Pharmacy Daily | Carollo Horton acquired by Honan

PHARMACY industry insurance broker Carollo Horton has been purchased by Honan Insurance Group, which is one of Australia's fastest growing insurance brokers.

Carollo Horton was established in 1989 with a vision to be the "insurer of choice for Australian pharmacies through innovation, growth and superior customer service", specialising in affordable insurance packages tailored to the needs of pharmacists and pharmacy businesses.

Carollo Horton also provides insurance solutions for a range of other businesses and individuals.

Honan Insurance Group is on an aggressive growth path, making more than 1,000 broker sector acquisitions since the start of 2021.

"Acquiring the Carollo Horton business marks another key step in expanding our expertise and client base, while further cementing us as a challenger to the bigger industry players," said Honan Insurance Group CEO, Andrew Fluitsma.

He noted that Australia is home to 5,700 pharmacies that hire 70,000 staff between them.

"The Australian pharmaceuticals market is a high-growth space that is expected to reach approximately A$45 billion by 2026, representing a compound annual growth rate of 2.1%," he added.

"Carollo Horton not only enables Honan to service a large, fast-growing industry, but puts the business in a position to offer more to the health and medical sector, where Honan has a strong existing footprint," Fluitsma said.

Carollo Horton CEO, Guiseppe Carollo, said "we needed a strong partner who could give us the support to achieve our vision of becoming the insurance broker of choice for Australian pharmacies - a dynamic partner like Honan, that brings fresh energy, a global network, broad expertise, and go-to-market sophistication to the table".

"We look forward to working together to enhance our service platform, leveraging advanced analytics capabilities, and further sharpening our focus on the specialist industry we know so well," Carollo concluded.