TA Associates backs Melbourne-based Honan Insurance Group
Global growth private equity firm TA Associates has agreed to make a strategic growth investment in Honan Insurance Group, a Melbourne-based commercial insurance broker.
The deal is expected to close in the second half of 2020. Honan’s Group CEO and executive director Damien Honan, CEO Andrew Fluitsma and COO Laurence Basell will continue to lead the business and be shareholders alongside TA following the transaction.
Honan designs, prices and negotiates insurance policies on behalf of corporate clients. The company’s main verticals are in the corporate, strata, real estate and employee benefits markets, mainly in Australia, New Zealand and Southeast Asia.
Founded in 1964 and headquartered in Melbourne, Australia, 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.
Honan has grown revenue at a CAGR of close to 17 percent over the last 19 years. “We are very pleased to welcome TA Associates as an investor in Honan,” said Damien Honan, Group CEO and Executive Director of Honan Insurance Group.
He continued: “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.”
Andrew Tay, a senior vice president at TA Associates, 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,” he added. TA Associates portfolio includes AMX Corporation, Internationella Engelska Skolan and Intralinks.