Campion Insurance, an Irish unit of UK-based specialist insurer PIB Group, has concluded the acquisition of Ennis-based brokerage Munstergroup Insurance.
The companies did not disclose the financial terms of the deal.
Munstergroup offers insurance coverage for homes, cars, vans, enterprises and farms, apart from health insurance.
The latest deal, part of the company’s acquisition spree, takes the number of companies acquired by Campion this year to nine.
With the closure of the deal, Pádraic McNicholas – who currently leads Munstergroup – will step back from the business and Michael Henchy will lead the acquired business.
Campion Insurance CEO Jim Campion said: “I am delighted that Munstergroup Insurance is now part of Campion Insurance and PIB Group.
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“I am very impressed by the skill, commitment and ambition of the people in the business, and I am looking forward to working with them in the future.
“Now that they are part of Campion Insurance and PIB we will be able to support the business as it grows giving people the opportunity to reach their potential.”
Campion noted that the latest acquisitions are strategically positioned to meet the requirements of its clients.
The company provides a broad suite of services and solutions such as specialist commercial products, motor and home insurance, and life and pensions offerings.
Munstergroup Insurance Michael Henchy said: “The announcement of the acquisition of Munstergroup Insurance by PIB Group is great news for our clients and team.
“I am looking forward to working with them to grow this business further and to give our team every opportunity to grow and develop their careers with this business.”
PIB forayed into the Irish retail market in April 2021 by acquiring insurance broker Creane & Creane Insurance.
Subsequently, the company acquired Oliver Murphy Insurance. PIB acquired Campion Insurance in a deal worth more than €70m ($74.36m).
In February this year, PIB Group enhanced its UK and Irish presence with the buyout of Jigsaw Insurances Services, Landmark Insurance and Halligan Insurance for an undisclosed sum.