Cork and Kerry based MBC Insurance acquired by UK group 

Under the deal Clear Group acquires 100% of McAuliffe Barry & Collins Ltd which trades as MBC Insurance and Techinsure.ie

Munster based firm MBC Insurance has been acquired by the UK insurance company Clear Group marking its first steps into the Irish market.

The company will continue to be led by managing director, Des Murphy, directors, Shane Sullivan and Brían McMahon and chairman, Denis Collins, following the acquisition. It currently has 5,600 clients nationwide.

Under the terms of the deal Clear Group takes 100% control of McAuliffe Barry & Collins Ltd which trades as MBC Insurance.

The company has been in business for 40 years and currently has offices in Cork City and Listowel in Co. Kerry. The company provides insurance for a wide range of sectors including commercial insurance types and sectors, such as business insurance, plant and access machinery hire as well as tool and equipment hire insurance.

It also offers a range of IT insurance through its Techinsure.ie brand.

Mr Murphy said they are “delighted” to finalise the deal with the Clear Group saying the new partnership will provide the potential for growth opportunities.

“MBC and the Clear Group are ideal partners in terms of our shared values, commitment to our people, and customer satisfaction,” he said.

The purchase of MBC Insurance is the 38th such acquisition by Clear Group but its first in Ireland.

The company said this acquisition signals their expansion plans into new markets following an investment last year from Goldman Sachs.

“Clear is planning to make further acquisitions in Ireland and is very interested in talking with brokers who share similar values and culture,” the company said in a statement.

Mike Edgeley, chief executive of the Clear Group said establishing the company in Ireland is a “central plank” of their strategy to grow outside of the UK.

“We are delighted that the MBC team has chosen to join the Clear Group,” he said.

In June last year, Clear Group received investment from Goldman Sachs Asset Management in order to drive its expansion. At the time, the company employed over 650 people across 15 locations.

Clear Group was established in 2001 as an independent chartered insurance broker and handles over £350m ($395.7m) of premiums. In the UK it focuses on the corporate as well as small and medium sized business markets.