Australia’s Honan Insurance acquires Singapore’s MACS

May 9 2015 by InsuranceAsia News Staff

Honan Insurance Group, an Australian owned and operated insurance broking company, has acquired MACS Insurance Brokers, a Singaporean broker specializing in General Insurance and Employee Benefits in South East Asia for an undisclosed amount.

In a statement posted on its website, Honan said the purchase of MACS Insurance Brokers will allow Honan Insurance Group to increase its presence in Asia and grow its market share in the region.

With the acquisition, MACS Insurance Brokers has been renamed Honan Insurance Group (Asia) Pte Ltd and has moved to a new office at One Raffles Place, Singapore.

Sam Tan, managing director of MACS Insurance Brokers, will remain as MD of Honan Insurance Group (Asia).

Tan said the acquisition complemented MACS’s business goals and would further strengthen Honan’s position as the leading risk partner of choice in the Asia Pacific.

The acquisition has received approval from the Monetary Authority of Singapore.