin bringing colleagues together in Australia, New Zealand, Singapore and Malaysia, with plans to complete co-location within the first quarter of 2024.
Josh Roach, who will become President of Marsh Pacific on 1 January, said: “This is an exciting new chapter; it’s 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.”
Mr Fluitsma said: “I’m 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.”
About Marsh
Marsh is the world’s leading insurance broker and risk advisor. With over 45,000 colleagues operating in 130 countries, Marsh serves commercial and individual clients with data-driven risk solutions and advisory services. Marsh is a business of Marsh McLennan (NYSE: MMC), the world’s leading professional services firm in the areas of risk, strategy and people. With annual revenue over $20 billion, Marsh McLennan helps clients navigate an increasingly dynamic and complex environment through four market-leading businesses: Marsh, Guy Carpenter, Mercer and Oliver Wyman. For more information, visit marshmclennan.com, and follow us on LinkedIn and Twitter.
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Marsh Pty Ltd (ABN 86 004 651 512, AFSL 238 983) (“Marsh”) and Marsh Advantage Insurance Pty Ltd (ABN 31 081 358 303, AFSL 238 369) (“MAI”) arrange the general insurance (i.e. not the Discretionary Trust Arrangement) and are not the insurer.
Discretionary Trust Arrangements are issued by the Trustee, JLT Group Services Pty Ltd (ABN 26 004 485 214, AFSL 417 964) (“JGS”). Any advice or dealing in relation to a Discretionary Trust Arrangement is provided by JLT Risk Solutions Pty Ltd (ABN 69 009 098 864, AFSL 226 827) (“JLT”). The cover provided by a Discretionary Trust Arrangement is subject to the Trustee’s discretion and/or the relevant policy terms, conditions and exclusions.
For full details of the terms, conditions and limitations of the covers and before making any decision about whether to acquire a product, refer to the specific policy wordings and/or Product Disclosure Statements (PDSs) available from the relevant product issuer. Target Market Determinations (TMDs) are available here.
Marsh, MAI, JGS and JLT are all businesses of the Marsh group.