The UK-based chartered insurance broker Clear Group has expanded its business with the acquisition of 100% of Irish commercial broker McAuliffe Barry & Collins Ltd, which trades as MBC Insurance and Techinsure.ie (MBC Insurance).
For Clear Group, this acquisition marks the first in the Irish broker market and the 38th since 2001 when it was established.
The new deal is part of Clear Group’s strategy to expand its geographical footprint in new markets via mergers and acquisitions (M&A).
The MBC executive management team, including managing director Des Murphy, directors Shane Sullivan and Brian McMohan, and chairman Denis Collins, will continue to drive the growth of MBC and Clear Group in Ireland.
Clear has plans for additional acquisitions in Ireland and is keen on talks with brokers.
MBC Insurance provides a complete insurance offering to approximately 5,600 clients across Ireland.
MBC has expertise in various commercial insurance sectors, such as business insurance, plant & access machinery hire, tool & equipment hire, and forklift hire insurance.
Additionally, the company provides a range of IT insurance through its Techinsure brand.
Clear Group chief executive officer Mike Edgeley said: “Establishing a Clear presence in Ireland is a central plank of our strategy as we look to grow across Ireland and acquire businesses outside of the UK.
“We are delighted the MBC team has chosen to join the Clear Group. MBC has a great team of people and lots of potential to continue to grow backed by the support and investment of the Clear Group.”
MBC holds a membership in Brokers Ireland, a representative body for insurance brokers in Ireland.
MBC insurance managing director Des Murphy said: “We are delighted to finalise this transaction, which is testament to the exceptional quality and dedication of the MBC team and business.
“MBC and the Clear Group are ideal partners in terms of our shared values, commitment to our people, and customer satisfaction. It has been a pleasure to work with Howard, Mike, Tim and Conor and look forward to building on that relationship. We are excited about the potential growth opportunities that this new partnership will bring.”
Last June, Clear Group received investment from Goldman Sachs Asset Management to support its growth strategy.