KUALA LUMPUR, May 18 -- TA Associates, a leading global growth private equity firm, has signed a definitive agreement to make a strategic growth investment in the Honan Insurance Group (Honan), a leading commercial insurance broker.
According to a statement, the financial terms of the transaction were not disclosed.
Honan’s Group Chief Executive Officer 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.
“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,” said Damien Honan.
“We believe that TA will be a valuable partner as we seek to further grow Honan both in the domestic Australian market and overseas.”
“We have been impressed by Honan’s strong reputation within the commercial insurance brokerage industry and its vibrant corporate culture,” said TA Associates Asia Pacific Ltd, Managing Director and Co-head of Asia operations, Edward Sippel.
The transaction is expected to close in the second half this year, pending customary regulatory approvals and closing conditions.
Malaysia National News Agency
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