London-based insurance intermediary PIB Group has acquired Damus Acquisitions Holdings, the Dublin-based broker trading as BHP Insurance, in a move the group said would strengthen its portfolio of Irish businesses, led by Campion Insurance.
PIB has already acquired eight businesses in Ireland, including Campion last year, and the addition of BHP's two offices and 30 employees will bring the group's headcount in Ireland to 350 employees.
BHP consists of two businesses: the BHP commercial brokerage based in west Dublin, which focuses on the non-profit sector, and Keegan Meredith Williams Insurances, a commercial broker in south Dublin that works in sport and general commercial insurance.
Following the completion of the acquisition, the businesses will continue to trade as BHP and KMW for the medium term and will form part of PIB Group's Irish division.
Jim Campion, CEO of Campion Insurance, commented: “Once again we are delighted to welcome new members to the PIB Group team in Ireland, so I would like to extend a very warm welcome to all our new colleagues in BHP and KMW.
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"This news further highlights our growing strength in the Irish market and also continues the strategy of developing our specialist insurance offerings for the benefit of our customers.
"We are fully confident that with the great collaboration already in place across our Irish businesses, BHP, KMW and the whole Irish group will continue to go from strength to strength.”
Employees will remain at their current locations, and the existing management teams will continue led by managing director Martina Westphal and John Williams, and the new owners will "continue to invest significantly" in the Irish insurance market next year.
PIB has purchased the stake in BHP owned by private equity company Melior Equity Partners.
“We are delighted that BHP and KMW have now joined the growing PIB team in Ireland. Collaborating with Melior Equity Partners over the past year and a half has delivered impressive results for our business and has also led to this very positive, strategic step of BHP partnering with PIB Group," said Westphal.
Esmond Greene, managing director of Melior Equity Partners, said: “Our relationship with BHP over the past 18 months has supported significant growth in the business. Revenues have grown by 25% driven by a 20% increase in policies and an increase in customer retention rates. Employee numbers are also up more than 40% in this period."
According to Renatus, PIB was advised on the deal by law firm DLA Piper. with PwC providing deal and tax due diligence. BHP Insurance’s legal advisers were Stephen Keogh and Alex Reynolds in William Fry, with Deloitte providing deal advisory and KPMG advising on tax matters.
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