Honan Insurance Group

Name

Honan Insurance Group

Legal name

Honan Insurance Group Pty Ltd

Website

https://honan.com.au

Company type

Private

Founded year

1969

Operating status

Operating

Headcount range

251–500 employees

Ownership category

akta.pro rank

Product category

Strata Insurance Brokerage

NAICS

Insurance Agencies and Brokerages (52421)

SIC

Insurance Agents, Brokers & Service (6411)

akta.pro primary industry

Habitational / Residential Property Managers BOP (FSAJAFAN)

akta.pro secondary industry

Real Estate / Lessors Risk BOP (FSAJAFAI)

Keywords

• Strata insurance brokerage
• Commercial strata insurance
• Build-to-rent insurance
• Body corporate insurance
• Risk management services

Headquarters

HQ city

Melbourne

HQ country

Australia

HQ region

Oceania

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Technology or R&D, Infrastructure

Revenue model

1. Insurance Commission: Commission calculated as percentage of insurance premium paid by clients. Commission rates vary between 0% and 30% of the insurance policy amount (excluding government fees, charges, levies, stamp duty, fire services levy, and GST). Commission is paid by insurers to Honan for placing insurance policies.
2. Broker Fees: Non-refundable broker fees charged to clients for services provided. May also include separate administration fees to cover administration and processing costs in relation to broking services. Underwriting and administration fees may apply when acting under binder arrangements.
3. Premium Funding Commission: Commission received from premium funders when arranging premium funding for clients. Commission rates typically range from 0% to 4% of the funded premium (including government fees and charges).
4. Underwriting Agency Revenue: Revenue from Victor Insurance Pty Ltd and Victor Insurance Australia Pty Ltd, associated underwriting agencies that receive commission as percentage of insurance premium and share of underwriting profits from business introduced to insurers.

Pricing tiers

Go-to-market motion1 record

Distribution channels2 records

Marketing channels2 records

Core offering

Honan Insurance Group is an Australian insurance broker that arranges general insurance coverage for strata-titled and shared-ownership properties, acting as agent for insureds to place business with insurers and specialist underwriting agencies. Its core offering comprises six strata-focused insurance products (residential strata, commercial and industrial strata, build-to-rent, company titles, community association schemes, and residential landlord insurance) supported by risk consulting, program placement, and in-house claims advocacy services for strata managers, owners corporations, developers, and landlords across Australia.

Product overview

Honan Insurance Group is an insurance broker operating as part of the Marsh Group of companies, specializing in strata insurance solutions across Australia. The product portfolio comprises six core insurance products: Residential Strata Insurance and Commercial and Industrial Strata Insurance (covering body corporate/common property under strata title arrangements), Build to Rent Insurance (for developer-retained residential properties), Company Titles Insurance and Community Association Schemes Insurance (for niche ownership structures), and Residential Landlord Insurance (for landlords renting strata units). These products are distributed through insurance brokers and are backed by access to specialist underwriting agencies and global risk expertise through the Marsh network.

Differentiator

Problem solved

Functional benefit

Products and services

• Residential Strata Insurance General insurance covering common or shared property managed by a strata title or body corporate entity in residential settings, including traditional strata plans and complex mixed-use strata or larger building management committees. Targeted at strata managers and owners corporations.
• Commercial and Industrial Strata Insurance Insurance placement for commercial and industrial strata titled properties, covering common or shared property managed by body corporate entities, with access to risk improvements. Targeted at commercial and industrial property owners and operators under strata title arrangements.
• Build to Rent Insurance Insurance coverage for residential property developments where all lots are retained by an owner, developer, managed investment trust or another entity, with units leased directly to tenants and not sold individually. Targeted at build-to-rent developers and managed investment trusts.
• Company Titles Insurance Insurance coverage for company title property ownership — a historical form of shared property ownership predating strata titles — using niche underwriting agencies. Targeted at owners and managers of company title properties.
• Community Association Schemes Insurance Insurance coverage for community association schemes comprising common property, landscapes and facilities on a single land allocation, using niche underwriting agencies. Targeted at community association scheme operators and managers.
• Residential Landlord Insurance Insurance protecting landlords who rent out strata units or apartments against rental-specific losses such as tenant damage, loss of rental income, and liability exposures that standard home insurance does not cover. Targeted at residential landlords and property investors.

Quantifiable outcome

• Access to niche underwriting agencies that specialize in community association schemes and company title properties
• +1 more outcomes

Segments6 records

Ideal customer profiles6 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Five partnerships are on record, tiered core and minor.

