AssuredPartners announces acquisition of Irish broker

AssuredPartners has agreed to acquire Irish family broker Sayers Insurance, according to a statement released yesterday (15 June 2023)

Castlemaine-based Sayers operates within the non-life insurance industry and serves over 2,000 policy holders across the mid and west region of County Kerry.

Insurance broker AssuredPartners said that it expected the purchase of the firm to be completed in August 2023.

AssuredPartners UK and Ireland chief executive David Heathfield said: “We have enormous respect for family brokerages like Sayers in Castlemaine and for the depth and quality of their relationships, services and local knowledge.

“We look forward to further enhancing our service range and product choice to our growing customer base in Ireland.”

Growth

The acquisition marks fourth deal since AssuredPartners entered the Irish market in June 2022.

In addition to Sayers, it has also purchased Gallivan Murphy Insurance Brokers (GMIB), O’Callaghan Insurances and O’Donovan Insurance.

The deal to acquire Sayers is being completed via GMIB.

Sayers managing director Gary Sayers said: “We are delighted to join the team at GMIB.

”The combination of our local knowledge and understanding of client needs, alongside the scale, service and product range available from AssuredPartners, makes this a natural fit for Sayers and our clients.”

The total annual gross written premium at AssuredPartners Ireland now exceeds €120m (£103m) – the firm shared it was planning to increase this significantly.

Heathfield explained: “Given the benefits of scale we can add for locally based brokerages and their clients, we remain an active buyer of quality brokerages and would expect to increase our GWP to over €200m (£172m) over the next full calendar year through a combination of continued organic growth and acquisitions.”

• Insurance Times has converted euro amounts into pounds using an exchange rate of $1.16 = £1, which was correct as of 1 June 2023.