It said Insure.ie is a well developed web business with an associated call centre in Dublin and over 100,000 customers in Ireland across motor, home, travel and health insurance.
Speaking at the announcement, Richard Endersen, managing director of AON in Ireland, said his company was “delighted to have agreed this deal with one of the longest established insurance brokers in the country.”
The personal lines insurance market (motor, home, travel and health insurance) accounts for half of Ireland’s total insurance revenue.
With this investment the group has a real strong presence with the scale, systems and expertise in the personal lines market that will allow it to grow substantially in the years ahead, said Mr Endersen.
He added that the acquisition brings together the best of both companies.
That includes a strong management team from Insure.ie; a good commercial portfolio to add to its own and a leading position in the personal insurance area and an opportunity to grow AON’s business in the Irish marketplace.
It also provides a vehicle to further enhance the group’s sponsorship of Manchester United with a greater number of Irish fans, he added.
The group employs over 600 people on the island of Ireland across its sites in Dublin, Belfast, Cork, Limerick and Mullingar.
This recent investment in Insure.ie follows the group’s recent opening of its Global Centre of Innovation and Analytics based in Dublin, which supplies advanced research and development technology for the group worldwide and for Hewitts, which it recently acquired.
Mike Murphy of Insure.ie said his family were “delighted to join forces with the largest broker in the world”.
Mr Murphy and his management team will be become an integral part of the new management structure and will continue to work with their customers under the new name.
In addition Declan Cahill will be joining as the new CEO of Insure.ie, subject to regulatory approval.
There will be no other changes to the senior management team and no redundancies or job losses.