American private equity firm TA Associates has brokered an agreement to make a strategic investment in Honan Insurance Group, an Australia-based commercial insurance broker.
The companies did not reveal financial details related to the transaction.
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As per the agreement, Honan Group CEO and executive director Damien Honan, CEO Andrew Fluitsma, and COO Laurence Basell will remain in their respective positions and also remain shareholders together with TA Associates.
Honan, which was founded in 1964, designs, prices and negotiates insurance policies on behalf of its clients.
The company offers services to verticals such as corporate, strata, real estate and employee benefits markets, primarily across Australia, New Zealand and Southeast Asia.
Headquartered in Melbourne, Honan employs 200 people across its seven offices. It is part of the World Broker Network (WBN).
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By GlobalDataThe insurance broker, in the last 19 years, has grown revenue at a compound annual growth rate (CAGR) of about 17%.
Honan Insurance Group CEO and executive director Damien 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.”
The investment made by TA Associates in Honan is expected to be wrapped up later this year.
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.”
