Honan
Honan was a Singapore-headquartered insurance and employee benefits broker operating across 11 Asia-Pacific markets, acquired by Marsh McLennan effective 1 February 2025 with operations transferred to Marsh McLennan Singapore and Mercer Health & Benefits (Singapore).
- Company typePrivate
- Founded1964
- HeadquartersSingapore, Singapore
- Headcount251–500
- GTM typeB2B
- OfferingServices
Honan firmographics
Firmographics- Name
- Honan
- Legal name
- Honan Insurance Group (Asia) Pte. Ltd.
- Website
- https://honan.asia
- Company type
- Private
- Founded year
- 1964
- Operating status
- Acquired
- Headcount range
- 251–500 employees
- Short description
- Honan was a Singapore-headquartered insurance and employee benefits broker operating across 11 Asia-Pacific markets, acquired by Marsh McLennan effective 1 February 2025 with operations transferred to Marsh McLennan Singapore and Mercer Health & Benefits (Singapore).
- Ownership category
- akta.pro rank
Honan industry classification
Industry- Product category
- Insurance Brokerage Services
- NAICS
- Insurance Agencies and Brokerages (52421), Insurance Agencies and Brokerages (524210)
- SIC
- Insurance Agents, Brokers & Service (6411)
- akta.pro primary industry
- Employee Benefits Brokerage & Consulting (FSAEADAC)
Keywords
Where Honan is headquartered
LocationHeadquarters
- HQ city
- Singapore
- HQ country
- Singapore
- HQ region
- Asia
Offices1 record
Markets served
Honan business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Personnel, Operations, Marketing or Sales, Technology or R&D
Honan product offering
Product offeringCore offering
Honan provided insurance brokerage and risk management services for commercial and individual clients across Asia-Pacific markets, along with employee health and benefits consulting and brokerage services including health insurance, retirement benefits, and wellness programs. The company operated through two core entities—Honan Insurance Group (Asia) Pte. Ltd. and Honan Benefits Pte. Ltd.—delivering solutions across multiple Asia-Pacific geographies.
Product overview
Honan operated as a dual-product insurance and employee benefits brokerage firm. The company consisted of two core offerings: Honan Insurance Group (Asia) Pte. Ltd. providing commercial and personal insurance brokerage services, and Honan Benefits Pte. Ltd. delivering employee health and benefits consulting solutions. Following the acquisition by Marsh McLennan, these services are transitioning to Marsh McLennan Singapore Pte Ltd and Mercer Health & Benefits (Singapore) Pte. Ltd. effective 1 February 2025.
Differentiator
Problem solved
Functional benefit
Products and services
- Honan Insurance Group (Asia) Pte. Ltd.
Companies that use Honan
Customer profileSegments1 record
Ideal customer profiles3 records
Honan technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Honan partnerships and signals
Strategic signalPartnerships
One partnership is on record.
- Mercer Health & Benefits (Singapore) Pte. Ltd.coreMercer Health & Benefits (Singapore) Pte. Ltd. is receiving transferred employee benefits business from Honan as part of the Marsh McLennan acquisition completed on 1 February 2025.
Recent moves2 records
Expansion highlights1 record
Honan competitors and assessment
Company assessmentEmerging players
- Howden: Fast-growing global insurance brokerage group with expanding APAC operations. Comparable as a competing mid-to-large brokerage pursuing similar commercial and specialty lines in Asia-Pacific.
Direct peers
- Arthur J. Gallagher & Co. US-headquartered global insurance brokerage and risk management services firm with growing APAC presence. Closely comparable in commercial and personal lines brokerage plus employee benefits capabilities.
- Lockton: Largest independent insurance brokerage globally with significant APAC operations in Singapore, Hong Kong, and other regional hubs. Closely comparable as a privately-held brokerage serving commercial clients and employee benefits programs.
- Mercer: Marsh McLennan-owned health and benefits consulting firm that is now directly receiving transferred Honan Benefits business. Comparable for the employee benefits consulting portion of Honan's business across APAC.
- Willis Towers Watson (WTW): Global advisory, broking, and solutions firm with deep APAC operations. Competes head-to-head with Honan in commercial insurance brokerage and employee benefits consulting across the same regional footprint.
- Aon: Global insurance and reinsurance brokerage with a strong APAC presence. Directly comparable to Honan in commercial insurance placement, risk advisory, and benefits consulting across Asia-Pacific markets.
Broad incumbents
- Marsh McLennan: Global professional services firm in risk, insurance brokerage, reinsurance, and benefits consulting. It is now Honan's parent following the 1 February 2025 acquisition and the most direct incumbent comparable in APAC insurance brokerage and employee benefits.
Regional players
- AIA Group: Pan-Asian life and health insurance group headquartered in Hong Kong with operations across Honan's key markets. Comparable regional incumbent for benefits and personal lines distribution in APAC.
- Bupa: International health insurance and healthcare group with strong APAC presence, particularly in Australia and Asia. Comparable as an APAC health/benefits insurance provider with overlapping customer base in employee health benefits.
- Cigna Healthcare Asia Pacific: Global health services company with significant Asia-Pacific operations focused on employee health benefits and international health insurance. Comparable to Honan Benefits' employee health and benefits consulting book.
Market position
Strengths4 records
Weaknesses4 records
Competitive moat3 records
Key risks5 records
Key highlights5 records
Customer concentration
Honan social profiles
Digital presenceHonan financial estimates
Financial estimateRevenue estimate
Valuation estimate
Honan leadership team
Management profileNumber of profiles
Profiles1 record
Honan funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Honan M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Honan
What does Honan do?
Honan provided insurance brokerage and risk management services for commercial and individual clients across Asia-Pacific markets, along with employee health and benefits consulting and brokerage services including health insurance, retirement benefits, and wellness programs. The company operated through two core entities—Honan Insurance Group (Asia) Pte. Ltd. and Honan Benefits Pte. Ltd.—delivering solutions across multiple Asia-Pacific geographies.
Is Honan a public or private company?
Honan is a private company. It is classified as corporate owned and is currently acquired.
When was Honan founded?
Honan was founded in 1964. It employs 251 to 500 people.
Where is Honan based?
Honan is headquartered in Singapore, Singapore, in the Asia region.
Who are Honan's main competitors?
Howden is listed as an emerging player. Direct peers are Arthur J. Gallagher & Co., Lockton, Mercer, Willis Towers Watson (WTW) and Aon. Marsh McLennan is listed as a broad incumbent. Regional players are AIA Group, Bupa and Cigna Healthcare Asia Pacific.
Does Honan have an API?
No public API is recorded for Honan.
What industry is Honan in?
Honan's product category is Insurance Brokerage Services. Its primary akta.pro industry code is FSAEADAC, Employee Benefits Brokerage & Consulting. Its NAICS code is 52421 and its SIC code is 6411.