Honan Insurance Group has acquired professional indemnity (PI) and construction specialist Bovill Risk & Insurance Consultants (BRIC).

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.

“Thanks to our existing trading relationship, and BRIC’s operational rigor, we were able to expedite the acquisition,” Honan CEO Andrew Fluitsma said.

“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.”

BRIC, founded by MD Chris Bovill, has a strong construction presence in Victoria and NSW, particularly through its distribution of builder’s warranty on behalf of Victorian government agencies.

The firm’s PI offering extends to occupations including engineers, project managers, building surveyors, accredited certifiers and IT consultants throughout Australia.

The business complements Honan’s PI offering, which is predominantly focused on NSW.

Mr Bovill says BRIC 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 says its revenue has grown at a compound annual rate of about 17% over the past 19 years. US private equity firm TA Associates invested in the business early last year.