Business

Three Rock expands insurance portfolio with purchase of Quote Devil

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The owner of Chill Insurance, the largest personal insurance broker in Ireland, has expanded its presence in the market by acquiring well-known low-cost broker Quote Devil.

The deal adds Quote Devil to the growing insurance platform of Three Rock Group, the private equity-backed vehicle that acquired a majority stake in Chill in 2020 and also owns motor insurance agency Ivernia.

Quote Devil, a sister company of commercial insurance provider Pembroke Insurances, will continue to operate under its independent brand, selling personal insurance products underwritten by Zurich Life and Caledonian Insurance.

The parties have not publicly announced a price shared by the individual founders of Quote Devil and Pembroke.

Quote Devil was founded in 2006 by CEO John McGuire and Graham Weir, current Managing Director of Pembroke Insurances, a sub-brand of financial advisor First Credit.

The company has one of the better known and most advertised brands in the personal insurance market, offering home, auto, van and travel insurance.

Mr McGuire will remain with 60 employees while continuing his involvement with Pembroke, with whom Quote Devil shares an office.

The company has about a fifth the headcount of Chill, which employs 278 people and has 230,000 customers, for a market share of about 7 percent.

Chill Insurance’s operating profit increased by more than 10 percent to almost 4.5 million euros in the last financial year.

The company achieved sales of €28.1 million in the year ended April 2021

Chill’s owner Three Rock is backed by Livingbridge, a UK private equity firm with a portfolio of more than 100 companies, including UK insurance brokers Jensten and Kingsbridge, and well-known fashion brands Bench and Fatface.

Chill Insurance was founded in 2006 by brothers Seamus and Padraig Lynch.

In June 2020 they sold much of the business to Livingbridge, forming Three Rock in the process as the Irish company sought to fund acquisitions and expand its product range.

The transaction is believed to have valued Chill at around €100 million. As part of the deal, the brothers retained about a 32 percent stake in Chill Insurance, with Seamus Lynch retaining about 28 percent and his brother Padraig just over 4 percent.

https://www.independent.ie/business/three-rock-adds-to-insurance-portfolio-with-quote-devil-purchase-41527670.html Three Rock expands insurance portfolio with purchase of Quote Devil

Fry Electronics Team

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