Honan acquires ‘fast-moving, next-gen’ broker; hints at more deals in 2022

Australian commercial insurance broker  Honan Insurance Group has acquired Modern Risk Solutions, an insurance and risk advisory specialist in the sectors of emerging tech, start-up and life sciences, signaling a pipeline of further acquisition and expansion plans in 2022.

Honan’s chief executive officer Andrew Fluitsma (pictured) sees Modern Risk as a “natural fit” at a strategic and cultural level. He said the company has a proven model of success having achieved 40 percent compound annual revenue growth for the last five years.

Meanwhile, Honan has grown revenue at a compound annual rate of approximately 17 percent over the last 19 years. The broker’s main verticals are in the corporate, strata, real estate and employee benefits markets, primarily in Australia, New Zealand and Southeast Asia.

“We have admired Modern Risk since it first entered the market in 2013,” said Fluitsma. “Headed up by Co-Founders Mike Cole and Geoff Stooke - both revered risk advisors within Australia's thriving emerging tech, entrepreneur and life sciences space, Modern Risk’s approach to these key verticals is well ahead of the curve,”

“Modern Risk’s challenger ethos is acutely aligned to that of Honan’s, and more importantly, firmly operationalised and culturally entrenched across the business,” he added. “This Acquisition was a no-brainer for us - we’re thrilled to welcome this fast-moving, next generation broker to the Honan family.”

Modern Risk’s Stooke, said: “Not only is Honan a supreme cultural fit for our business, but an exceptional fit for our portfolio of dynamic clients spanning emerging tech, start up, life sciences and broader entrepreneurial business. For our clients, the extra muscle offered by a globally networked, equity-backed broker will deliver a myriad of new and innovative opportunities; from enhanced services and analytics platforms, to a broader suite of products to support their ongoing evolution and growth.”

Did you get value from this story?  Sign up to our free daily newsletters and get stories like this sent straight to your inbox.