Honan Insurance Group targets Singapore
Honan Insurance Group, an Australian insurance and financial services broker, has received its broking licence from the Monetary Authority of Singapore (MAS), allowing it to operate there as a certified broker.
The licence paves the way for the company to complete its acquisition of privately owned Singapore broker Macs Insurance Brokers, in which it bought a 15 percent stake more than two years ago.
“This is an exciting time for Honan as we expand our footprint on the international insurance front, further developing our presence in the Asia-Pacific region,” said Damien Honan, the chief executive of Honan.
“In order to accomplish our goals and thrive in the global insurance marketplace we have needed to adopt new business strategies and penetrate key international markets. Trading as a licensed broker in Singapore allows us to provide an intimate service to our ever-expanding global client base.
“Additionally, the impacts of the global financial crisis have encouraged businesses from the US, Europe and Australia to seek cost-efficient investment opportunities in the Asia-Pacific region, this was also another driver of our expansion into Singapore,” said Honan.
