Limerick firm Sullivan Insurances acquired by PIB Group

This is the sixth retail investment that PIB has snapped up in Ireland

Sullivan Insurances' 34-strong team will remain in place.

Limerick broker Sullivan Insurances has been acquired by the rapidly expanding international insurance firm the PIB Group.

A general insurance broker formed in 1983 by founder Denis Sullivan, the firm remains headquartered in Limerick but now has a presence across several counties with offices in Ennis, Nenagh and Athlone.

Denis holds the position of non-Executive Director since handing over the reins to sons Barry and Ian Sullivan as Directors in 2009. They were joined by Michael Henchy, following a merger with Michael Henchy Insurance in 2018.

Financial details of the acquisition by the PIB Group have not been disclosed. Sullivan Insurances' 34-strong team will remain in place.

Recent accounts show the firm increased turnover for the 2021 financial year to €2.7m with a profit after tax and depreciation of €440,072.

Sullivan Insurances is the sixth retail investment that PIB has snapped up in Ireland. These have so far been predominantly family-run establishments including Creane & Creane, Oliver Murphy in Waterford and Fingal Insurance which they acquired last week.

"PIB will be a great new home for us, and we were attracted to them because of their strength, scale and strategic vision," Denis Sullivan said. 

"We look forward to being able to leverage the strength of our new network of peers and the wider PIB Group to bring additional benefits for our people and customers.”