Global growth private equity firm, TA Associates has signed a strategic growth investment in commercial insurance broker, Honan Insurance Group.
Honan’s group chief executive and executive director, Damien Honan, chief executive officer, Andrew Fluitsma, and chief operating officer, Laurence Basell, would continue to lead the business and be shareholders alongside TA.
Honan said: “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.”
Also commenting on the investment, managing director and co-head of Asia operations of TA Associates Asia, Edward Sippel, said his firm was impressed by Honan’s strong reputation within the commercial insurance brokerage industry and its “vibrant corporate culture”.
“We are delighted and honoured to be partnering with the Honan management team as they embark on the company’s next phase of growth,” Sippel said.
Honan’s main verticals were in the corporate, strata, real estate, and employee benefit markets in Australia, New Zealand, and Southeast Asia where it designs, prices, and negotiates insurance policies on behalf of corporate clients.