Honan Insurance Group has acquired broking firm Modern Risk Solutions, which specialises in emerging tech, start-ups and life sciences.

CEO Andrew Fluitsma says Modern Risk has achieved 40% compound annual revenue growth for the past five years, demonstrating a proven model of success.

The acquired business will continue to operate as a discrete entity within the Honan family of brands.

“We have admired Modern Risk since it first entered the market in 2013,” Mr Fluitsma said today. “Modern Risk’s challenger ethos is acutely aligned to that of Honan’s, and more importantly, firmly operationalised and culturally entrenched across the business.”

Modern Risk is headed by co-founders Mike Cole and Geoff Stooke, and Mr Fluitsma says the firm’s approach to the emerging tech, entrepreneur and life sciences space has been “well ahead of the curve”.

Mr Stooke says joining Honan will offer advantages for Modern Risk’s people, clients and partners.

“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,” Mr Stooke said.

Honan, which has grown revenue at a compound annual rate of approximately 17% over the last 19 years, is privately held in partnership with growth investors TA Associates.