British insurance group PIB expands its Irish portfolio with its latest acquisition

British insurance group PIB Group has acquired insurance broker Damus Acquisitions Holdings Limited, trading as BHP Insurance.

The move marks PIB’s ninth deal in the Irish market since April 2021.

The acquisition underscores the ongoing consolidation in the Irish insurance industry as small Irish brokers are bought out by global players.

BHP Insurance consists of two companies trading as BHP and Keegan, Merdith & William Insurances Ltd. are known. The Dublin broker employs 30 people, bringing PIB’s total workforce in Ireland to 350.

The value of the deal was not disclosed. The sale also marks private equity firm Melior Equity Partners’ first exit from Melior Equity Partners II, a €160m fund backed by ISIF, EIF, Bank of Ireland and AIB.

According to the PIB, both companies, which were formerly owned by BHP, will continue to operate under their existing names in the medium term. The management team will also remain in place.

They will join the Irish division of the UK group, run by Kilkenny broker Campion Insurance, which was acquired by PIB in November 2021.

PIB has announced alongside Campion Insurance that it will continue to invest in the Irish market next year.

“With our specialization and dynamism, we can make a strong contribution to the growth of [PIB] businesses in Ireland and look forward to working with Campion Insurance to capitalize on their success and scale in the Irish market,” said BHP Managing Director Martina Westphal.

“This news underscores our growing strength in the Irish market and also continues our strategy to further develop our specialist insurance offerings for the benefit of our customers,” added Jim Campion, Chief Executive of Campion Insurance.

https://www.independent.ie/business/uk-insurance-group-pib-expands-irish-portfolio-with-latest-acquisition-42220975.html British insurance group PIB expands its Irish portfolio with its latest acquisition

Fry Electronics Team

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