Innovu expands into Munster with Cullen Insurance acquisition

Following this acquisition, Innovu will employ over 130 insurance professionals nationwide.

Limerick and Tipperary insurance brokers Cullen Insurances have been acquired by the Innovu Group for an undisclosed sum.

It is the fourth acquisition by Innovu in the past two years, having previously acquired Sheridan Insurances, Wexford Insurances and Goggin Insurance Brokers. The group said combined business will generate gross written premium of approximately €63m in 2021.

Cullen Insurances was established in 1974 by Bill Cullen and has offices in Limerick and Newport, Co. Tipperary. It has a reputation nationally in the SME Corporate and personal space. As part of the transaction, Managing Director, Douglas Howell, and Director, Robert Ryan, will become shareholders in the enlarged Innovu with Douglas also joining the group’s board.

Following this acquisition, Innovu will employ over 130 insurance professionals nationwide.

“We are delighted to join the Innovu Group," Douglas Howell said. "They share our belief in delivering market-leading and cost-driven insurance solutions to clients. It is business as usual for our customers and they will continue to be supported by our excellent teams in Limerick and Newport, Co. Tipperary."

Ronan Foley, CEO of Innovu said they were determined to be the independent broker of choice in Ireland. "This acquisition represents an important strategic expansion of our presence in Munster and wider Irish market. It will create significant opportunities for our respective clients and staff as we continue to carefully develop our business through strategic-led acquisitions backed by strong organic growth."

"We continue to look out for opportunities and will pursue acquisitions which we feel are a right fit for the group while also ensuring that we are growing organically. Our ambition is to generate €100m gross written premium by the end of 2022 as we solidify our position as a top-tier broker."