Honan Insurance Group (Honan) has acquired Bovill Risk & Insurance Consultants (BRIC), a boutique insurance broker specialising in professional indemnity (PI) and construction insurance.
BRIC's PI offering extends to occupations including but not limited to engineers, project managers, building surveyors, accredited certifiers, and IT consultants throughout Australia. Following the deal, the company will continue to operate under its current identity but it will be branded and marketed as BRIC – a Honan Company.
“Since its 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,” said BRIC founder and managing director Chris Bovill.
“Of course, 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.”
Honan has grown revenue at a compound annual rate of around 17% over the last 19 years. Its main verticals are in the corporate, strata, real estate, and employee benefits markets, primarily in Australia, New Zealand, and Southeast Asia. It expects the acquisition to strengthen its national footprint in the PI vertical.
Commenting on the acquisition, Honan chief executive officer 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.”