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Honan Insurance Group (Honan), one of Australia’s fastest-growing brokers, today announced its acquisition of the Carollo Horton business, a leading insurance broker for the pharmacy industry.
Carollo Horton was established in 1989 with a vision to be the insurer of choice for Australian pharmacies through innovation, growth, and superior customer service. That vision remains today with the business specialising in affordable insurance packages tailored to the needs of pharmacists and pharmacy businesses, while also providing insurance solutions for a range of businesses and individuals.
The move highlights Honan’s success in a highly competitive space for Mergers and Acquisitions (M&A) activity, with the aggregate deal value in the insurance sector totaling $57.5 billion in 2021. In the broker sector specifically, more than 1,000 acquisitions have been made since the beginning of last year.
M&A activity continues to be a defining strategic pillar for Honan, driving a compounded annual growth of 30% over the last three years. This is the fourth acquisition made by Honan in the last 12 months.
Honan Chief Executive Officer, Andrew Fluitsma, said:
“acquiring the Carollo Horton business marks another key step in expanding our expertise and client base, while further cementing us as a challenger to the bigger industry players.”
Australia is home to 5,700 pharmacies that hire 70,000 staff between them. The Australian pharmaceuticals market is a high-growth space that is expected to reach approximately AUD 45 billion by 2026, representing a CAGR of 2.1%.
Carollo Horton not only enables Honan to service a large, fast-growing industry but puts the business in a position to offer more to the health and medical sector, where Honan has a strong existing footprint.
Carollo Horton Chief Executive Officer, Giuseppe Carollo, said:
“We needed a strong partner who could give us the support to achieve our vision of becoming the insurance broker of choice for Australian pharmacies – a dynamic partner like Honan, that brings fresh energy, a global network, broad expertise, and go-to-market sophistication to the table.”
“We look forward to working together to enhance our service platform, leveraging advanced analytics capabilities, and further sharpening our focus on the specialist industry we know so well.”
The acquisition will see the business join the Honan family, as Carollo Horton.
Founded in 1964, and headquartered in Melbourne, Honan is disrupting the traditional broker model. With more than 350 employees from offices in Australia, New Zealand, Singapore, and Malaysia, and through exclusive access to independent insurance and risk advisors via the Worldwide Broker Network, Honan partners with diverse organisations from global and ASX 100 corporations, to property managers, NFPs, start-ups, and sole traders. Thanks to its innovative, customer-led approach and deep sector experience, Honan adds value to clients beyond just insurance, through comprehensive risk profile assessments and clear, easy-to-understand advice.
For over 30 years, Carollo Horton & Associates has been serving the insurance needs of pharmacies, businesses, and everyday Australians. Founded in 1989 by Tony Carollo and Ross Horton, Carollo Horton is committed to delivering quality service through its partnership with one of Australia’s major insurance underwriters. Carollo Horton’s focus is on helping clients protect their businesses, assets, and lifestyles – with tailored insurance solutions and advice based on their individual needs. With Carollo Horton, you have the personal support of a dedicated professional at every step of your insurance journey – from building your insurance portfolio through to claims management.
Keep Left (on behalf of Honan)
Mitchell Blincoe
0427 801 843
