International Benefits Network (IBN)

Since May 2010 Honan Insurance Group has been a member of the International Benefits Network  (IBN). The IBN is a network of independent employee benefits consultants in over 70 countries, providing members and their clients with global employee benefits expertise and promoting global standards in employee benefit consulting.

By extension of the International Benefits Network, you have a consultant who:

  • Provides expert local advice
  • Understands you, your organisation and its policies
  • Has speedy access to specialist advice on current conditions internationally
  • Can analyse your problem efficiently and develop recommendations
  • Can implement an agreed solution utilising other members of the IBN to undertake the work, or put you in touch with other respected professionals such as accountants or lawyers in the appropriate countries

Worldwide Broker Network (WBN)

Since November 2001, Honan Insurance Group has been a member of the Worldwide Broker Network.  With partner firms represented in over 100 countries throughout Europe, North, South and Central America, Africa and the Asia Pacific region, the WBN is the largest fully integrated network of independent property & casualtybrokers  and employee benefits consultants in the world.

Partnering with the WBN gives us the ability to handle localised insurance and employee benefits programmes for globally managed insurance programmes, ensuring that our clients receive comprehensive service from a single source.

In an increasingly global business environment, our association with the WBN also allows us to provide an internationally integrated service for Australian-based companies with overseas interest, as well as international companies doing business in Australia.

Watch Why WBN in 100 Seconds

Singapore Ranked 7th for Innovation

The Global Innovation Index (GII) has ranked Singapore as a world leader at number 7, based on its innovation capabilities. The GII reports provide detailed metrics for over 140 economies, representing a total of 98.6% of the global GDP. Countries are ranked on a number of factors that determine innovation and contribute to a supporting environment for businesses.

According to the most recent GII report, Singapore’s key strengths include:

– Royalty and license fees payments
– High and medium-high – tech manufacturing
– High tech exports less re-exports
– FDI net outflows (%GDP)
– Business sophistication
– Tertiary education

This is great news for us at Honan, and by extension our clients and global broking partners, as we are in the process of expanding the Honan Insurance Group (Asia) arm of our business, based in Singapore. For more information regarding Honan’s acquisition of MACS Insurance Brokers you can view our media release here or alternatively you can contact our Singapore office and speak to one of our friendly advisors on +65 6323 3411.

Honan Sets Sight on Singapore Acquiring MACS Insurance Brokers

Honan Insurance Group Pty Ltd has completed their acquisition of MACS Insurance Brokers Pte Ltd.

MACS Insurance Brokers has been renamed to Honan Insurance Group (Asia) Pte Ltd, forming part of the Honan brand.

Honan Insurance Group (Asia) has moved to new premises at One Raffles Place, Singapore.

Honan Insurance Group, an Australian based insurance and financial services broker with a strong presence in the Asia Pacific region, has acquired MACS Insurance Brokers, a Singaporean broker specialising in General Insurance and Employee Benefits in South East Asia.

The purchase of MACS Insurance Brokers allows Honan Insurance Group to increase their presence in Asia and enhance their Employee Benefits, Property & Casualty, Trade Credit and Surety capabilities. Chief Executive Officer of Honan Insurance Group, Damien Honan, said ‘We are pleased to have had this opportunity to partner with MACS Insurance Brokers, as the combination of our global resources and their expertise in the Asian marketplace gives us the capacity to offer a truly integrated and intimate service across the Asia Pacific.’

‘Our local knowledge and strategic geographical position in Singapore means we are well placed and more flexible to move forward on planned initiatives that will contribute to growing market share in Asia,’ commented Sam Tan, Managing Director of MACS Insurance Brokers, who will remain as MD of Honan Insurance Group (Asia). ‘This partnership complements our long term business goals and strengthens Honan’s position as the leading risk partner of choice in the Asia Pacific,’ said Mr. Tan.

MACS Insurance Brokers will form part of the Honan brand, operating as Honan Insurance Group (Asia) Pte Ltd, and has moved to larger offices at One Raffles Place to accommodate expected growth. The integration of both companies is effective as of 29 April, 2015.

‘We are pleased to say this acquisition, while a huge milestone for us, has not disrupted our service to our clients. They have received the same quality service they have come to expect from us,’ said Mr. Honan.

The acquisition was finalised following the approval of the Monetary Authority of Singapore. ‘The journey towards acquisition began back in 2012 when Sam and I decided to formally enter into a partnership. It made sense, our business values were aligned and we shared the same vision for our companies. It has taken us a while, but we are here now and both excited for what the future holds,’ said Mr. Honan.

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