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Honan eyes further Asian acquisitions

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Honan Insurance Group has finalised the purchase of Singapore-based Macs Insurance Brokers, and says more Asian acquisitions may be on the cards.

Macs has been renamed Honan Insurance Group (Asia) and its 16 staff have moved to larger premises to accommodate expected growth.

CEO Damien Honan says the combination of his broker’s global resources and Macs’ local expertise will lead to a “truly integrated and intimate” service.

Macs MD Sam Tan will remain as MD of Honan Insurance Group (Asia).

Honan took a 15% stake in Macs more than three years ago, and obtained a broking licence from the Monetary Authority of Singapore last year.

Mr Honan told insuranceNEWS.com.au the acquisition is the company’s first, but probably not its last.

“The Asian market is maturing and there are some opportunities, particularly in Malaysia and Hong Kong, that could be interesting. We will concentrate on Singapore first, but 12-18 months down the line there could be others.

“Once you do one [acquisition], other people start getting in touch.”