Unlike alternative P&E warranty options on the market which typically require machinery dealers to offer indemnity and then seek recovery from the insurance product, the new Extended Mechanical Warranty places policy ownership in the hands of the insured party. Bypassing the need for manufacturer and/or supplier assessments, policy holders (machinery owners) can claim directly against their policy, rather than relying on dealerships to facilitate claims on their behalf.

The cover offered under the policy includes the replacement of parts and/or repair costs to the hydraulics and powertrain following sudden and unforeseen loss. The policy is also available for makes and models of the following types of equipment:

Construction Equipment

• Excavators
• Bull dozers
• Wheel loaders
• Motor graders
• Articulated trucks
• Rollers

Agricultural Equipment

• Tractors

Material Handling Equipment

• Telehandlers
• Forklifts

We’re with you all the way

For further information on the Heavy Machinery Warranty Policy, please contact Scott Cole at any time.

Scott Cole

scott.cole@honan.com.au

+61 447 566 008

Zoom Video Communications has been around since 2011, but its capabilities and ease of use have cemented its household name status in recent months. COVID-19 has dramatically impacted the world of business and the uptake of Zoom (from 10 million daily users in December 2019 to 300 million in April 2020) demonstrates the value of this solution (sources: Verge, Zoom).

Honan’s Zoom Journey

At Honan, we’ve relied heavily on Zoom Video Communications to stay connected and collaborate as a workforce, with our clients, our suppliers and each other. When asked what made Zoom the perfect tool for Honan, Stuart answered “Zoom is a product I fell in love with years ago. We moved to Zoom, simply because it just works”. Honan’s transition to Zoom was simple and happened almost overnight; we had our entire staff on a Zoom call spanning five countries less than a week after rolling it out. The feedback from our employees and clients on Zoom’s functionality and ease of use has been amazing. Under Stuart’s guidance, Honan is also an early adopter of the Zoom phone system and he’s been busily passing on ideas to Zoom for improvements.   Stuart is excited about the possibilities; “this is early days in the world of global video communications and Zoom are already streets ahead of others who have been in the game a lot longer”.

Zoom to Grow

Stuart recognises what an honour it is to join Zoom’s Advisory Board along with other industry leaders. “Being part of the Advisory Board means we can contribute to Zoom’s evolution as our communication needs change. I can take our learning as a company and feed those practical insights directly into the heart of the Zoom development team”.

In a time when face-to-face meetings are no longer the norm, the world of Zoom is changing quickly and will continue to do so. We’re eager to see what the future holds and look forward to watching Stu as he contributes to the development of this world-class technology solution.

Congratulations Stu!

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.

About Honan Insurance Group

Founded in 1964, Honan provides a full range of commercial insurance, risk and financial solutions to businesses across a wide range of industries, including financial institutions, healthcare, professional services, technology, biotech & life science, logistics, construction, food & beverages, and mining & energy. Since its founding, Honan has expanded from Australia-wide to New Zealand, Singapore and Malaysia. Honan exclusively represents Australia, New Zealand and Singapore within the WBN. For more information, please visit https://honan.com.au/.

About TA Associates 

TA Associates is a leading global growth private equity firm. Focused on targeted sectors within five industries – technology, healthcare, financial services, consumer and business services – TA invests in profitable, growing companies with opportunities for sustained growth, and has invested in more than 500 companies around the world. Investing as either a majority or minority investor, TA employs a long- term approach, utilizing its strategic resources to help management teams build lasting value in high quality growth companies. TA has raised $33.5 billion in capital since its founding in 1968 and is committing to new investments at the pace of over $2 billion per year. The firm’s more than 85 investment professionals are based in Boston, Menlo Park, London, Mumbai and Hong Kong. More information about TA Associates can be found at www.ta.com.

Media Contacts:

For TA Associates Marcia O’Carroll TA Associates

+1 617-574-6796

mocarroll@ta.com

Philip Nunes

BackBay Communications

+1 617-391-0792

phil.nunes@backbaycommunications.com

Stephen Fishleigh BackBay Communications

+44 203-475-7552

stephen.fishleigh@backbaycommunications.com

For Honan Insurance Group Timothy Heron-Smith Honan Insurance Group

+61 412 035 203

timothy.heronsmith@honan.com.au

Honan Insurance Group’s (Honan) Head of Financial & Professional Risks Henry Clark has announced the specialist department has been rebranded to Professional & Executive Risks to better reflect the group’s strength in expertise, market clout and it’s pro-active approach in supporting clients with market related issues and challenges such as Directors and Officers (D&O) insurance.

