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, strata, 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 (“WBN”), 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,” said Damien Honan, Group CEO and Executive Director of Honan Insurance Group. “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.”
“With a commitment to providing tailored recommendations and high-quality customer service, Honan has grown significantly over the past few years,” said Andrew Tay, a Senior Vice President at TA Associates. “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.”
“We have been impressed by Honan’s strong reputation within the commercial insurance brokerage industry and its vibrant corporate culture,” added Edward Sippel, a Managing Director and Co-head of Asia operations of TA Associates Asia Pacific Ltd. “We are delighted and honored to be partnering with the Honan management team as they embark on the Company’s next phase of growth.”
“This is an important milestone for Honan as we continue to focus on providing the highest quality advice to our dedicated and loyal customer base, especially in the current challenging environment,” said Andrew Fluitsma, Chief Executive Officer of Honan Insurance Group. “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. We are confident that Honan will benefit from TA’s complementary array of resources and skills.”
The transaction is expected to close in the second half of 2020, pending customary regulatory approvals and closing conditions.
About Honan Insurance Group
Founded in 1964, Honan provides a full range of commercial insurance, risk and financial solutions to businesses across a wide range of industries, including financial institutions, healthcare, professional services, technology, biotech & life science, logistics, construction, food & beverages, and mining & energy. Since its founding, Honan has expanded from Australia-wide to New Zealand, Singapore and Malaysia. Honan exclusively represents Australia, New Zealand and Singapore within the WBN. For more information, please visit https://honan.com.au/.
About TA Associates
TA Associates is a leading global growth private equity firm. Focused on targeted sectors within five industries – technology, healthcare, financial services, consumer and business services – TA invests in profitable, growing companies with opportunities for sustained growth, and has invested in more than 500 companies around the world. Investing as either a majority or minority investor, TA employs a long-term approach, utilizing its strategic resources to help management teams build lasting value in high quality growth companies. TA has raised $33.5 billion in capital since its founding in 1968 and is committing to new investments at the pace of over $2 billion per year. The firm’s more than 85 investment professionals are based in Boston, Menlo Park, London, Mumbai and Hong Kong. More information about TA Associates can be found at www.ta.com.