PIB Group has acquired Irish insurance broker Oliver Murphy Insurance Brokers for an undisclosed sum.

Founded in 1996, the acquired firm is a regional personal and commercial lines insurance broker, which offers a wide range of insurance services and financial solutions.

Oliver Murphy Insurance Brokers was founded by father-son duo Oliver Murphy (Senior) and Oliver Murphy (Junior). It is also a part of the Brokerline Direct (BLD) network.

Through the acquisition, which is its second in the country, PIB Group aims to strengthen its presence in the retail and wholesale market.

In April this year, PIB Group acquired another Ireland-based insurance broker Creane & Creane.

PIB Group CEO Brendan McManus said: “They have established a brilliant business, strong reputation and excellent growth credentials, which make a fantastic addition to PIB Group.

“This is another boost to our ambitions to make Ireland a key territory for PIB where we intend to grow our retail and wholesale footprint through further acquisitions.”

Oliver Murphy Insurance Brokers managing director Oliver Murphy (Junior) added: “I’m delighted that Oliver Murphy Insurance Brokers will soon become part of PIB Group and to help build PIB’s presence in Ireland.

“We were attracted to PIB because of the Group’s business model and diversity and look forward to leveraging the strength and resources available for the benefit of our clients.”

Earlier this month, PIB Group acquired Simply Insurance Services, an Essex-based road risks solutions provider for VSME customers.