US private equity firm TA Associates is exploring a sale of its stake in broker Honan Insurance Group, according to a media report. 

Bloomberg says TA Associates is working with a financial adviser, amid interest from other potential investors, and a transaction could value the business at $US300-400 million ($441-588 million). 

Honan, founded in Melbourne in 1964, has more than 350 employees, offices in Australia, New Zealand, Singapore and Malaysia and more than 30,000 clients. 

TA Associates made a strategic investment in Honan in 2020, highlighting its “strong reputation within the commercial insurance brokerage industry and its vibrant corporate culture”. 

The private equity firm, which has a portfolio focused on business services, consumer, financial services, healthcare and technology, has not disclosed the size of its Honan holding. 

Deliberations on the stake are said to be preliminary and may not result in a deal, according to the report. 

Honan says it remains focused on delivering value and creating a genuine difference for clients.

“As a high-growth business with solid fundamentals winning market share globally, Honan and our private equity partners regularly field enquiries from potential investors and acquirers," a spokesman told insuranceNEWS.com.au today.

"This is nothing new. Recent speculation, remains speculation. There is no change to our ownership structure or ongoing business operations.”

Comment has also been sought by insuranceNEWS.com.au from TA Associates.