PIB Group has revealed it has made its second Irish retail acquisition, acquiring Oliver Murphy Insurance Brokers based in Waterford.
The move follows five months on from PIB’s acquisition of Creane and Creane, one of the longest established insurance brokers in Ireland. At the time, PIB stated that it was the first of a number of broking businesses under consideration as part of a broader plan to become the “leading independent insurance broker in Ireland”.
Founded in March 1996 by father and son team, Oliver Murphy (Senior) and Oliver Murphy (Junior), Oliver Murphy Insurance Brokers is a regional personal and commercial lines insurance broker offering customers an “extensive range” of insurance solutions and services across commercial, personal lines and financial planning advice.
The firm is also a member of the Brokerline Direct (BLD) network which further enhances its product offering for clients.
Following the move, PIB revealed it now has 40 offices and around 2000 employees and is now present across the UK, Channel Islands, Ireland, Germany, Poland, Denmark and Spain. This has led to the creation of PIB’s nascent International Division which covers retail, wholesale, reinsurance and MGAs.
Subject to receipt of Irish regulatory approvals for Oliver Murphy, PIB will be home to a trio of businesses in Ireland. As well as Creane and Creane, it joins Optis Insurance, an MGA servicing the SME sector, which was PIB’s first investment in the territory in 2019.
The business works closely with PIB-owned Citynet, a leading Lloyd’s and London Market specialist wholesale broker who also service an Irish broker-base.
Oliver Murphy (Junior), MD, said: “I’m delighted that Oliver Murphy Insurance Brokers will soon become part of PIB Group and to help build PIB’s presence in Ireland. We were attracted to PIB because of the Group’s business model and diversity and look forward to leveraging the strength and resources available for the benefit of our clients.
“ I’d like to say a massive thank you to our fantastic people and loyal customers who have helped to build the successful business that we are today, and I look forward to continuing those strong relationships for many more years to come.”
Brendan McManus, CEO for PIB Group, added: “I’d like to give a very warm welcome to our future colleagues at Oliver Murphy Insurance Brokers. They have established a brilliant business, strong reputation and excellent growth credentials, which make a fantastic addition to PIB Group.
“This is another boost to our ambitions to make Ireland a key territory for PIB where we intend to grow our retail and wholesale footprint through further acquisitions. I look forward to supporting further growth and success for everyone at Oliver Murphy.”
PIB added that alongside exploring opportunities in those countries for further expansion, new markets in Europe “are on the horizon” as part of its international aspirations.