Fluitsma said it was the broker’s sixth M&A deal since July and eighth in the past 12 months, and it was already in talks to secure more businesses. Most of the deals were settled in cash, he said, while Honan also had the Macquarie facility and was using it for the first time.

The M&A spree has taken its headcount to about 450 across Australia and Asia and nearly $600 million in premiums under management, he said. It’s grown at 35 per cent a year over the past three years.

Honan’s goal is to pick market share off the big US-based brokers that dominate the market, including Marsh & McLennan, Willis Towers Watson, Arthur J Gallagher & Co and Aon. It is focused on the strata and real estate, corporate risk and employee benefits segments of the market.

Fluitsma said there were no plans to seek an exit, or join the likes of Steadfast or PSC Insurance Group on the ASX-boards.

TA Associates took its stake in early 2020 and has a long investment horizon, he said. The rest of the company is owned by its board and employees. TA Associates’ Ed Sippel and Andrew Tay are the broker’s board, while Damien Honan, founder Geoffrey Honan’s son, is executive chairman.