• Marsh Pty LtdcoreOthersMarsh Pty Ltd is the parent company of Honan Insurance Group. Marsh is a world leader in delivering risk and insurance services. Honan operates as a subsidiary under the Marsh corporate umbrella. Honan's ultimate parent is Marsh McLennan Companies, Inc. listed on New York, Chicago and London stock exchanges.
• Victor Insurance Pty LtdcoreTechnology or IntegrationVictor Insurance Pty Ltd (ABN 11 146 607 838) is an underwriting agency acting on behalf of insurance companies. It is an associated entity of Honan Insurance Group. Victor has authority to review, quote and bind coverage and service policies on behalf of certain insurance companies, and may manage and settle claims on their behalf. It is an authorised representative of Marsh Pty Ltd.
• Victor Insurance Australia Pty LtdcoreTechnology or IntegrationVictor Insurance Australia Pty Ltd (ABN 83 161 243 198) is an underwriting agency and associated entity of Honan Insurance Group. It has authority to review, quote and bind coverage and service policies on behalf of certain insurance companies and may manage and settle claims. It is an authorised representative of MMA.
• Marsh Valuation Services (MVS)minorStrategic or Co-development PartnerMVS is a division of an associated entity of Honan providing valuations of property, plant, equipment and infrastructure assets for financial reporting, accounting and insurance purposes. Where clients use MVS services, they are charged a separate fee.
• Premium FundersminorChannel Partner/ Reseller/ DistributorHonan arranges premium funding through selected premium funders for clients. Commission from premium funders is typically calculated as percentage of insurance premium (including government fees or charges) and ranges from 0-4%.

Scale indicators3 records

Recent moves5 records

Expansion highlights5 records

Broad incumbents

• AUB Group: ASX-listed Australian insurance broker network (formerly Austbrokers) providing aggregation, underwriting, and risk services. Comparable as a larger-scale Australian broker network whose member firms compete with Honan in the strata and commercial insurance segments.
• Steadfast Group: ASX-listed Australian insurance broker network and underwriting agency operator with the largest network of general insurance brokerages in Australia. Competes indirectly with Honan as an aggregator that supports many brokers placing strata and commercial insurance.
• Aon plc (Australia): Global insurance and reinsurance brokerage with a substantial Australian operation. Competes with Honan in commercial insurance placement but operates at much larger scale and broader line-of-business focus rather than strata specialty.
• Arthur J. Gallagher & Co. (Australia): Global insurance brokerage and risk management firm with significant Australian operations following its 2022 acquisition of Willis Towers Watson's Australian operations. Provides overlapping insurance brokerage capabilities with broader portfolio than Honan's strata specialty.

Direct peers

• PSC Insurance Group: ASX-listed Australian insurance brokerage group that has grown through acquisitions across specialty and general insurance lines. Directly comparable to Honan as a domestically headquartered Australian broker pursuing similar acquisition-led growth in commercial and specialty segments.
• Coverforce Insurance Brokers: Australian insurance brokerage group providing commercial and personal lines insurance placement. Comparable to Honan as a domestically focused Australian broker competing for similar SME and mid-market accounts across multiple lines of business.
• EBM Insurance Brokers: Australian insurance broker best known for its RentCover landlord insurance product, serving strata managers, property investors, and landlords. Highly comparable to Honan given its specialist focus on strata and rental property insurance placement in the Australian market.

Others

• Allianz Australia: Major Australian general insurer underwriting strata, commercial, and landlord insurance. Functions as an insurance carrier that pays commissions to Honan on placed business rather than as a direct broker peer, but its underwriting strategy critically affects Honan's placement options.
• Insurance Australia Group (IAG): ASX-listed Australian general insurer that underwrites strata and commercial property insurance. As Honan's key carrier counterparty rather than a direct broker competitor, IAG is relevant as the underlying risk carrier whose underwriting appetite and pricing directly drives Honan's commission income.

Emerging players

• CHU Underwriting Agencies: Specialist Australian underwriting agency focused on strata and community title insurance. Comparable to Honan as a strata insurance specialist, but operates on the underwriting side rather than brokerage, and could be both a competitor and a capacity partner.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks5 records

Key highlights7 records

Customer concentration

Compliance3 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles3 records

Funding overview

Funding rounds1 record

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A3 records

Investments1 record

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Honan Insurance Group