Specialist insurance intermediary PIB Group has expanded into the Republic with a deal to acquire Enniscorthy-based retail broker Creane and Creane.
PIB said it plans to pursue more deals as it looks to make the Republic a “significant trading territory for further investment”.
No financial details for the transaction were disclosed.
London-based PIB is in acquisition mode with Creane and Creane representing its fourth investment to date this year following on from recent deals for Acquinex, Element Hinton and UK & Ireland Insurance Services.
Creane & Creane is a family-run insurance broker providing commercial and personal lines cover to retail and business customers.
It was established by the late William Creane. Following his retirement, Michael Mahon took over the role as managing director and continued to grow and expand the company. Mr Mahon's son-in-law Tony Doyle is the current managing director, while his wife Olive and other family members are also active in the business. Overall, 30 people are employed by the company.
Brand retained
All employees will remain under the leadership of Mr Doyle and the Creane and Creane brand will also be retained.
Creane and Creane recorded income of €3.6 million and a pretax loss of €248,649 in the year to the end of March 2020.
PIB chief executive Brendan McManus recently said the company was looking to double in size after Apax Partners acquired it in January from Carlyle Group.
Launched in 2015, PIB has grown significantly in recent years with reported income of £175 million last year. The group, which has made over 35 acquisitions in total, employs about 2,000 people.
‘Family mentality’
“We’re delighted that Tony and the team at Creane and Creane felt comfortable coming into PIB Group, which we see as a real endorsement of our family mentality and the value of relationships that we’ve got,” said Mr McManus.
“Creane and Creane are an obvious starting point to help us make a mark on the Irish retail market,” he added.
Prior to the acquisition, PIB was trading in the Republic through wholesale brokers Citynet and Optis Insurance.
“I’m delighted to be able to say that Creane and Creane is part of PIB Group, which presents a very exciting opportunity to support their long-term growth plans in Ireland,” Mr Doyle said.
