Honan Insurance Group has announced the proposed acquisition of Singapore-based NGA Benefits, a leading employee benefits consulting, insurance intermediary and benefits administration company, operating throughout Singapore and Malaysia. The deal is subject to regulatory approval from the MAS.
Mr Damien Honan, CEO of Honan Insurance Group, said: “NGA Benefits Singapore is a broker with a well-earned reputation in employee benefits expertise. Their professionalism and dedication to providing exceptional service is strongly aligned to Honan’s approach.”
He added that NGA Benefits will enhance the group's capabilities across the region and provide an excellent proposition in Asia for its international broking network partners, according to a report by Insurance & Risk.
Ms Rachel Wee, CEO of NGA Benefits Singapore, said: “Joining Honan is an important step for NGA Benefits Singapore as we build our value proposition to all our existing and new clients across the region. It supports the expansion of our service offering to include the full range of general insurance products and services.”
NGA Benefits is a subsidiary of NGA Human Resources, a global payroll and human resources outsourcing company based in the United Kingdom with clients including Fortune 500 multinationals and large local companies in the Asia Pacific region. The acquisition is part of Honan’s continuing investment in South East Asia. It follows the purchase of Singapore-based general insurance and employee benefits brokers MACS Insurance Brokers in 2015.
Established in 1964, Honan Insurance Group is a wholly Australian owned general insurance and financial services business.