Marsh & McLennan Buys Insurance Broking Firm, Boosts Presence In Australia And New Zealand

Marsh & McLennan Companies Inc MMC disclosed the acquisition of Honan Insurance Group Pty Ltd (Honan) for an undisclosed amount.

Honan Insurance is a specialist insurance broker in corporate risk, employee benefits, and strata and real estate insurance, operating across Australia, New Zealand, and Asia.

The acquisition will boost MMC's corporate risk and strata insurance offering in Australia and New Zealand and completed in 2023, subject to regulatory approvals.

"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," said Nick Harris, CEO, Pacific, Marsh.

On completion, Andrew Fluitsma, CEO of Honan, will report to Nick Harris.

Lately, MMC has been on an acquisition spree.

Related: Marsh & McLennan Buys Integrity HR To Boost Employee Health & Benefits Business

In August, the company acquired Graham Company for an undisclosed amount. 

As of June 30, 2023, cash and cash equivalents stood at $1.17 billion. 

Price Action: MMC shares closed higher by 0.05% at $188.84 on Friday.