Honan snaps up PI & construction insurance specialist BRIC in expansion move

Australian commercial insurance broker Honan Insurance Group has acquired professional indemnity (PI) and construction insurance specialist Bovill Risk & Insurance Consultants (BRIC) to strengthen its national presence in key business verticals.

BRIC is a boutique insurance broker specialising in PI and construction insurances with strong penetration in the Victorian and NSW markets.

Honan’s main verticals are in the corporate, strata, real estate and employee benefits markets, primarily in Australia, New Zealand and Southeast Asia.

The acquisition will see BRIC join Honan’s family of brands and continue to operate under its own identity but will be branded and marketed as BRIC – a Honan Company.

Honan chief executive Andrew Fluitsma said: “A true leader in its field, we’ve long admired BRIC for its revered reputation, deep expertise and highly trusted relationships with clients and industry bodies.

“Thanks to our existing trading relationship, and BRIC’s operational rigour, we were able to expedite the Acquisition with incredible speed and confidence. Not only will this Acquisition expand our PI and construction insurance capability, but enable us to offer a strengthened national presence in those key markets.”

BRIC founder and managing director Chris Bovill commented: “Since inception in 1996, we’ve continuously expanded our business through the growth and development of our people. Our culture of being willing to do hard things has been key - we love chasing the interesting, challenging things so many others shy from. In Honan, I recognised this ethos too - a bold and fresh challenger brand doing great things.

“Our people and clients will now have the benefits of Honan’s global network, buying power, broader expertise and go-to-market sophistication, but it was the promise of joining a dynamic business working hard to achieve great things that was too good to refuse. I’m thrilled for our people, our clients and our partners - the chapter ahead is a bright one.”

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