TA backs Australia's Honan Insurance

The private equity firm is currently deploying its 13th global flagship fund, which closed at $8.5 billion last year. The strategy is to support growth companies committing $75-500 million in equity per deal.

Honan provides insurance products in areas including, crime, IT and cybersecurity, marine, and directors’ and public liability. There is a strong focus on real estate-related services, as well as bespoke staff services such as employee benefits and life insurance, workplace risk consulting, and worker compensation claims. Clients span financial institutions, food and beverage, and various technological and industrial categories.

Honan was founded in 1964 and operates via seven offices across Australia, New Zealand, and Singapore, with more than 200 employees. The company exclusively represents Australia, New Zealand, and Singapore in the World Broker Network, the fourth largest network of commercial insurance brokers and employee benefits consultants globally. It claims to have seen revenue growth of about 17% over the past 19 years 

“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,” Damien Honan, group CEO and an executive director of Honan, said in a statement. “We believe that TA will be a valuable partner as we seek to further grow Honan both in the domestic Australian market and overseas.”

Honan CEO Andrew Fluitsma and COO Laurence Basell will continue to lead the business and be shareholders alongside TA during the expansion effort. Recent traction on this front includes the creation of a joint venture in Malaysia with MP Insurance Brokers, a local operator founded in 1976. The new entity, MP Honan Insurance Brokers, will provide tailored insurance services for individual and business risk protection needs.  

TA, which plans to deploy $2 billion this year globally, has recently reinforced its Asian presence with the promotion of Mumbai-based Aditya Sharma from senior vice president to principal. Sharma is a board member of Prudent Corporate Advisory Services, which offers a range of life and general insurance products via Gennext Insurance Brokers. TA invested in the business in 2018.

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• Topics
• Australasia
• Financials
• Expansion
• Australia
• TA Associates
• Financial Services
• insurance