NFP has acquired independent specialist insurance broker Sean Barrett Bloodstock Insurances Ltd, which trades as Barrett Private Insurances. Terms of the deal were not disclosed.
John Barrett, director of Barrett, will join NFP as managing director with a focus on growing the company's private client group in Ireland and the UK, providing customised risk solutions to high-net-work individuals and families.
“We’ve established a strong presence in the Irish market through organic growth and acquisition, and the expertise of the team at Sean Barrett Bloodstock Insurances will undoubtedly strengthen it further,” said JP Allcock, group managing director of NFP in Europe.
“Their commitment to delivering excellent service to their clients with a personalised touch aligns with our approach, and we look forward to their active involvement in expanding our private client offerings in the Irish market and into the UK.”
Barrett has been trading in Ireland for 37 years, and has specialist expertise in the home, collections, travel, auto, yachts and bloodstock insurance markets.
"We’re excited to be joining NFP and be part of a growing company,” said Barrett. “With extensive global resources, a strong management team and an excellent talent base, NFP will enable us to make significant contributions that ultimately grow the business.
"This is a great opportunity for us to bring additional value to the clients we serve.”
US-based broker NFP is owned by Aon and employs more than 7,700 people in Ireland, the UK, the US, Puerto Rico and Canada.
Its consultant advisors assist clients in commercial business insurance, employee benefits, health and safety, and individual financial planning among other areas.
NFP Ireland Consultants Ltd made a profit of €218,200 in 2022, with turnover growing from €1.9m to €3.1m.
The company reported €25.2m in net cash generated from its operating activities, but paid a €24.9m to its subsidiaries and group companies.
NFP's recent acquisitions include health and safety consultancy Seachange and and healthcare broker Tailored Finance.
Sean Barrett Bloodstock Insurances brought in turnover of €2.2m and held net assets of €1.9m at the end of 2022 after making a profit of €352,500 that year.
(Pic: Getty Images)
