Friday, November 24, 2017

Honan Insurance to acquire Singapore-based NGA Benefits

Honan Insurance Group, an Australian-owned and operated insurance broking company, is acquiring Singapore-based employee benefits and insurance intermediary firm NGA Benefits.

The acquisition, which still requires regulatory approval from the Monetary Authority of Singapore, is part of Honan’s continuing investment in South-East Asia and follows its 2015 purchase of another Singapore-based general insurance and employee benefits broker, MACS Insurance Brokers.

NGA Benefits is a subsidiary of UK-based global payroll and HR outsourcing firm NGA Human Resources.

In a press statement, Honan Insurance Group CEO Damien Honan said NGA Benefits is strongly aligned to Honan’s approach and the company has a well-earned reputation as an employee benefits expert.

The acquisition, Honan added, will enhance the insurance broker’s capabilities across the region.

NGA Benefits Singapore CEO Rachel Wee said the acquisition supports NGA’s expansion of service offerings.

Honan Insurance Group plans to rebrand the company as Honan Benefits, with Wee and her local management team leading the business.

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