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Honan Insurance Group (Honan), one of Australia’s fastest growing international brokers, today announced its acquisition of Modern Risk Solutions (Modern Risk), a market-leading insurance and risk advisory specialist in the rapidly growing sectors of emerging tech, startup and life sciences.
Ratified on Friday October 29, the Acquisition sees Modern Risk join Honan’s family of brands, but continue operating as a discrete entity; Modern Risk Solutions - a Honan Company.
Honan CEO Andrew Fluitsma said Modern Risk was a natural fit at a strategic and cultural level, with a proven model of success having achieved 40% compound annual revenue growth, for the last five years.
“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. This Acquisition was a no-brainer for us - we’re thrilled to welcome this fast-moving, next generation broker to the Honan family.”
For Modern Risk’s Geoff Stooke, the opportunity to join Honan offered compelling returns for Modern Risk’s people, clients and partners alike.
“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,” said Stooke.
With a commitment to providing tailored recommendations and high-quality service, Honan has grown revenue at a compound annual rate of approximately 17% over the last 19 years. Privately held in partnership with accelerated growth experts TA Associates, Honan’s main verticals are in the corporate, strata, real estate and employee benefits markets, primarily in Australia, New Zealand and Southeast Asia.
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Modern Risk Solutions (Modern Risk) is a boutique insurance broker specialising in insurance and risk advice across Australia’s startup, life sciences and emerging technology sectors. Modern Risk believes that without risk, there is rarely progress. With the support of robust, truly tailored insurance programs and advice, individuals and businesses can do amazing things to secure their future success - in the absence of fear, risk and uncertainty. Modern Risk’s mission is to give clients the chance to grow aggressively, and with confidence. To push boundaries and innovate. To take their business to new heights and exceed their own perceived limitations.
Keep Left (on behalf of Honan)
Tim Lele
