The Clear Group, the London-based independent broker, announced the acquisition of Irish commercial broker McAuliffe Barry & Collins Ltd., which trades as MBC Insurance and Techinsure.ie.
Clear has acquired 100% of MBC Insurance. Financial details of the deal were not disclosed.
This latest deal represents the 38th acquisition made by Clear since it was established in 2001 and marks its first acquisition in the Irish broker market. The acquisition of MBC Insurance further signals Clear’s expansion plans into new markets through targeted M&A activity following investment last year from Goldman Sachs.
Celebrating its 40th anniversary last year, MBC Insurance offers a comprehensive insurance offering to more than 5,600 clients nationwide. MBC specializes in a variety of commercial insurance types and sectors, such as, business insurance, plant & access machinery hire, tool & equipment hire, and forklift hire insurance. In addition, MBC offers a wide range of IT insurance through its well-established Techinsure.ie brand.
MBC is a key member of Brokers Ireland, the leading representative body for insurance brokers in Ireland.
The MBC executive management team, led by Managing Director Des Murphy, Directors Shane Sullivan and Brían McMahon, and Chairman Denis Collins, will continue to lead the business and are fully committed to driving the future growth and strategic development of both MBC and the Clear Group in Ireland.
Clear said it is planning to make further acquisitions in Ireland and is interested in talking with brokers who share similar values and culture.
“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,” commented Mike Edgeley, group CEO of the Clear Group. “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.”
“We are delighted to finalise this transaction, which is testament to the exceptional quality and dedication of the MBC team and business. MBC and the Clear Group are ideal partners in terms of our shared values, commitment to our people, and customer satisfaction,” according to Des Murphy, managing director, MBC Insurance.
Source: Clear Group
Topics Mergers & Acquisitions Agencies
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