Ennis-based broker Munstergroup Insurance is now part of PIB Group.
The 19th brokerage in Ireland to be acquired by PIB, Munstergroup Insurance was snapped up through Campion Insurance, which leads the wider group’s Irish division.
“It was critical for me to sell the business to a company whose vision and values clearly align with that of Munstergroup Insurance,” Pádraic McNicholas was quoted as saying in a release.
“As a long-time admirer of the PIB Group, I believe we have found a company whose guiding principles are very much aligned with our own core behaviours. It is for these reasons why I personally believe that this acquisition was the best option for our customers, staff, and Munstergroup Insurance.”
McNicholas continued: “Finally in welcoming Michael [Henchy] to Munstergroup Insurance, I wish him well and also express a sincere thank you to all the staff and customers for their help and commitment to Munstergroup Insurance and all those who supported me over my 35-year career in the insurance industry.
“Together we built a market-leading business, and I am very proud of it and all the team for getting it to this point, and I wish you all every success for the future. I would also like to thank David Lucas from PKF for advising on the transaction.”
New Munstergroup Insurance general manager Michael Henchy called the deal announcement “great news” for both staff and clients of the County Clare firm.
“Today marks a new chapter for Munstergroup Insurance, one which excites me,” he said. “This is a market-leading insurance business, with a dedicated, ambitious, and hardworking 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.”
Meanwhile Campion Insurance chief executive Jim Campion expressed delight following the completion of the swoop, financial terms of which were not disclosed.
“The business was highly sought after, and I am delighted that we have successfully completed the purchase,” Campion noted. “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 into 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. Padraic and I have known each other for a long time, and I would like to wish him every success as he steps back from the business to pursue other personal goals.”
Separately, earlier this week, PIB appointed Mandy van der Zalm as chief broking officer for Europe.
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