Honan Insurance Group enjoys new backing

In its announcement, the Boston-based PE company said a definitive agreement had been signed without disclosing financial terms of the transaction, which is expected to close in the second half of the year.

As part of the deal, Honan bosses will continue to lead the commercial insurance broker and be shareholders alongside TA. These are group chief executive and executive director Damien Honan, CEO Andrew Fluitsma, and chief operating officer Laurence Basell.

“We are very pleased to welcome TA Associates as an investor in Honan,” said the group CEO and executive director. “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.”

Founded in 1964, Honan specialises in the corporate, strata, real estate, and employee benefits markets. The World Broker Network member employs more than 200 people in seven offices in Australia, New Zealand, Singapore, and Malaysia.

Lifting the lid on the investment, TA senior vice president Andrew Tay noted: “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.”

Meanwhile Fluitsma described the development as an important milestone for Honan.

“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 very exciting,” he stated. “We are confident that Honan will benefit from TA’s complementary array of resources and skills.”