UK insurer Aston Lark has bought Kerry-based brokerage firm William Lyons, expanding its already large presence in the local Irish market.
The deal includes JC Daly Insurances, a Limerick-based subsidiary of William Lyons, which acquired the 70-year-old family-run brokerage firm in 2004.
It is Aston Lark’s 13th Irish deal in the last year and a half.
The insurer entered the Irish market in 2019 after acquiring Robertson Low and Wright Insurance and renaming it Aston Lark Ireland in 2021.
Earlier this year Aston Lark Ireland acquired Dublin’s Marine & General Insurances. In 2021 it announced the acquisition of Midlands-based Abbey Murphy Insurance and the capital-based Principal Insurance.
Aston Lark Ireland is part of the Howden Group, which places over $10 billion in premiums worldwide each year.
Aston Lark Ireland CEO Robert Kennedy said the acquisition is “an excellent fit for Aston Lark as it gives us our first presence in Kerry and Limerick”.
“Our goal is to continue our incredible growth trajectory to scale the business and help our clients access new markets and sectors.”
Mary Lyons, director of William Lyons, and Denny Lyons, executive director, said that “a lot of thought went into the decision” to join the much larger organization.
“It was very important to us that they were and are on the same wavelength about the absolute need to put our customers first and foremost, while maintaining the necessary level of personal service on which our business thrives.
“In other words, to help us continue to offer our customers the same level of service and professionalism and to ensure business operations as usual.
They said it was “best suited” for the company as it gives customers more market access and employees more career opportunities.
The Irish insurance market has seen a wave of consolidation in recent years, particularly since Brexit, mirroring developments in the UK.
According to research by private equity firm Renatus, around 50 insurance brokerage deals have been completed in Ireland over the past five years.
https://www.independent.ie/business/personal-finance/insurance/uk-insurer-aston-lark-snaps-up-another-local-irish-brokerage-42136257.html British insurer Aston Lark snaps up another local Irish brokerage firm