Barely a week after acquiring Fingal Insurance Group, Britain’s PIB Group has acquired Limerick-based Sullivan Insurances.
Sullivan Insurances is a general insurance broker formed in 1983 by Denis Sullivan. Headquartered for almost 40 years in the city of Limerick, the business also has offices in Ennis, Nenagh and Athlone.
The firm is now run by Denis Sullivan’s sons Barry and Ian, and by Michael Henchy, following a merger with his company in 2018.
PIB chief executive Brendan McManus said: “This is another fantastic moment for PIB Group, as we welcome everyone at Sullivan Insurances. For almost 40 years, their exceptional team has been helping to protect customers, their families and their businesses and grown into one of the leading Insurance Brokers in the Munster province.
“Barry, Ian, Michael and their experienced team will be a great fit to our growing presence in Ireland, a key territory for investment.”
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Denis Sullivan commented: “We are thrilled that Sullivan Insurances is set to become part of PIB Group and can contribute to the group’s growth in our market.
“This is an exciting moment in our heritage and success to date, which is testament to our talented people as well as our loyal customer base. PIB will be a great new home for us, and we were attracted to them because of their strength, scale and strategic vision.
“We look forward to being able to leverage the strength of our new network of peers and the wider PIB Group to bring additional benefits for our people and customers.”
Sullivan’s 34-strong team will continue to serve their customers’ commercial and personal lines requirements from their four offices.
Sullivan Insurances is the sixth retail investment that PIB has made in Ireland, predominantly family-run establishments with a long heritage and several decades of trading experience behind them.
Retail businesses now under the PIB umbrella in Ireland include Campion Insurance, Creane & Creane, Oliver Murphy Insurance Brokers, Alan Tierney & Partners, Fingal Insurance and Sullivan Insurances. Together, they have around 230 combined years of trading.
Campion Insurance is being established as the main platform for leading PIB’s acquisition, integration and growth efforts in the Irish market.
PIB, founded in 2015, is backed by private equity firms Apax Funds and The Carlyle Group and has grown rapidly through acquisitions in the UK, the Channel Islands, Ireland, Germany, Poland, Denmark, Spain and the Netherlands.
