PIB Group has expanded its portfolio of businesses in Ireland, with the acquisition of Limerick-based Sullivan Insurances.
The deal, which is pending regulatory approval, marks the London-headquartered intermediary’s sixth acquisition in the country and comes a week after snapping up commercial insurance broker Fingal Insurance Group.
Brendan McManus, CEO of PIB Group, described the transaction as “another fantastic moment” for the company.
“For almost 40 years, their exceptional team has been helping to protect customers, their families, and their businesses and grown into one of the leading insurance brokers in the Munster province,” he said. “Their experienced team will be a great fit to our growing presence in Ireland, which we have committed to becoming a key territory for investment.”
Sullivan Insurances was founded in 1983 by Denis Sullivan, who has been serving as the firm’s non-executive director after handing over the reins to sons Barry and Ian Sullivan as directors in 2009. They were joined by Michael Henchy, following a merger with Michael Henchy Insurance in 2018.
The business has expanded organically over the years and through acquisition and now has a presence across several counties with offices in Ennis, Nenagh, and Athlone. Its 34-strong team will continue to service their customers’ commercial and personal lines requirements from their four offices.
“We are thrilled that Sullivan Insurances is set to become part of PIB Group and can contribute to the group’s growth in our market,” said the elder Sullivan. “This is an exciting moment in our heritage and success to date, which is testament to our talented people as well as our loyal customer base.”
“PIB will be a great new home for us, and we were attracted to them because of their strength, scale, and strategic vision. We look forward to being able to leverage the strength of our new network of peers and the wider PIB Group to bring additional benefits for our people and customers,” he added.
PIB Group’s acquisitions in Ireland have so far predominantly consisted of family-run establishments with a long heritage and that boast several decades of trading experience. These include: Campion Insurance, Creane & Creane, Oliver Murphy Insurance Brokers, and Alan Tierney & Partners. Along with Sullivan Insurances and Fingal Insurance, these businesses have around 230 combined years of trading expertise.
