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Marsh to buy Australia’s Honan


(Reuters) — Broker Marsh LLC, a unit of Marsh & McLennan Cos. Inc., said in a statement Sunday it would acquire Australia’s Honan Insurance Group.

Marsh didn’t disclose terms of the acquisition. However, Bloomberg News, which first reported the deal, said the transaction could value Honan around A$700 million ($448.7 million).

Marsh said that on completion, Andrew Fluitsma, CEO of Honan, will report to Nick Harris, Marsh’s CEO of Pacific.

“The addition of Honan’s highly complementary capabilities, particularly in corporate risk and strata insurance, will enable Marsh to deepen the specialist expertise we provide to clients across Australia and New Zealand,” Mr. Harris said in a statement.