Honan Insurance Group has expanded its professional indemnity (PI) and construction capabilities with the acquisition of Bovill Risk & Insurance Consultants (BRIC).

The business has a strong construction presence in Victoria and NSW, particularly through builders warranty distribution on behalf of Victorian government agencies, while its PI offering includes engineers, project managers, building surveyors, certifiers and IT consultants throughout Australia.

“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,” Honan CEO Andrew Fluitsma said last week.

The acquisition will see the boutique broker continuing to operate under its own identity, but it will be branded and marketed as BRIC – a Honan Company.

BRIC founder and MD Chris Bovill says staff and clients will have the benefit of Honan’s global network, buying power, broader expertise and “go-to-market sophistication”.

“Since inception in 1996 we’ve continuously expanded our business through the growth and development of our people,” he said.

“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.”

Honan highlighted its focus on growth early last year after US private equity firm TA Associates invested in the business.