Australian broker Honan Insurance Group (Honan) has acquired Modern Risk Solutions (Modern Risk), an insurance and risk advisory specialist.

The financial value of the deal was not disclosed.

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The acquired firm, which specialises in sectors of emerging tech, startup and life sciences, will join Honan’s group of companies and continue to operate as a discrete entity.

Honan CEO Andrew Fluitsma claimed that Modern Risk has recorded a 40% compound annual revenue growth in the last five years.

Fluitsma added: “Headed up by co-Founders Mike Cole and Geoff Stooke – both revered risk advisors within Australia’s thriving emerging tech, entrepreneur and life sciences space, Modern Risk’s approach to these key verticals is well ahead of the curve.

“Modern Risk’s challenger ethos is acutely aligned to that of Honan’s, and more importantly, firmly operationalised and culturally entrenched across the business.”

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Stooke said: “For our clients, the extra muscle offered by a globally networked, equity-backed broker will deliver a myriad of new and innovative opportunities; from enhanced services and analytics platforms to a broader suite of products to support their ongoing evolution and growth.”

Last year, Honan received an undisclosed investment from American private equity firm TA Associates.

Founded in 1964, Honan offers services for corporate, strata, real estate and employee benefits markets in Australia, New Zealand and Southeast Asia.

In the last 19 years, the insurance broker has grown revenue at a compound annual growth rate (CAGR) of nearly 17%.