Tue, 18 Apr 2023 | BUSINESS SALE
Independent insurance broker The Clear Group has ramped up its M&A growth strategy as it looks to enter new markets following investment from Goldman Sachs last year. The group has acquired Munster-based commercial broker McAuliffe Barry & Collins Ltd, marking its first acquisition in the Irish market.
Following the acquisition, The Clear Group says it plans to make further acquisition in Ireland and that it was seeking to talk to brokers who share similar culture and values. The deal is the group’s 38th transaction since it was founded in 2001.
Founded in 1982, McAuliffe Barry & Collins Ltd – which trades as MBC Insurance and Techinsure.ie - is among Munster’s longest-standing insurance brokers. MBC provides insurance for more than 5,600 clients nationwide and specialises in a range of commercial insurance types and sectors.
The company, which is a member of Ireland’s insurance brokers representative body Brokers Ireland, also provides a range of IT insurance solutions through the Techinsure.ie brand. Following the acquisition, the firm’s executive management team will continue to lead the business.
Clear Group group chief executive Mike Edgeley said: "Establishing a Clear presence in Ireland is a central plank of our strategy as we look to grow across Ireland and acquire businesses outside of the UK. We are delighted the MBC team have chosen to join the Clear Group. MBC has a great team of people, and lots of potential to continue to grow backed by the support and investment of the Clear Group."
MBC Insurance managing director Des Murphy commented: "MBC and the Clear Group are ideal partners in terms of our shared values, commitment to our people, and customer satisfaction. It has been a pleasure to work with Howard, Mike, Tim and Conor and look forward to building on that relationship. We are excited about the potential growth opportunities that this new partnership will bring."
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