Shopping spree: Honan buys NZ brokerage

Melbourne headquartered international broker Honan Insurance Group (Honan), has bought New Zealand brokerage, Certus Insurance Brokers (CIBNZ). The acquisition was announced in a media release this morning.

“The acquisition of CIBNZ now gives us the regional expertise backed by the Honan firepower to rapidly expand our share of the Antipodean market,” said Honan CEO Andrew Fluitsma (pictured above).

The release said CIBNZ has two Auckland offices and a team of 15 risk advisors, brokers and general insurance specialists.

“After building Certus Insurance Brokers into a successful independent brokerage specialising in SME and domestic insurance, now is the right time to become part of a larger and progressive group,” said CIBNZ general manager, Mark Gustafson.

Fluitsma referred to “an intense 12 months of M&A activity.”

His firm has acquired 10 companies in Australia and New Zealand over the last year. According to Honan, this amounts to 20% of Australia’s total M&A (mergers and acquisitions) activity. The brokerage’s GWP (gross written premium) is now more than $500 million.

CIBNZ will continue to operate under its own name.

Honan was founded in 1964 and has offices in Australia, New Zealand, Singapore and Malaysia.