Andrew Fluitsma

Honan Insurance Group (Honan) Executive Chairman, Damien Honan, has announced an exciting new reinsurance offering to the broker marketplace with the launch of Honan Re that will commence operations this week.

Based in Singapore and headed by Honan Asia’s Managing Director Eliza White, Honan Re will offer facultative reinsurance solutions to the organisation’s insurance partners.

Commenting further on the announcement, Damien Honan said “We’re very proud of the reinsurance offering as it deepens and broadens the group’s capabilities and further enhances Honan’s reputation as an industry leader.

“The establishment of Honan Re has also been a personal goal of mine, to build a reinsurance team to support the wider Honan group since we commenced operations in Singapore in 2012”.

“In the current marketplace conditions, we believe it is the best time to launch this initiative and continue to expand Honan’s capabilities and the support we offer our insurer partners”.

Honan Chief Executive Officer, Andrew Fluitsma said Honan was the only Australian broking house to offer reinsurance solutions and its launch comes at an opportune time when the market needs additional capacity and innovative thinking.

‘The addition of a reinsurance offering reflects Honan’s attitude of constantly pushing the envelope to develop and deliver leading edge solutions.  It’s also a testament to the efforts of our incredible team and the success we’re building throughout the region”.

Honan Re will be positioned as a dynamic and solutions focused division of Honan Insurance Group and aims to support the organisation’s partners throughout the entire reinsurance cycle.

Singapore was selected as the base for Honan Re for its reputation as the insurance hub of Asia Pacific and strategic geographical position that offers access to international markets in Asia, Australia, Europe and North America.

Honan Re’s Eliza White said, “The launch of Honan Re demonstrates our ability to innovate and offer clients coverage that meets their changing circumstances and challenges.  We will quickly bring together experienced reinsurance minds and utilize latest technology and robust analytics to address the insurance needs of our partners.”

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Edward Sippel

TA Associates, a leading global growth private equity firm, has announced that it has signed a definitive agreement to make a strategic growth investment in Honan Insurance Group (“Honan”), a leading 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. Financial terms of the transaction were not disclosed.

Honan designs, prices and negotiates insurance policies on behalf of corporate clients. The Company’s main verticals are in the corporate, strata, real estate and employee benefits markets, primarily in Australia, New Zealand and Southeast Asia. Honan has more than 200 employees in seven offices and is part of the World Broker Network (“WBN”), a global network of independent insurance brokers and risk advisors. The Company was founded in 1964 and is headquartered in Melbourne, Australia. Honan has grown revenue at a CAGR of approximately 17% over the last 19 years.

“We are very pleased to welcome TA Associates as an investor in Honan,” said Damien Honan, Group CEO and Executive Director of Honan Insurance Group. “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. We believe that TA will be a valuable partner as we seek to further grow Honan both in the domestic Australian market and overseas.”

“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.”

“This is an important milestone for Honan as we continue to focus on providing the highest quality advice to our dedicated and loyal customer base, especially in the current challenging environment,” said Andrew Fluitsma, Chief Executive Officer of Honan Insurance Group. “The opportunity to bring aboard a long-term, well-respected growth-oriented global investor such as TA, that is fully-aligned and supportive of our business model, is very exciting. We are confident that Honan will benefit from TA’s complementary array of resources and skills.”

The transaction is expected to close in the second half of 2020, pending customary regulatory approvals and closing conditions.

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Last week Honan announced the appointment of Blair McNamara as Head of Legal and the internal promotion of Sharan Uppal to Chief Client Officer and Carly Blakiston to Head of People & Culture.

These senior executives are exceptional individuals and practitioners in their respective fields, with remarkable career accomplishments to-date, and the skills and experience required to support Honan’s strategic and growth aspirations said Andrew Fluitsma.

The new appointments and roles follow the recent launch of the new brand identity and senior leadership restructure whereby Damien Honan took on the role of Group CEO and Andrew Fluitsma CEO Australia & New Zealand.

Reflecting Honan’s commitment and investment in Asia Pacific, Brad Tymmons was appointed CEO, Asia and has relocated to Singapore to oversee group’s operations in the region.

Commenting further, Andrew Fluitsma said, “Since its inception and throughout the countries in which it operates, Honan has built a strong reputation for the provision of personalised solutions, innovative marketplace offerings and exemplary client service”.

“Furthermore, there has been significant investment in internal infrastructure improving processes and efficiency that have combined to facilitate the development, execution and adoption of strategy – that in turn has seen a significant increase in business growth”.

Hence the importance of these appointments and restructure as they mark another step in the organisation’s commitment to the future and its vision to deliver an exceptional client experience throughout the end to end journey with Honan.

Today, top companies are judged primarily on the basis of the client experience and we see this as an important investment in the Honan brand added Andrew Fluitsma.  By creating a powerful and memorable client experience that meets and exceeds expectations an added benefit will be clients acting as brand ambassadors and advocates for the organisation.

Therefore, it is imperative that Honan always stays ahead of the curve in the delivery of smarter, faster, more seamless solutions for clients – as well as playing an important and leading role in the broker sector, within Australia and the international markets in which it operates affirmed Andrew Fluitsma.

Andrew Fluitsma concluded, “Coming into the New Year and beyond, Honan is in a great position to grow by helping support Australian and Asia Pacific clients across all aspects of business risk with appropriate solutions to address their unique challenges”.

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Launched yesterday, the new life insurance venture is an important step in Honan’s 53year history of leveraging a broad network of specialists to bring relevant expertise to its clients.

Commenting further, Damien Honan said since the inception of the company over five decades ago, the group has operated to ensure clients are provided the very best insurance and financial solutions to address their needs.

“The alliance with MBS Insurance under the Honan Life Insurance Group gives us the ability to enhance our marketplace and client offering with a more inclusive integrated insurance service”, added Damien Honan.

Drew Burden said, “As a leading life insurance specialist, we are excited to be joining Honan Insurance Group under this new brand. Collectively we bring together the best of our respective organisations to create a new way to engage with clients and support them to protect their financial futures”.

Headquartered in Sydney, MBS Insurance was started in 2006.  Over the years the practice has grown steadily through adherence to the highest standards of best practice and through its business infrastructure provides a comprehensive risk offering to clients.

Today, MBS Insurance is a highly regarded rapidly growing national risk specialist. The JV with Honan Insurance Group is both an important milestone and acknowledgement of the organisation’s standing in the financial advisory sector.

Australia is one of the most highly developed and fastest growing economies in the world underpinned by a financial services sector with an overwhelming volume of offerings and complexities between standalone insurance products and offerings inside superannuation funds.

“Through specialisation MBS Insurance has been very successful in this environment over a long time and the JV with Honan Insurance Group positions our brand as an industry leader with distinctive strengths”, Drew Burden said.

Honan Insurance Group has over 180 employees with offices in Melbourne, Sydney, Brisbane, Perth, New Zealand, Singapore and the US.  Evolving into a global organisation was achieved in November 2001 when the group became a member of the Worldwide Broker Network (WBN), the world’s largest network of independent property and casualty brokers and employee benefits consultants, giving Honan the capability to provide a truly integrated global service.

Over the years Honan’s partnership with the WBN has strengthened, with Honan solidifying their position as the Risk Partner of Choice in Australia and New Zealand, eventually encompassing the entire Asia Pacific region.

Damien Honan concluded, “Honan Life Insurance Group is on an exciting growth journey and this new alliance will provide a valuable point of difference for us as an organisation and increase the value we provide to our clients.”

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