Munstergroup Insurance, based in Ennis, County Clare, has become the 19th Irish brokerage acquired by the rapidly growing insurance intermediary PIB Group Ltd (‘PIB’).
The business was acquired through Campion Insurance, which leads PIB’s Irish division.
The acquisition of Munstergroup Insurance brings the total number of businesses already purchased by Campion this year to nine. Building on other transactions, Campion Insurance is very well placed to meet the needs of all its customers by offering a broad range of services and offerings from specialist commercial products, motor and home insurance and life & pensions products.
Today’s announcement underscores Campion’s strategy to expand its footprint and offering in Ireland. It also reflects PIB’s positive view of the continued growth potential for the Irish market, and with other acquisitions pending underscores the importance of the Irish market to the Group.
Jim Campion, CEO of Campion Insurance, commented “I am delighted that Munstergroup Insurance is now part of Campion Insurance and PIB Group. The business was highly sought after, and I am delighted that we have successfully completed the purchase. 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. I am delighted to announce that from today Michael Henchy will lead Munstergroup Insurance.
Michael Henchy, Munstergroup Insurance said: “Today’s announcement of the acquisition of Munstergroup Insurance by PIB Group is great news for our clients and team. Today, marks a new chapter for Munstergroup Insurance, one which excites me. This is a market-leading insurance business, with a dedicated, ambitious, and hard-working 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”.
Pádraic McNicholas, said: “It was critical for me to sell the business to a company whose vision and values clearly align with that of Munstergroup Insurance. 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. Finally in welcoming Michael 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 thirty five 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”.
