Australian broking house Honan Insurance Group is adding a new string to its bow, offering reinsurance solutions via a new division called Honan Re which kicks off operations this week.
Honan Re is based in Singapore and headed by Eliza White, Honan’s Asia MD. It will offer solutions to Honan’s insurance partners throughout the entire reinsurance cycle.
Executive Chairman Damien Honan and CEO Andrew Fluitsma state that the launch comes at an opportune time when the market needs additional capacity and innovative thinking.
“In the current marketplace conditions, we believe it is the best time to launch this initiative and continue to expand Honan’s capabilities and the support we offer our insurer partners,” Mr Honan said.
“We’re very proud of the reinsurance offering as it deepens and broadens the group’s capabilities and further enhances Honan’s reputation as an industry leader.”
Honan, which has operated in Singapore since 2012, says the strategic geographical position offers access to international markets in Asia, Australia, Europe and North America.
“We will quickly bring together experienced reinsurance minds and utilise latest technology and robust analytics to address the insurance needs of our partners,” Ms White said.
Honan Insurance Group
The Honan Insurance Group, one of the leading players in the Australian insurance market, is an Australian owned insurance and financial services broker established in 1964. Currently, the company has over 230 employees with offices in Australia (Melbourne, Sydney, Brisbane, Perth) New Zealand, Singapore and Malaysia. Since it is partner of the Worldwide Broker Network (WBN), Honan has the capabilities to advise and transact in over 100 countries. Among other things, the company, over the years, has built a reputation for integrity, honesty and professionalism.
The entire Australian general insurer market is made up of 85 primary insurers and 11 reinsurers and collectively wrote AU $51 billion (US $35 billion) during the last financial year.
Of this, AU $47 billion was by primary reinsurers and they in turn incurred outwards reinsurance costs of $13 billion.
