Adviser MBS Insurance has acquired Marsh-owned Honan Insurance Group’s life business for an undisclosed amount.

Honan Life’s former head Katherine Beard and risk specialists Peter Blassis, Tyler Scarce and Garth McLardie have joined MBS.

MBS partner and co-CEO Drew Burden says demand for life insurance advice is high and growing, but adviser numbers are not.

“We want to play a leadership role in growing that pool, which means aligning ourselves with the right people and businesses to drive those better client and advice outcomes, while also unlocking greater market opportunities for our sector,” he said.

MBS will take on some Honan Life joint venture partnerships and referral relationships under the deal.

“We are focused on growing and partnering with advisers to deliver quality life insurance advice, whether that’s acquiring all or part of a business, forming joint venture arrangements with advice firms, or recruiting and training new advisers in-house,” Mr Burden said.