Chill Insurance owner Three Rock Group has completed the acquisition of Quote Devil, an insurance broker employing 60 people.
Quote Devil was founded in 2006 by John McGuire and Graham Weir to sell car, home and travel insurance. Through extensive radio and TV advertising, the brand has become one of the most recognisable brokers in Ireland.
Quote Devil Ltd had turnover of €6.8m in the year to June 2021 and booked a net profit of €940,000. Balance sheet cash at period-end was €3.6m.
Michael McLaughlin, CEO of Three Rock Group, commented: “Quote Devil will help us to further scale the value that we deliver to our customers. This investment significantly increases our presence in personal lines insurance within the Irish market.
“We are here to provide much-needed choice and competition in the insurance market with the quality and value that Irish consumers are looking for."
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John McGuire, CEO of Quote Devil, added: “We are excited by the future opportunities this acquisition has on offer. The transaction significantly boosts our existing capabilities so that we can better serve the needs of both our customers and our team.”
In another insurance broker deal, Gallivan Murphy Insurance Brokers in Killarney has been acquired by US company AssuredPartners. The transaction is subject to CCPC approval.
Founded in 1989, GMIB says it has €60m Gross Written Premium annually and revenue of €15m.
GMIB’s 85-strong team will all remain in place under the leadership of joint managing directors, Simon Gallivan and Denis Murphy.
Founded in 2011, AssuredPartners has acquired in excess of 400 agencies, and has offices in five countries, 35 states in the US and has circa 8,500 employees, making it one of the largest independently owned brokers in the world.
GMIB chairman Tadgh Gallivan commented: “After 33 years building a successful and rapidly growing business, we are delighted to partner with AssuredPartners to become their platform for growth in the Irish market.
“The mutually strong cultural fit was evident from the outset of our discussions and in our shared ambition to further accelerate GMIB’s growth trajectory both organically and through acquisition.”
Denis Murphy said the plan is to grow staff numbers to 250 people over the next three to five years.
GMIB was advised by Deloitte Corporate Finance with Arthur Cox providing legal advice. William Fry and RPC provided legal advice to Assured Partners and PwC provided due diligence services.
