Innovu Group buys Wexford-based P.E. Kelly Insurances
Innovu Group has purchased Wexford-based P.E. Kelly Insurances.
This is the fifth acquisition by the Innovu Group in the past two years, having previously acquired Sheridan Insurances and Wexford Insurances (now Innovu Insurance) in 2019. In addition, it bought Goggin Insurance and Cullen Insurances earlier this year.
The combined business will generate gross written premium of around €67m in 2021.
P.E. Kelly Insurances has been providing general insurance services under the management of Pat Kelly and his staff since 1985.
The business provides a number of insurance solutions, as well as risk and claims management for its clients.
As part of the deal, managing director of P.E. Kelly Insurances, Pat Kelly, and company director, Jack Kelly, will become shareholders in the enlarged Innovu Group.
Innovu Group said it will continue to expand its insurance presence and service offering in Ireland, supported by private equity investment firm, MML Growth Capital Partners Ireland (MML).
The insurance company has “several other acquisitions under active consideration.”
Following this transaction Innovu will employ over 140 insurance professionals nationwide.
“As the market continues to consolidate at pace, our ability to aid in the scaling of smaller brokers while centralising much of their human resources, compliance and administration work demonstrates why the Innovu Group should be considered the independent broker of choice in Ireland,” Ronan Foley, chief executive of Innovu Group, said.
“We remain on the lookout for opportunities and will pursue acquisitions which we feel are a right fit for the group while also continuing to also grow the business organically.”
He added that the company’s ambition is to generate €100m gross written premium by the end of next year.
McCann Fitzgerald acted as legal advisers to Innovu Group, while Enda Newton of Eversheds Sutherland Solicitors acted for P.E. Kelly Insurances.
PWC provided financial and tax due diligence for Innovu. Nolan & Partners acted as corporate advisors to P.E. Kelly Insurances.
In 2019 Innovu received significant investment from MML Growth Capital Partners Ireland to help the development and growth of the business and to participate in the consolidation of the insurance market.