Rapidly growing broker Honan Insurance Group (Honan) has acquired Rehab Life, an accredited provider of vocational rehabilitation, injury management, and workplace risk services.
Workplace injuries continue to dramatically impact Australian employers, with recent data from Safe Work Australia showing that a median of 6.6 weeks are lost per serious workplace claim, while the median compensation paid per claim totals $13,500. Meanwhile, Honan showed that shoulder injuries in workplaces were the costliest claims, with the average claim tallying $11,500 and 15.5% of shoulder injury claims exceeding $100,000.
The acquisition will see Honan's risk consulting team use Rehab Life's expertise in rehabilitation wellbeing and return-to-work services, a significant strategic growth channel enabling the brokerage to deliver more value for clients concerning employee health and wellbeing. Rehab Life will continue operating under its brand name.
“Our relationship with Rehab Life and [Rehab Life CEO] Grant Bourne started in 2015 when we worked together to establish our workplace risk division, and we've since grown to be trusted partners,” said Honan CEO Andrew Fluitsma. “Acquiring Rehab Life will help us to add allied health expertise to our risk consulting team, creating more opportunities for more specialised, value-added service for our clients.”
Established in 2013, Rehab Life harnesses its team of health professionals, including occupational therapists, physiotherapists, exercise physiologists, rehabilitation counsellors, and psychologists, to help people return to work following injury.
Commenting on the acquisition, Rehab Life CEO Grant Bourne said: “We have nurtured a relationship with Honan over several years, achieving great things together. We're excited for this next chapter in our shared history. Honan is the right fit for us as they are one of the fastest growing brokers in the Asia-Pacific region, providing us the necessary footprint to expand our services.”
Mergers and acquisitions (M&A) activity continues to be a defining strategic pillar for Honan, driving a compounded annual growth of 30% over the last three years. This is the fourth acquisition made by Honan in the last six months and follows the acquisition of life insurance specialist Trumpet Financial.
