Australia-based Commercial Insurance Broker Honan Secures Strategic Funding from TA Associates

By Apac CIO Outlook | Tuesday, May 19, 2020

Fremont, CA: Honan Insurance Group, a Melbourne, Australia-based commercial insurance broker, secured strategic investment from TA Associates, one of the leading global growth private equity firms based in Boston, MA. 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.

Founded in 1964, Honan offers a full range of commercial insurance, risk, and financial solutions to businesses across a wide array of industries, including healthcare, professional services, financial institutions, technology, biotech & life science, construction, logistics, food & beverages, and mining & energy. Since its inception, the company has expanded its roots from Australia-wide to countries including New Zealand, Singapore, and Malaysia. Honan exclusively represents Australia, New Zealand, and Singapore within the WBN. The company has more than 200 employees in seven offices and is part of the World Broker Network, a global network of independent insurance brokers and risk advisors.

“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. We believe that TA will be a valuable partner as we seek to further grow Honan both in the domestic Australian market and overseas.”

“With a commitment to providing tailored recommendations and high-quality customer service, Honan has grown significantly over the past few years,” said Andrew Tay, a Senior Vice President at TA Associates. “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.”

“We have been impressed by Honan’s strong reputation within the commercial insurance brokerage industry and its vibrant corporate culture,” added Edward Sippel, a Managing Director and Co-head of Asia operations of TA Associates Asia Pacific Ltd. “We are delighted and honored to be partnering with the Honan management team as they embark on the Company’s next phase of growth.”

“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,” said Andrew Fluitsma, Chief Executive Officer of Honan Insurance Group. “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 inspiring. We are confident that Honan will benefit from TA’s complimentary array of resources and skills.”

The transaction is expected to close in the second half of 2020, pending customary regulatory approvals and closing conditions.