Campion buys share in Aviva

Campion Insurance has acquired part of Aviva Direct Life and Pensions as part of a three-year expansion plan that will see the company become an established nationwide insurance brand.

The CEO of Campion Insurance Jim Campion said the deal with Aviva brings 15,000 new customers onto Campion Insurance and strengthens the company’s position in the Irish market, while creating 20 new jobs over the last year with at least another seven to be filled.

“This is part of our overall strategic plan; we hope in three years to put a business footprint in the areas we are not in at the moment,” said Mr Campion.

Despite the insurance market shrinking by about €1bn in the last four to five years the prudent approach taken by the company means they are currently in a position to expand.

Mr Campion said: “We have always been prudent, we didn’t get carried away. If our balance sheet couldn’t afford to do it, we didn’t do it. We are in a good position, a number of players are now talking to us about acquisitions and mergers.”

He likened the current state of the company to the famous slogan in the Shaws department store ad “Almost nationwide”.

The company is looking to grow rapidly in the next three years as it reaps the benefits of not over extending itself during the boom years.

“We are looking for substantial growth of between 50% and 60% over the next three years. We have a track record of growing at that rate and remaining profitable,” he said.

The company already has offices in Cashel, Dublin, Kilkenny, Midleton, Mullingar, Naas, Portlaoise, Roscommon, Thurles, Urlingford and Ennis employing over 150 people.