Insurance giant Marsh to acquire Australian Honan Insurance Group

Summary：Marsh, the U.S. insurance brokerage giant, will acquire Australia's Honan Insurance Group to improve its services in the Australia-New Zealand market. This deal, worth about 700 million AUD, will offer clients better risk management.

Marsh is an insurance brokerage and risk advisory firm under Marsh & McLennan, providing data-driven risk solutions and consulting services for business and individual clients.

Marsh, a subsidiary of the American insurance broker Marsh & McLennan, announced in a statement that it will acquire Australia's Honan Insurance Group.

Marsh did not disclose the terms of the acquisition. However, Bloomberg was the first to report on the deal, suggesting that it could value Honan at 700 million Australian dollars (approximately 448.7 million US dollars).

Marsh stated that after the transaction is completed, Honan's CEO Andrew Fluitsma will report to Marsh's Pacific region CEO, Nick Harris.

Nick Harris, CEO of Marsh in the Pacific region, mentioned in the statement that with Honan's highly complementary capabilities in corporate risk and strata insurance, Marsh will be able to offer deep expertise to clients in Australia and New Zealand.

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Written byTraderKnows

Created date:2023-08-21 02:43

Last Updated:2024-05-07 06:22

Independent Analysis: Manually researched and fact-checked by the TraderKnows Compliance Team, based on public regulatory records.

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Acquisition Cost

In accounting, acquisition costs are typically capitalized and allocated over future accounting periods to reflect the matching of costs and benefits of the transaction.