Commenting further on the announcement Henry Clark said the days of just rolling over the D&O insurance renewal is no longer an option as the sector continues to navigate a very challenging and dynamic market. Insurers applied heavy price increases across-the-board in 2018. This continued into 2019 as the number of claims and reported circumstances exceeded the total insurance premium pool by a significant margin.

“D&O is an exceptionally complicated insurance market with carriers responding assertively to claims pressure and continuing growth in securities class actions, litigation and the prospects of further action arising in 2019 and beyond”, said Henry Clark.

Once regarded as mainly being applicable to large listed entities, litigation costs arising from D&O exposures are now so great that D&O insurance has become a necessity for many businesses–regardless of size.

“The primary driver for the current hardening D&O market is the growth in securities class actions led by opportunistic law firms backed by litigation funders and predictions that further claims pressure will arise from the Hayne Royal Commission, privacy regulation, workplace health and safety and now the Royal Commission into Aged Care Quality and Safety”, continued Henry Clark.

“As a result, upward pressure on D&O premiums will continue into 2019 and beyond as insurers leave the market resulting in the current pool becoming inadequate to cover increasing and expensive claims”.

This is going to be reality for the foreseeable future affirmed Henry Clark.

Although a challenging environment, there is still flexibility in the market, but only if the right messages are communicated – and strategies are needed to demonstrate to insurers that the D&O risk is being properly considered and mitigated.

“Honan’s Professional & Executive Risks team works proactively with clients by actively engaging in relevant education and alerting them to the changing insurance environment well in advance of cover renewal. The team then guide them to establish the most appropriate strategy to reduce the impact on premium and coverage.”

This includes:

• Providing Directors, the knowledge and tools to personally engage with senior management to set and manage D&O forecasts and expectations.

• Working with insureds to be proactive and commence the renewal process early, allowing time to address any surprises or consider strategies which may mitigate premium increases.

• Examining insurer selection, transparency, relationship management and adequately conveying the client’s individual risk profile in underwriter presentations to help mitigate the prevailing market issues and assist the company to stand apart during this market correction.

The Honan Professional and Executive Risks team specialises in insurance for financial institutions, professional service firms and corporate organisations. The team of experts has decades of experience offering specific industry insight and placement experience for traditional and emerging risks.

Issued by Honan Insurance Group    www.honan.com.au

Media Enquiries:                 

Mr. Joe Perri
Joe Perri & Associates Pty Ltd

MACS Insurance Brokers has been renamed to Honan Insurance Group (Asia) Pte Ltd, forming part of the Honan brand.

Honan Insurance Group (Asia) has moved to new premises at One Raffles Place, Singapore.

Honan Insurance Group, an Australian based insurance and financial services broker with a strong presence in the Asia Pacific region, has acquired MACS Insurance Brokers, a Singaporean broker specialising in General Insurance and Employee Benefits in South East Asia.

The purchase of MACS Insurance Brokers allows Honan Insurance Group to increase their presence in Asia and enhance their Employee Benefits, Property & Casualty, Trade Credit and Surety capabilities. Chief Executive Officer of Honan Insurance Group, Damien Honan, said ‘We are pleased to have had this opportunity to partner with MACS Insurance Brokers, as the combination of our global resources and their expertise in the Asian marketplace gives us the capacity to offer a truly integrated and intimate service across the Asia Pacific.’

‘Our local knowledge and strategic geographical position in Singapore means we are well placed and more flexible to move forward on planned initiatives that will contribute to growing market share in Asia,’ commented Sam Tan, Managing Director of MACS Insurance Brokers, who will remain as MD of Honan Insurance Group (Asia). ‘This partnership complements our long term business goals and strengthens Honan’s position as the leading risk partner of choice in the Asia Pacific,’ said Mr. Tan.

MACS Insurance Brokers will form part of the Honan brand, operating as Honan Insurance Group (Asia) Pte Ltd, and has moved to larger offices at One Raffles Place to accommodate expected growth. The integration of both companies is effective as of 29 April, 2015.

‘We are pleased to say this acquisition, while a huge milestone for us, has not disrupted our service to our clients. They have received the same quality service they have come to expect from us,’ said Mr. Honan.

The acquisition was finalised following the approval of the Monetary Authority of Singapore. ‘The journey towards acquisition began back in 2012 when Sam and I decided to formally enter into a partnership. It made sense, our business values were aligned and we shared the same vision for our companies. It has taken us a while, but we are here now and both excited for what the future holds,’ said Mr. Honan.