New York-based insurance broker NFP has acquired boutique financial advisory firm Simon Shirley Advisors, its fourth venture into the Irish market in the last two years.
With the acquisition, NFP, one of the largest brokers in the US, expands its Irish Wealth Management and Social Insurance businesses alongside its commercial insurance business.
The deal follows NFP’s acquisition of Malahide-based ReSure Corporate Brokers just last month. Established just over two years ago, ReSure generated more than €24 million in gross written premiums in 2021.
NFP also acquired Irish brokers HMP in April 2020 and Aiken Insurance in August last year.
The move underscores the ongoing consolidation in the Irish insurance industry as small Irish brokers are bought up by global players.
Last month, Kerry insurance company Gallivan Murphy was bought for €100m by American firm Assured Partners, while private equity-backed Chill Insurance owner Third Rock bought Quote Devil.
NFP chief executive for UK and Ireland Matt Pawley said Irish Independent that Brexit was a key factor in NFP turning to Ireland.
“Ireland is proving to be one of the winners of Brexit in terms of inbound investment from the states and in terms of investment that would normally have flowed to London,” he said.
He added that following a recent acquisition in the UK, the company remains open to further Irish deals, particularly in wealth management, as well as recruitment services.
“We don’t have a list of what we want, but we’re really interested in buying companies that offer us something new or something better than what we already have,” he said.
Dublin-based Simon Shirley Advisors (SSA) advises companies and individuals on employee benefits and pensions. At the end of last year, it had consulting funds of EUR 180 million at its disposal. and multinational companies on employee benefits and pensions. It also works with individual customers.
“I felt there was a lot of change happening in the market,” founder Simon Shirley told the Irish Independent. “There is increased regulatory compliance, there is a need to invest in technology and digital platforms. [The acquisition] is an opportunity to help NFP grow their business in Ireland and Europe and gain their support for resources and expertise,” he added.
https://www.independent.ie/business/irish/us-insurance-broker-nfp-expands-irish-portfolio-with-acquisition-of-simon-shirley-advisors-41689304.html US insurance broker NFP expands Irish portfolio by acquiring Simon Shirley Advisors