TA Associates, a global growth private equity company, has recently announced that it has inked a definitive agreement in order to make a strategic investment in the commercial insurance broker, Honan Insurance Group.
Honan tends to design, price and even negotiate the insurance policies from the corporate clients’ behalf. The main verticals of the firm are in the strata, employee benefits, corporate and real estate benefits mostly in New Zealand, Southeast Asia and Australia.
Honan has over 200 employees in about seven of its offices and also happens to be a part of the World Broker Network (WBN), which is essentially a worldwide network of several independent insurance brokers as well as risk advisors. The company had been founded in 1964 and is currently headquartered in Melbourne, Australia. Honan has witnessed revenue growth of around 17% from the past 19 years.
Honan Group CEO and Executive Director, Damien Honan stated that the company is looking forward to welcoming TA Associates as an investor in Honan. The Honan team had been especially attracted to its major global presence, its experience in collaborating with budding firms as well as its long history of investing in the insurance brokerage sector.
Honan further added that the company believes TA shall prove to be a valuable partner as Honan is looking forward to growing further in both the domestic Australian market as well as overseas.
TA Associate’s Senior Vice President, Andrew Tay said that Honan has witnessed considerable growth over the past years with a definite commitment in providing customized recommendations as well as a high-quality customer service. The company is looking forward to investing in Honan with an efficient management team and building a track record of growth.
Damien Honan, Group CEO & Executive Director; Laurence Basell, Chief Operating Officer along with Andrew Fluitsma, the Chief Executive Officer will be continuing as the leaders in business and shall be the shareholders along with TA Associates.