Private equity firm TA Associates has agreed to make a strategic growth investment in commercial insurance broker Honan Insurance Group.
Following the transaction, Honan’s Group CEO and Executive Director, Damien Honan, Chief Executive Officer, Andrew Fluitsma, and Chief Operating Officer, Laurence Basell, will continue to lead the business and be shareholders alongside TA.
Honan designs, prices and negotiates policies on behalf of corporate clients and is mainly focused on the corporate, strata, real estate and employee benefits markets in Australia, New Zealand and Southeast Asia.
Founded in 1964, Honan is headquartered in Melbourne, Australia and has grown revenue at a CAGR of approximately 17% over the last 19 years.
“We are very pleased to welcome TA Associates as an investor in Honan,” said Damien Honan, Group CEO and Executive Director of Honan Insurance Group.
“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,” he added. “We believe that TA will be a valuable partner as we seek to further grow Honan both in the domestic Australian market and overseas.”
Andrew Tay, a Senior Vice President at TA Associates, also commented: “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.”
Edward Sippel, a Managing Director and Co-head of Asia operations of TA Associates Asia Pacific Ltd., further stated: “We have been impressed by Honan’s strong reputation within the commercial insurance brokerage industry and its vibrant corporate culture. We are delighted and honored to be partnering with the Honan management team as they embark on the Company’s next phase of growth.”
And finally, Andrew Fluitsma, Chief Executive Officer of Honan Insurance Group, said: “This is an important milestone for Honan as we continue to focus on providing the highest quality advice to our dedicated and loyal customer base, especially in the current challenging environment.”
“The opportunity to bring aboard a long-term, well-respected growth-oriented global investor such as TA, that is fully-aligned and supportive of our business model, is very exciting. We are confident that Honan will benefit from TA’s complementary array of resources and skills.”
