UK insurance broker PIB has acquired Clare-based Munstergroup Insurance, the latest Irish brokerage acquired by the company and its second largest to date.
The value of the deal was not disclosed.
Munstergroup provides insurance cover for homes, cars, vans, businesses and farms.
The deal brings to 19 the number of Irish businesses acquired by PIB since it started operating in Ireland, with nine acquisitions this year alone.
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The business was acquired through Campion Insurance, which leads PIB’s Irish division.
“The business was highly sought after, and I am delighted that we have successfully completed the purchase,” said Jim Campion, chief executive of Campion Insurance. “Now that they are part of Campion Insurance and PIB we will be able to support the business as it grows giving people the opportunity to reach their potential.”
Pádraic McNicholas, who currently leads Munstergroup, is stepping back from the business following the acquisition, with Michael Henchy taking over the role.
“Today marks a new chapter for Munstergroup Insurance, one which excites me,” said Mr Henchy. “This is a market-leading insurance business, with a dedicated, ambitious, and hard-working team.”
PIB entered the Irish retail market in April 2021 with the purchase of Wexford-based broker Creane & Creane Insurance and quickly followed up with the purchase of Waterford-based Oliver Murphy Insurance. Its biggest Irish deal to date was the acquisition of Wexford-based Campion Insurance later that year for an estimated price of more than €70 million.
