Australia’s Honan Insurance Acquires Singapore’s MACS Insurance Brokers

Honan Insurance Group Pty Ltd

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 specializing 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.

“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,” Honan Insurance Group CEO Damien Honan said.

Honan Insurance Group Pty Ltd
Honan Insurance Group Pty Ltd

Sam Tan, Managing Director of MACS Insurance Brokers, 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,” Tan said.

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 finalized 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. –