Honan Insurance Group, a Melbourne, Australia-based commercial insurance broker, received a strategic investment from TA Associates.
The amount of the deal – expected to close in the second half of 2020, pending customary regulatory approvals and closing conditions – was not disclosed.
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.
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, the company has expanded from Australia-wide to New Zealand, Singapore and Malaysia. Honan exclusively represents Australia, New Zealand and Singapore within the WBN. Founded in 1964, the company 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.