Honan Insurance Group Pty Ltd has completed their acquisition of MACS Insurance Brokers Pte Ltd.
MACS Insurance Brokers has been renamed to Honan Insurance Group (Asia) Pte Ltd, forming part of the Honan brand.
Honan Insurance Group (Asia) has moved to new premises at One Raffles Place, Singapore.
Honan Insurance Group, an Australian based insurance and financial services broker with a strong presence in the Asia Pacific region, has acquired MACS Insurance Brokers, a Singaporean broker specialising in General Insurance and Employee Benefits in South East Asia.
The purchase of MACS Insurance Brokers allows Honan Insurance Group to increase their presence in Asia and enhance their Employee Benefits, Property & Casualty, Trade Credit and Surety capabilities. Chief Executive Officer of Honan Insurance Group, Damien Honan, said ‘We are pleased to have had this opportunity to partner with MACS Insurance Brokers, as the combination of our global resources and their expertise in the Asian marketplace gives us the capacity to offer a truly integrated and intimate service across the Asia Pacific.’
‘Our local knowledge and strategic geographical position in Singapore means we are well placed and more flexible to move forward on planned initiatives that will contribute to growing market share in Asia,’ commented Sam Tan, Managing Director of MACS Insurance Brokers, who will remain as MD of Honan Insurance Group (Asia). ‘This partnership complements our long term business goals and strengthens Honan’s position as the leading risk partner of choice in the Asia Pacific,’ said Mr. Tan.
MACS Insurance Brokers will form part of the Honan brand, operating as Honan Insurance Group (Asia) Pte Ltd, and has moved to larger offices at One Raffles Place to accommodate expected growth. The integration of both companies is effective as of 29 April, 2015.
‘We are pleased to say this acquisition, while a huge milestone for us, has not disrupted our service to our clients. They have received the same quality service they have come to expect from us,’ said Mr. Honan.
The acquisition was finalised following the approval of the Monetary Authority of Singapore. ‘The journey towards acquisition began back in 2012 when Sam and I decided to formally enter into a partnership. It made sense, our business values were aligned and we shared the same vision for our companies. It has taken us a while, but we are here now and both excited for what the future holds,’ said Mr. Honan.