Drew Burden

Risk insurance advice specialists, MBS Insurance, has acquired the life insurance arm of Honan Insurance Group.

The deal adds four partners, including three experienced risk specialists, to MBS Insurance’s rapidly expanding team, reflecting the group’s plans to accelerate growth and deliver quality life insurance advice to more Australians.

As part of the deal, former Head of Honan Life, Katherine Beard, and risk specialists, Peter Blassis, Tyler Scarce and Garth McLardie, have joined MBS Insurance. Drew Burden, Partner and Co-CEO at MBS Insurance, said the group had invested significantly in its operational infrastructure, technology and advice processes to make MBS the partner of choice in risk.

“We’re continuously investing in our people, technology and governance systems to deliver better outcomes for our clients and to enable the advice capabilities of our partners,” he said.

“Demand for quality life insurance advice is high and growing but adviser numbers are not, and we want to play a leadership role in growing that pool, which means aligning ourselves with the right people and businesses to drive those better client and advice outcomes, while also unlocking greater market opportunities for our sector.”

Mr Blassis described MBS as the “market leader in life insurance advice and a natural fit”.

“This deal is a win, win, win that makes sense and delivers benefits to every party,” he said.

“MBS has a clear vision and strategy to grow and deliver superior outcomes for clients and their joint venture partners, which is very exciting for us.”

Under the arrangement, MBS Insurance will also take on a number of Honan Life Insurance’s joint venture partnerships and referral relationships.

Mr Burden said MBS Insurance’s burgeoning size and scale enabled it to be flexible and creative in developing business growth and succession solutions for advisers.

“We are focused on growing and partnering with advisers to deliver quality life insurance advice, whether that’s acquiring all or part of a business, forming joint venture arrangements with advice firms, or recruiting and training new advisers inhouse,” he said.

“Our value proposition and advice capabilities have been built and refined over the past 20 years and we are strongly positioned to continue supporting advice firms to achieve their goals and objectives.”

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