Limerick broker latest indigenous firm to be acquired by insurance giant PIB Group

The deal marks the multinational's 15th acquisition of an Irish insurance firm since 2021

Minster Court in London where PIB Group are headquartered (Photo by Then and Now Images/Heritage Images/Getty Images)

A limerick brokerage is the newest to be acquired by a rapidly expanding London-based insurance group, marking the global firm's 15th acquisition of an Irish company since 2021. 

Tim Duggan Insurances based on O'Curry Street in Limerick city will join the intermediary PIB Group through the company's Irish division, Campion Insurance, having been acquired by the giant for an undisclosed amount.

Following its latest purchase, PIB's Irish headcount has grown to more than 400 employees, with Tim Duggan Insurance joining a running list of indigenous Irish brokers to join the global group, many of which are family-run and based across Munster.

Speaking on the deal, PIB added that the acquisition aligned with its strategy, with the group undertaking an extensive expansion to enhance the footprint of its Irish division, Campion, which it purchased in late 2021. 

Since then, 15 indigenous brokers have been acquired, with Ennis-based Gleeson Insurance purchased just last month by PIB Group following 35 years of operating across home, motor and commercial markets. 

Similarly, Sullivan Insurances, based on Upper Hartstonge Street in Limerick city was acquired in June last year, along with Waterford firm, Oliver Murphy Insurance brokers just a few months prior.

Backed by private equity firms Apax Partners and the Carlyle Group, PIB Group was founded in 2015 and has since embarked on numerous acquisitions across Poland, Spain and the Netherlands, as well as Ireland.

In its latest annual report, the multinational stated a total income of more than £230m (€267.6m) in 2021, with earnings before interest, tax, depreciation and amortisation (EBITDA) exceeding £44m (€51.2m). In the same report, the company noted that it employed a "buy and build strategy" at its core, with a total of €59m being invested in merger and acquisition activities in 2021.

Speaking on its latest acquisition of Tim Duggan Insurance, Jim Campion, CEO of PIB Group's Irish division, said the company looked forward to working with the team, adding that they "will continue to invest in talent to drive organic revenue growth and will also look to further acquire businesses that will enhance the Group more broadly.”

Tim Duggan, managing director of the Limerick firm, called the purchase, "great news" for clients, adding that it "provides our customers with greater scale and a wider range of services which is very exciting.

"We are delighted to now be part of the Group and look forward to working with Jim and Campion Insurance to drive further growth of the Campion business.”