Founded in 1964, Honan offers commercial insurance, risk and financial solutions to businesses across various industries
TA Associates to invest in Australian broker. (Credit: Pixabay/Gerd Altmann.)
American private equity firm TA Associates has agreed to make strategic growth investment in Australian commercial insurance broker Honan Insurance Group.
Financial details related to the transaction were not disclosed.
Honan Group CEO and executive director, Damien Honan, CEO, Andrew Fluitsma and chief operating officer, Laurence Basell will continue in their respective positions and remain as shareholders alongside TA Associates.
Founded in 1964, Honan, on behalf of its clients, designs, prices and negotiates insurance policies. The verticals served by the company include corporate, strata, real estate and employee benefits markets, primarily across Australia, New Zealand and Southeast Asia.
Headquartered in Melbourne, Australia, Honan has a workforce of 200 employees in seven offices. It is part of the World Broker Network (WBN).
The insurance broker has grown revenue at a compound annual growth rate (CAGR) of about 17% in the last 19 years.
Honan Insurance Group CEO and executive director Damien Honan said: “We are very pleased to welcome TA Associates as an investor in Honan. In choosing to partner with TA, the Honan team was particularly attracted by the firm’s global presence, long history of investing in the insurance brokerage sector and experience in partnering with growing companies.
“We believe that TA will be a valuable partner as we seek to further grow Honan both in the domestic Australian market and overseas.”
TA Associates’ investment in Honan is expected to be closed later this year
The investment is expected to close in the second half of this year, subject to customary regulatory approvals and closing conditions.
TA Associates senior vice president Andrew Tay said: “With a commitment to providing tailored recommendations and high-quality customer service, Honan has grown significantly over the past few years.
“We are excited to be investing in Honan alongside a talented management team, and we look forward to building on their track record of growth.”