The Clear Group has announced the acquisition of Munster-based commercial broker MBC Insurance, marking its first move into the Irish broker market.
MBC Insurance has been in business for 40 years and is a key member of Brokers Ireland, the leading representative body for insurance brokers in the country.
The company provides comprehensive insurance offerings to over 5,600 clients nationwide, specialising in commercial insurance types and sectors such as business insurance, plant & access machinery hire, tool & equipment hire, and forklift hire insurance. It also offers a wide range of IT insurance through its Techinsure.ie brand.
Group CEO Mike Edgeley said the acquisition is central to Clear Group’s strategy to expand across Ireland and acquire businesses outside the UK.
“We are delighted the MBC team have chosen to join the Clear Group,” he added. “MBC has a great team of people, and lots of potential to continue to grow backed by the support and investment of the Clear Group.”
Under the terms of the agreement, Clear Group has acquired 100% of MBC Insurance. MBC’s executive management team, which includes managing director Des Murphy, directors Shane Sullivan and Brían McMahon, and chairman Denis Collins, will also continue leading the business.
“We are delighted to finalise this transaction, which is testament to the exceptional quality and dedication of the MBC team and business,” Murphy said. “MBC and the Clear Group are ideal partners in terms of our shared values, commitment to our people, and customer satisfaction.”
The deal with MBC Insurance marks Clear Group’s 38th acquisition since its establishment in 2001. A Press release conveyed the Chartered insurance brokerage group’s intention to continue expanding in new markets through targeted M&A activity, following investment from Goldman Sachs last year.
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