Goldman Sachs-backed Aston Lark has acquired Principal Insurance Ireland for an undisclosed sum to augment its personal lines insurance capabilities.

The acquired firm caters to the Irish motorcycle market and has a 30% market share.

Founded in 2015, the insurer employs a team of 18 people and is led by Aly Dixon.

It aims to further its reach in the motorcycle insurance market and look for diversification opportunities with the investment from Aston Lark.

Aston Lark noted that the acquisition diversifies its personal lines business and broadens its capabilities.

Aston Lark Group CEO Peter Blanc said: “One of Aston Lark’s stated aims is to grow in a wide array of specialisms – and Principal Insurance could not be more specialist! They truly know bikes and bikers and Aly and Dave’s passion for the sector is obvious to see.”

Principal Insurance has operations in Ireland and the UK. However, only the Irish unit is being acquired by Aston Lark.

The UK unit will continue its operations independently under the leadership of its founder and CEO Dave Bowcock.

Principal Insurance Ireland chief executive Aly Dixon said: “As Aston Lark is fast growing its presence in Ireland, and committing the resources necessary to support expansion across a broker portfolio, myself and my team are extremely excited and proud to join the group.”

Earlier this month, Aston Lark took over ES Risks for an undisclosed sum.

Last month, Aston Lark acquired Premier Insurance Consultants, which marked its 15th acquisition in 2021.