It’s big news for PIB Group which has today revealed its acquisition of the Irish insurance broker Campion Insurance. In a Press release, the group noted that the deal, which is pending regulatory approval, reflects its continued international expansion strategy and that Ireland has been identified as a key territory for investment.
The acquisition of Campion Insurance will consolidate PIB’s position as one of the leading insurance brokers in Ireland and is the third retail business PIB has onboarded in Ireland this year. The group noted that this deal alongside its earlier purchase of Creane & Creane and its ongoing purchase of Oliver Murphy are among several further acquisitions under consideration.
Following completion of the transaction, the Campion name and brand will continue and all 180 employees will also remain under the ongoing leadership of CEO Jim Campion (pictured) and his management team. PIB also revealed that it will boost its geographic footprint and leverage Campion’s national network via its 12 Irish locations.
Campion Insurance, which was established in 1984 by Jim Campion as a family business, is a firmly-established insurance broking brand with a history of growth in the Irish market. Since its inception, it has established a strong reputation as a trusted advisor with specialist sector knowledge across three business lines – commercial insurance, personal insurance and life and pensions.
Commenting on the deal, Brendan McManus, CEO for PIB Group extended a warm welcome to the team at Campion Insurance ahead of their becoming part of the PIB Group.
“This is a fantastic business with Jim Campion at the helm, backed by his leading management team and employees,” he said. “They represent a great platform for PIB in Ireland and provide many complementary attributes. In addition, their experts will be a great fit for our increasingly international family and collaborative culture that benefits customers and colleagues alike.”
Campion added that he is delighted the broker will become part of the PIB Group and noted that this is a “positive and exciting” development in the business’s history. The fact that Campion Insurance is now in a position to play a key role in driving PIB’s expansion in the Irish market, he said, is testament to the hard work of the Campion team and to the loyal customers who are behind its success to date.
He continued: “We are excited about what lies ahead, and very attracted by the opportunity to continue our acquisition activity through the strength and scale offered by PIB.”
PIB’s press release highlighted that Campion’s company model, which has a strong focus on both organic and acquisitive growth, through several successful joint ventures and acquisitions, was what drew the group to the deal.
James Harmer, head of European M&A for PIB said the group is thrilled by this “unique opportunity” to invest in Campion Insurance and its highly experienced M&A team. He added that the business is ready to scale up for further growth and that the PIB team is looking forward to working with the firm to achieve their shared ambition of consolidating the Irish broker market while driving financial returns.
Looking ahead, PIB stated it will continue to expand throughout Ireland alongside other European destinations as part of its broader strategy of building a leading pan-European commercial insurance brokerage.
