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Australia's Honan Insurance to buy Singapore-based NGA Benefits

Australia-based Honan Insurance Group said Oct. 17 that it will acquire Singapore-based NGA Benefits.

The group did not disclose financial details of the transaction. It noted that the acquisition of NGA Benefits is part of its continuing investment in Southeast Asia and follows its purchase of Singapore-based MACS Insurance Brokers in 2015.

The deal is subject to approval from the Monetary Authority of Singapore.

NGA Benefits is an employee benefits consulting, insurance intermediary and benefits administration company, operating in Singapore and Malaysia.