Cornmarket Group Financial Services has acquired niche insurance broker Penpro from owner Martin Sheehan. The acquisition, which is subject to regulatory approval, is expected to be completed in early August 2016.

Penpro specialises in the administration of group life, income protection, serious illness and AVC schemes to members of the Garda Representative Association (GRA), Army Officers (CAOGA) and other groups within the public sector.

It was established in 2005 and Sheehan who will join the Cornmarket Group to ensure a smooth transition of the Penpro business.

Roddy Murphy, Group Managing Director of Cornmarket, said: “We see the acquisition as an ideal fit for our business and look forward to welcoming Penpro’s 15,000 clients.”

Cornmarket Group, with 380 staff, specialises in the administration of group schemes for public sector unions and other organisations, both in Ireland and the UK.  Cornmarket provides income protection, retirement planning, group life/serious illness, health insurance and car/home products to over 400,000 policyholders.

In Association with

In March 2016, Cornmarket announced the acquisition of a 25% stake in Scottish Brokers, EIS Financial Services and a distribution agreement to provide car and home insurance products to 55,000 members of the EIS Scottish Teacher Union.

Cornmarket was formerly owned by Irish Life and is now owned by Canada Life. Though public sector employees have the most secure jobs in the country, teachers, nurses and other state staff have proved to be fertile ground for Cornmarket since it was established in 1972 by Pat Byrne, now boss of CityJet.

Cornmarket booked an operating profit of €12.9m on revenue of €32.6m in 2014.  The company earned €12.9m in commissions from its parent, Irish Life, that year.

Penpro Ltd had five staff in 2015 including three directors, with the remuneration total amounting to €500,000. The company booked a loss of €63,000 and had net worth at year-end of €92,000.