PIB Group has reached an agreement to acquire Sullivan Insurances (Limerick) to further strengthen its presence in Ireland.
The financial details of the transaction were not divulged. The deal currently awaits regulatory approval.
Established in 1983, Sullivan Insurances is involved in general insurance brokerage business.
The company is based in Limerick, Ireland with branches in various Irish counties including Ennis, Nenagh and Athlone.
Denis Sullivan, who is the founder of Sullivan Insurances, is currently serving as non-executive director, while Barry and Ian Sullivan are serving as directors of the company.
Following the completion of the deal, 34 employees from Sullivan will continue to serve their customers from the company’s four locations.
PIB Group CEO Brendan McManus said: “This is another fantastic moment for PIB Group, as we welcome everyone at Sullivan Insurances.
“For almost 40 years, their exceptional team has been helping to protect customers, their families and their businesses and grown into one of the leading Insurance Brokers in the Munster province.”
The latest deal marks PIB Group’s sixth retail investment in Ireland.
In May this year, PIB Group announced the acquisition of Spanish insurance brokerage firm Tractio Risk Correduría de Seguros and Tractio Risk Solutions (jointly Tractio).
The deal was aimed at making PIB Group a major pan-European commercial insurance brokerage company.