Broker consolidator PIB Group has acquired McGivern Insurance Brokers through its subsidiary Campion Insurance, which leads PIB’s Irish division.
Following the acquisition, PIB said its total headcount in Ireland is now 360 employees.
McGivern Insurance is a specialist retail insurance broker which was founded in Dublin in 1982 by Hugh McGivern.
Hugh McGivern (64) previously founded Trade Credit Brokers, which was purchased by IFG. He was an investor in the Monsoon retail chain alongside developer Paddy Kelly.
McGivern offers a range of insurance solutions across Legal, Financial, Aviation, Technology, Retail and Construction sectors.
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Niche offerings include professional indemnity for solicitors firms, bespoke loan portfolio protection for mortgage lenders and asset management companies, and aviation risk advisory for lessors, MROs, airlines and unmanned aircraft.
Based on Lad Lane in Dublin 2, the McGivern business will continue to be led by managing director Eimear Lane.
Jim Campion, CEO of Campion Insurance, commented: “The addition of the business is a great start to 2023, highlighting our growing strength in the Irish market and aligns well with our strategy of developing our specialist insurance offerings for the benefit of our customers.”
Eimear Lane stated: “The acquisition of McGivern Insurance by PIB Group is great news for our clients and team.
“We believe that we can contribute strongly to the growth of the business in Ireland and look forward to working with Campion Insurance and PIB to combine and benefit from the strength of the group and their success and scale in the market.”
McGivern Insurance Ltd was 95% owned by Isle of Man company Liklaa Ltd.
The broker has fee income of €1.9m in 2021, up from €1.7m. Admin expenses amounted to €1.5m, and operating profit was €390,000.
The pay and pension cost for ten staff was €860,000, including €300,000 remuneration for two directors.
Net worth in December 2021 was €2.35m, including €1.4m cash.
PIB indicated that it intends to “invest significantly” in acquiring other brokers through 2023.
“We will continue to attract new talent and develop our team in Ireland to provide ambitious employees with challenging and rewarding careers,” the company stated.
Backed by private equity firms Apax Funds and the Carlyle Group, PIB has offices throughout the UK, Channel Islands, Ireland, Germany, Poland, Denmark, Spain and the Netherlands.
