Honan Insurance Group has announced its latest acquisition as the Australia-based brokerage further expands its overseas footprint.
The firm has acquired Singapore-based NGA Benefits, a brokerage with an employee benefits consulting and benefits administration business, operating in both Singapore and Malaysia.
Damien Honan, CEO of Honan Insurance Group, said that the acquisition is “strongly aligned” with Honan’s growth strategy.
“NGA Benefits will enhance our capabilities across the region and provide an excellent proposition in Asia for our international broking network partners,” Honan said.
Rachel Wee, CEO of NGA Benefits Singapore, said that joining the Honan Insurance Group is an “important step” for the firm.
“It supports the expansion of our service offering to include the full range of general insurance products and services,” Wee said.
Honan Insurance Group currently has officers across Australia and New Zealand alongside its Asian operations in Singapore. Last year, the firm announced its further expansion into the Asian market with a strategic relationship with Hayat Group in Malaysia.
NGA Benefits is a subsidiary of global payroll and HR outsourcing company NGA Human Resources, which is based in the UK.
The acquisition is subject to regulatory approval from the Monetary Authority of Singapore (MAS).
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