PIB Group has acquired Irish family-run insurance broker Creane & Creane, marking its debut retail broking acquisition in Ireland.

Financial terms of the transaction were not revealed.

Founded in Enniscorthy in 1945, Creane & Creane offers commercial and personal lines cover to retail and business customers.

The 30-member business is one the largest clients of Citynet Insurance Brokers that was acquired by PIB in 2017.

The Creane & Creane brand will remain, and so will be the company’s employees.

These employees will continue to be headed by managing director Tony Doyle and his management team.

PIB CEO Brendan McManus said: “We want to focus on Ireland becoming a key territory for PIB, with ambitions to grow both our retail and wholesale footprint through further acquisitions.

“Creane & Creane are an obvious starting point to help us make a mark on the Irish retail market.”

The latest deal is UK-based PIB’s fourth acquisition this year, with the other three being that of Acquinex, Element Hinton (Insurance Brokers), and UK & Ireland Insurance Services.

Before this, PIB was only trading in Ireland through wholesale brokers Citynet and Optis Insurance.

The firm said that Ireland will serve as a significant trading territory for more investment.

Doyle stated: “Becoming part of a larger group was a big decision, and I’m very pleased to have found a new home through PIB who share the same values.

“Through PIB we will be able to pass further benefits onto our customers as well as our people.”

Meanwhile, in January this year, funds advised by private equity firm Apax Partners agreed to buy PIB for an undisclosed sum.

Under the agreement, funds advised by PIB’s existing backer The Carlyle Group will reinvest in order to take a minority holding in the business.