Ardrossan was founded by Nick Harvey in 2013, following a 25-year career in insurance broking and risk advisory including senior positions at HSBC Insurance Brokers UK, Marsh UK, and OAMPS Insurance Brokers The business works with diverse sectors including professional services, manufacturing, retail, hospitality, finance, property, transport and logistics, construction, sport, and leisure. 

Honan Chief Executive Officer, Andrew Fluitsma, said:

“Under Nick Harvey’s leadership, Ardrossan has built a strong reputation in the Australian market, and by joining forces, we’ll see our platform and infrastructure help Ardrossan optimise its operations. Ultimately, we want to disrupt the traditional broker model and strategic business partnerships such as this, where we share an entrepreneurial spirit and take a similar approach to client service excellence, help us to innovate the risk industry.”

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Founder of Ardrossan, Nick Harvey, said:

“Honan’s acquisition represents an important and natural step in the growth and evolution of Ardrossan. Establishing the business 10 years ago we set out to provide high-quality, insurance and risk consulting advice to Australia’s privately owned global, national and SME sectors. During this period, we grew to be one of Australia’s leading specialist brokers supported by loyal customers, staff, and insurer partners. As we grow in the future, the risk and insurance complexities organisations face will also continue to broaden and we look forward to delivering solutions to our clients based upon our existing depth of knowledge plus the additional extensive resources of Honan. Access to Honan’s specialised claims capabilities, analytics, re-insurance and placement teams, workers’ compensation, industry sector specialisations, life and employee benefit solutions, and IT resources will significantly benefit our clients and staff”.

Honan’s acquisition of Ardrossan comes at a time when geopolitical instability, inflation and rising interest rates continue to pressure the market, reducing the appetite for M&A deals. In fact, Deloitte’s most recent insurance M&A outlook revealed the number of deals in the first half of 2022 decreased by approximately 30% year on year.

“In the insurance broking space, the majority of acquisitions are typically completed by bigger listed firms – especially in times of economic uncertainty when the market pulls back. As a mid-size, but growing business, we continue to compete with bigger players by bringing holistic value to the table and we’re delighted, in these times of uncertainty, to acquire such a business as Ardrossan”, concluded Andrew.

The acquisition will see the business join the Honan family, operating under the Ardrossan name and continuing to be led by Nick Harvey and current staff.

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About Honan Insurance Group

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 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.

About Ardrossan

Ardrossan is a business with a single focus, to provide our clients with exceptional risk consulting and insurance broking services. We are an insurance broker and risk consultancy, with a team of brokers who are recognised leaders in the industry with decades of experience both locally and internationally. After working in the world’s largest insurance broking companies, Nick saw an opportunity to deliver a client experience that would exceed the industry standard and provide a strategic and consultative approach to risk analysis, not simply an insurance program. Utilising our proven global and national experience working with SMEs to large corporate clients as well as specific industry groups, Ardrossan’s clients can make fully informed decisions in managing risk and purchasing insurance. Ardrossan brokers are highly qualified, renowned for their technical ability, and have continually displayed an unconditional desire for achieving the very best for their clients. Our insurance partners respect our capability and level of client understanding and they recognise that our business integrity creates significant opportunities.

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