Honan Insurance Group has bought Carollo Horton, a privately held pharmacy insurance specialist broker headquartered in Melbourne. 

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

Honan says the Australian pharmaceuticals market is a “high-growth” space that is projected to be worth about $45 billion by 2026, representing compound annual growth rate of 2.1%. There are about 5700 pharmacies employing 70,000 staff currently. 

“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,” CEO Andrew Fluitsma said. 

Carollo Horton was established in 1989, specialising in pharmacy and chemist risk solutions. 

“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,” CEO Giuseppe Carollo said. 

He says Honan is a “dynamic partner” that will bring “fresh energy, a global network, broad expertise, and go-to-market sophistication to the table” for Carollo Horton. 

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