TA Associates backs Honan Insurance Group

Private equity firm TA Associates announced it has signed a definitive agreement to make a strategic growth investment in commercial insurance broker Honan Insurance Group.

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. Financial terms of the transaction were not disclosed.

Honan designs, prices and negotiates insurance policies on behalf of corporate clients. The Company’s main verticals are in the corporate, real estate and employee benefits markets, primarily in Australia, New Zealand and Southeast Asia. Honan 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. The Company was founded in 1964 and is headquartered in Melbourne, Australia. Honan 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. 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.” – Damien Honan, Group CEO and Executive Director of Honan Insurance Group.

“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.” – Andrew Tay, a Senior Vice President at TA Associates.

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