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Press release

Marsh to acquire Honan Insurance Group

21/08/2023

Transaction to create leading corporate risk and strata insurance offering in Australia and New Zealand   

Sydney, 21 August, 2023 – Marsh, the world’s leading insurance broker and risk advisor and a business of Marsh McLennan, today announced that it has reached agreement to acquire 100% of the outstanding share capital of Honan Insurance Group Pty Ltd (Honan), a leading specialist insurance broker in the areas of corporate risk, employee benefits, and strata and real estate insurance. This includes the 80% holding of majority shareholder TA Associates (TA), a leading global private equity firm. Terms of the acquisition, which is expected to be completed later in 2023 subject to regulatory approvals, were not disclosed.

Founded in 1964, Honan operates across Australia, New Zealand, and Asia from its Melbourne headquarters, serving over 30,000 clients from offices in Sydney, Brisbane, Perth, Adelaide, Darwin, Newcastle, Auckland, Singapore, and Kuala Lumpur. As well as corporate risk advisory and employee benefits, Honan 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.

On completion, Andrew Fluitsma, CEO of Honan, will report to Nick Harris, CEO, Pacific, Marsh. The well-regarded management team and employees of Honan will further strengthen Marsh’s corporate offering.

Commenting on the acquisition, Mr. 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 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.”

Mr. Fluitsma added: “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 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 are committed to this exciting next phase of growth within Marsh."

About Marsh

Marsh, a business of Marsh McLennan (NYSE: MMC), is the world’s top insurance broker and risk advisor. Marsh McLennan is a global leader in risk, strategy and people, advising clients in 130 countries across four businesses: Marsh, Guy Carpenter, Mercer and Oliver Wyman. With annual revenue of over $24 billion and more than 90,000 colleagues, Marsh McLennan helps build the confidence to thrive through the power of perspective. For more information, visit marsh.com, or follow us on LinkedIn and X.

About Honan Insurance Group

Founded in 1964, and headquartered in Melbourne, Honan is disrupting the traditional broker model. With more than 400 employees from offices in Australia, New Zealand, Singapore, and Malaysia, and through exclusive access to independent insurance and risk advisors via the Worldwide Broker Network, Honan partners with diverse organisations from global and ASX 100 corporations, to property managers, NFPs, start-ups, and sole traders. Thanks to its innovative, customer-led approach and deep sector experience, Honan adds value to clients beyond just insurance, through comprehensive risk profile assessments and clear, easy-to-understand advice.

About TA

TA is a leading global private equity firm focused on scaling growth in profitable companies. Since 1968, TA has invested in more than 560 companies across its five target industries – technology, healthcare, financial services, consumer and business services. Leveraging its deep industry expertise and strategic resources, TA collaborates with management teams worldwide to help high-quality companies deliver lasting value. The firm has raised $65 billion in capital to date and has over 150 investment professionals across offices in Boston, Menlo Park, Austin, London, Mumbai and Hong Kong. More information about TA can be found at www.ta.com.

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