PIB Group (‘PIB’) has acquired Campion Insurance (‘Campion’), one of the country’s largest insurance brokers (pending customary regulatory approvals). The investment reflects PIB’s continued international expansion strategy having identified Ireland as a key territory for investment. The acquisition will consolidate PIB’s position as one of the leading insurance brokers in Ireland.
This is the third retail business that PIB has brought into its stable in Ireland this year following on from Creane & Creane, and most recently Oliver Murphy, with several more acquisitions under consideration.
Established in 1984 by Jim Campion as a family business, Campion Insurance is a market-leading insurance broker with history of success and growth in the Irish market. Over the years, it has established a strong brand and reputation as a trusted advisor with specialist sector knowledge across three lines of business for Commercial Insurance, Personal Insurance and Life & Pensions.
Brendan McManus, CEO for PIB Group commented: “I would like to extend a very warm welcome to everyone at Campion Insurance who are soon to become part of the PIB Group. This is a fantastic business with Jim Campion at the helm, backed by his leading management team and employees. They represent a great platform for PIB in Ireland and provide many complementary attributes. In addition, their experts will be a great fit for our increasingly international family and collaborative culture that benefits customers and colleagues alike.”
Jim Campion, CEO for Campion Insurance commented: “I’m delighted that Campion Insurance will soon become part of the PIB Group which is a positive and exciting development in our history. It is testament to the hard work of our dedicated people and loyal customers who are behind our success to date, that we are in the position to play a key role in driving PIB’s expansion in the Irish market. We are excited about what lies ahead, and very attracted by the opportunity to continue our acquisition activity through the strength and scale offered by PIB.”
Campion’s company model, which has a strong focus on both organic and acquisitive growth, through several successful joint ventures and acquisitions, was highly attractive to PIB.
James Harmer, Head of European M&A for PIB Group, commented: “We’re thrilled that PIB has such a unique opportunity to invest in Campion Insurance which has a highly experienced team within the M&A space. The dynamic business is geared up to scale for further growth and we look forward to working together with our joint ambition of consolidating the Irish broker market while driving financial returns.”
Other highlights include GWP of €80m in 2021, consolidated revenues of €21m and high policy retention due to a strong customer focus and a wide range of products and pricing. The business has consistently won the Deloitte Best Managed Companies award for the last 11 years. PIB will also boost its geographic footprint and leverage Campion’s national network through Campion’s 12 locations in Ireland.
Following completion of the transaction, the Campion name and brand will continue and all 180 employees will also remain under the ongoing leadership of Jim Campion and his management team.