London, United Kingdom (CU)_ Campion Insurance, one of the State’s leading insurance brokers, is likely to be purchased by the UK-based PIB Group in a transaction valued at more than €70 million, as the sector continues to consolidate. According to PIB’s latest statement, the deal marks UK group’s third acquisition of a retail insurance broker in the Republic this year. With the acquisition of Wexford-based broker Creane & Creane, PIB joined this market area in April, followed by the agreed acquisition of Waterford-based Oliver Murphy Insurance last month. The Campion and Oliver Murphy transactions are still awaiting regulatory clearance.
PIB stated that it is considering a number of other purchases. The UK organization was established in 2015 and financed by private equity companies Apax Partners and the Carlyle Group, and it joined the Irish wholesale insurance market in late 2017 with the acquisition of Citynet Insurance, a Lloyds of London broker active in the UK and Ireland. In 2019, it acquired another wholesale broker, Optis Insurance.
businessinsurance.com
Campion Insurance is well-known for its business and personal insurance, as well as life and pensions. The company was founded in 1984 in Urlingford, Co Kilkenny, by Jim Campion as a family business. As PIB and Campion spokesmen did not disclose the deal’s worth, industry sources estimated it to be over €70 million.
Mr Campion (60), who will continue as the head of the business with his current management team, expressed delight over the collaboration and appreciated his team for the hard work. He said, “I’m delighted that Campion Insurance will soon become part of the PIB Group which is a positive and exciting development in our history. It is testament to the hard work of our dedicated people and loyal customers who are behind our success to date, that we are in the position to play a key role in driving PIB’s expansion in the Irish market. We are excited about what lies ahead, and very attracted by the opportunity to continue our acquisition activity through the strength and scale offered by PIB.”
