Clare-based insurance firm latest to be acquired by multinational broker

Bought by London-based PIB, it marks the company's 14th acquisition in the Irish market since 2021

Based in Ennis, Gleeson Insurance has been in operation for more than 35 years, operating primarily within the car, home, farm and commercial markets. 

Clare-based Gleeson Insurance has been acquired by multinational brokers, PIB for an undisclosed amount, marking the UK-founded firm's 14th acquisition in the Irish market since 2021.

The Ennis-based provider is the latest indigenous firm to be bought by a major insurance player, following several prior acquisitions of companies across Limerick, Cork and Kerry.

Based in Ennis, Gleeson Insurance has been in operation for more than 35 years, operating primarily within the car, home, farm and commercial markets.  In its latest financial statement, the family-owned business reported a turnover exceeding €700,000, converted to a profit of more than €114,000. 

The firm's acquirer, PIB Group was founded by Brendan McManus in 2015 and specialises in insurance advisory, claims management, premium funding and risk management. 

Funded by Apax Partners, the multinational reported a total income of more than £230m (€264.4m) in 2021, with earnings before interest, tax, depreciation and amortisation (EBITDA) exceeding £44m (€50.6m).

Headquartered in London, PIB's latest purchase marks its 14th Irish acquisition in just two years, with the firm joining other insurance multinationals in a consolidation effort targeting indigenous providers. 

Gleeson Insurance is the second Clare-based insurance broker to be acquired in recent weeks, following the family-run O'Donovan's Insurance being bought by US giant, Assured Partners in March 2023.

Less than a year prior, the Florida-based multinational acquired Kerry insurance provider, Gallivan Murphy, with the Assured Partner's Irish arm reporting growth of over 40% since the acquisition. 

Ireland is one of the largest exporters of insurance providers in the EU, with a number of multinationals using Ireland's indigenous insurance firms to consolidate a traditionally fragmented market.