Ireland-based LHK Group has agreed to buy local insurance broker Richardson Insurance Solutions for an undisclosed sum.

Founded in 1996, Richardson Insurance is focused on offering coverage in speciality segments such as leisure, hospitality, motor caravans, salons and trades insurance.

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Currently, the insurance broker is led by Derek Richardson, who is known for the development of 123.ie, an online home and motoring insurance cover provider.

LHK Group managing director Colm Kelleher said: “In an era of increased foreign ownership of Irish brokers we see our position in the market, as a locally owned and managed broker, being a key differentiator in an increasingly consolidated market.”

Richardson Insurance Solutions CEO Eugene Carlin said: “The combined experience and expertise of the LHK and Richardson’s teams will offer clients a greater breadth and depth of product and service. Our clients and staff are looking forward to the benefits associated with being part of a larger company.”

As per the agreement, the team of Dublin-based Richardson Insurance Solutions will remain with the firm following the deal, which is subject to regulatory clearance.

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The deal comes close on the heels of LHK Group’s acquisition of The Insurance Shop, which was established in 1988.

The Insurance Shop is focused on offering insurance to retail shops and caters to both private individuals and business clients.

Founded in 1938, LHK Group is believed to be one of the oldest brokers in Ireland, which offers insurance and financial planning services.