Honan buys Melbourne-based pharmacy brokerage – The Broker 2 – Insurance News

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Honan is buying a pharmacy brokerage specialist in Melbourne

15 December 2022

Honan Insurance Group has acquired Melbourne-headquartered privately held pharmacy insurance broker Carolo Horton.

The brokerage group announced the acquisition today, saying the move will extend its presence in the healthcare and medical sector.

Honan says the Australian pharmaceuticals market will be worth $45 billion by 2026, representing a 2.1% compound annual growth rate. At present 70,000 employees are working in about 5700 dispensaries.

“The acquisition of the Carolo Horton business is another important step in expanding our expertise and customer base, while further cementing us as a challenger to larger industry players,” said CEO Andrew Flutzma.

Established in 1989, Carolo Horton specializes in pharmacy and chemist risk solutions.

“We need a strong partner who can support us in achieving our vision of becoming the leading insurance broker for Australian pharmacies,” said CEO Giuseppe Carollo.

He says Honan is a “dynamic partner” who brings “fresh energy, a global network, broad expertise and go-to-market expertise” to Carollo Horton.

Honan has made five acquisitions in the past six months, including an investment in Carolo Horton. Earlier this month, it took ownership of Rehab Life, a provider of occupational rehabilitation, injury management and workplace risk services.



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