Gallagher announced recently that it has acquired INNOVU Group Holding Company Limited (“INNOVU Insurance”). Terms of the transaction were not disclosed.
INNOVU Insurance was established in 2018 and offers a range of commercial and personal insurance products, plus financial services, serving a customer base of 45,000 across Ireland. The firm, headquartered in Wexford, also has offices in Dublin, Kilkenny, Limerick, Tipperary and Kerry, giving it an extensive footprint across the country. The business places around $65 million gross written premium on behalf of its clients.
Insurance’s commercial lines business is spread across a diverse range of industry sectors and products including commercial combined, commercial motor, combined liability, fleet, equestrian, and commercial property. Personal lines products include motor, household, travel and high-net-worth and its financial services offering includes pensions, protection, life and illness, savings and investments.
INNOVU Insurance employs 135 colleagues and was previously owned by a number of private shareholders and private equity investment firm, MML Growth Capital Partners Ireland Limited and was originally established by CEO, Ronan Foley and MML Growth Capital Partners Ireland Limited to acquire Sheridan Insurances. Ronan will continue to lead the business as CEO of Gallagher in Ireland, supported by his existing team.
The firm has a strong track record of successful M&A having acquired five Irish brokers since 2019, including Sheridan Insurances, Wexford Insurances, Goggin Insurance Brokers, Cullen Insurances and PE Kelly Insurances. Gallagher already has an extensive branch network across the UK, including Northern Ireland, and the acquisition of INNOVU is its first on-the-ground presence in the Republic of Ireland.
Commenting on the transaction, Michael Rea, CEO of Gallagher’s Retail Division, UK & Ireland, said: “The acquisition of INNOVU
Insurance provides the perfect launch-pad into Ireland. I have been keen to establish a Gallagher presence in Ireland, and the impressive speed at which the business has grown and proven itself over the last four years is testament to the entrepreneurial spirit and innovative approach of its leadership team. As with any acquisition, having similar minded cultures is critical and I am very much looking forward to working with Ronan and the team to further develop the business.”
Ronan Foley, CEO of INNOVU Insurance, said: “We are absolutely delighted to become part of Gallagher. Our staff and leadership team have built an incredible business, and partnering with Gallagher provides us with the ideal platform to continue our ambitious plans for growth through a combination of organic and acquisition led expansion. It was important to me that we found the right opportunity for our staff and I am delighted that we will be part of a global business that is focused on its people alongside its clients. We aim to establish Gallagher as the go-to broker in Ireland, and being able to draw on its global expertise and specialisms means we will be able to further support more businesses and individuals with their insurance and risk management needs. We look forward to exciting times ahead.”