Honan Insurance Group (Asia), formerly MACS Insurance Brokers, is a fully owned subsidiary of Honan Insurance Group, an international insurance and financial services broker established in 1964.
Honan has over 150 employees with offices in Singapore, Melbourne, Sydney, Brisbane, Perth and New Zealand. As a partner of the Worldwide Broker Network (WBN), Honan has the capability to advise and transact in over 100 countries.
About Honan Insurance Group (Asia)
Honan’s global capabilities were further enhanced with the establishment of the Honan Insurance Group (Asia) division in Singapore. Honan Insurance Group (Asia) was officially formed in 2015, following the acquisition of Singaporean broker MACS Insurance Brokers.
MACS Insurance Brokers
Prior to forming part of the Honan brand and becoming a fully owned subsidiary of Honan Insurance Group, MACS Insurance Brokers specialised in general insurance and employee benefits, operating in South East Asia. Established back in 1993 by Sam Tan, MACS initially started out as a joint venture. After many successful years, a large majority of original MACS staff still remain and now make up the team in Honan Asia, ensuring a continuity of service and that MACS’ expertise and local knowledge remains in the brokerage.
Journey Towards Acquisition
When two spirited entrepreneurs cross paths it can be a wonderful thing. Such was the case when Damien first met Sam. Upon meeting one another, a mutual respect and understanding was instantly found, as the two businessmen quickly realised that they shared similar values and held the same view for the future of their businesses. Thus, the journey towards acquisition begun in early 2012, after the fires in their bellies had been ignited once again, fuelled by a notion of what the future might hold.
In 2012 Honan formally entered into a partnership with MACS, and with the approval from the Monetary Authority of Singapore (MAS), Honan was free to increase their equity share.
Honan Asia’s local knowledge and strategic geographical position in Singapore means Honan is well placed and more flexible to move forward on planned initiatives that will contribute to growing market share in Asia.
Honan: The Early Days
Honan Insurance Group was formed way back in 1964 by Geoff Honan, who was pursuing his vision of how individuals should invest for their future and how businesses should invest in their people. Ultimately Geoff’s strategy proved successful, as it allowed him to steadily grow the business for 30 years and earnt him the reputation of being the number one life agent to Norwich Union.
Current CEO – Damien Honan
In 1993, Geoff’s son, Damien, took over the small general insurance licence and over the years transformed Honan into the thriving global organisation it is known as today.
After working with his father for a number of years, heading up Honan’s Heavy Motor Department, Damien had a vision of his own for Honan Insurance Group, seeing opportunity in diversifying the business into other areas of insurance broking and expanding the business overseas. With the help of Neville Gibson, a respected and renowned leader in the industry, Damien’s vision for Honan soon became a reality.
An Expanding Business
With guidance from some of the industry’s finest and Damien’s determination and entrepreneurial spirit, Honan experienced consistent growth over the years and managed to hit milestone after milestone.
In 2003 Honan moved interstate and opened the Sydney office, which was a significant step for the business. By this time Honan was heavily involved in corporate and business insurance broking and had established a strong presence in the real estate market. Shortly after, Honan moved from the Camberwell office in Victoria to a new location in Southbank, Melbourne. Over the next couple of years, Honan opened offices in Brisbane, Perth and New Zealand to accommodate rapid growth.
From Humble Beginnings to Thriving Global Organisation
Damien’s goal was always for Honan to evolve into a global organisation. This was achieved in November 2001, when Honan Insurance Group became a member of the Worldwide Broker Network (WBN), the word’s largest network of independent property & casualty brokers and employee benefits consultants, giving Honan the capability to provide a truly integrated global service.
Over the years Honan’s partnership with the WBN strengthened, with Honan solidifying their position as the Risk Partner of Choice in Australia and New Zealand, eventually encompassing the entire Asia Pacific region.
Through our exclusive alliances with international networks such as the Worldwide Broker Network (WBN), the International Benefits Network (IBN) and The Regional Network Alliance (RNA), we are able to fully service local clients in international markets and international clients in the Australian market.
It is also through our alliances that we build our local and international relationships, ensuring that Honan Insurance Group maintains its position and regard in the insurance and financial services market place.
We have always felt strongly about partnering with the right organisations and groups, in particular those that share the same passions as we do and work towards improving our community.
Sponsorship is our way of showing appreciation and support, for the organisations and groups that continue to shape our personal and professional lives, as well as the lives of those around us.