Honan and Howden have both announced acquisitions today, as M&A in the broking sector continues to be highly competitive…
Howden has acquired full ownership of AlphaXO Risk Partners, a specialty insurance broker headquartered in Sydney.
Pacific CEO Matt Bacon says the move will strengthen Howden’s position in the Australian, New Zealand and Pacific insurance markets.
“It reflects our commitment to build a leading business in the region, focused on developing long-term relationships with clients, and offering full-service expertise and capability,” Mr Bacon said.
AlphaXO Risk Partners offers specialist insurance broking and risk consulting services. It is also a marine insurance intermediary, advising on all types of maritime risks ranging from hull and machinery, protection and indemnity, cargo, marine liabilities to shipbuilding and repairing.
Howden says the AlphaXO leadership team remains unchanged, with MD Andrew Glover continuing to oversee the business.
Meanwhile, Honan Insurance Group has acquired Melbourne-based transportation and logistics broker ATIA Insurance Services (ATIA).
Honan says the move comes as a “natural addition” to its current business, with ATIA specialising in offering risk advisory services relating to financial, political and general insurance areas for the transport and logistics industry.
Honan CEO Andrew Fluitsma says the group has “admired ATIA for a long time,” and that its expertise will be highly valued given the unique challenges of its specialised industries.
“Transport and Logistics is a $100 billion industry in Australia and comes with its own unique set of risks and insurance needs exacerbated by recent supply chain challenges spurred by the pandemic, rising global inflation and the conflict in Ukraine,” Mr Fluitsma said.
“Bringing ATIA into the Honan Group will allow our clients to tap their unique expertise and networks developed over the last four decades, particularly in the transport and logistics space.”
ATIA is expected to continue to operate under its own name while using Honan to “offer additional specialisations and services”.
More details on these stories can be found at The Broker.