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TA Associates Announces Strategic Growth Investment In Honan Insurance Group

Private equity firm TA Associates is making a strategic growth investment in Honan Insurance Group, a commercial insurance broker. 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.

“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.”

The transaction is expected to close in the second half of 2020, pending customary regulatory approvals and closing conditions. Financial terms of the transaction were not disclosed.

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