Clear Group Acquires Irish Broker Phelan Caswell Insurances

The Clear Group, the London-based insurance intermediary, announced the acquisition of broker Phelan Caswell Insurances, based in Dublin, Ireland.

The deal also sees Clear acquire the financial planning assets of the business. Financial details of the deal were not disclosed.

Phelan Caswell Insurances Ltd. (PCI), formerly BHP Insurances Ltd, was founded in 1998, and has established itself as a leading provider of insurance and financial planning services across Ireland.

Under the terms of the agreement, Clear Group has acquired 100% of the PCI business, which will see the executive management team, which includes managing director Mark Phelan, continue to lead the business of 18 staff members.

The business provides comprehensive insurance offerings to over 2500 clients nationwide, specializing in commercial insurance types and sectors such as construction, hospitality and events.

PCI has a strong track record of organic growth alongside making selective acquisitions, including in 2023, when it acquired EBIB Insurances, a well-established equine insurance broker based in Naas, Co Kildare. More recently it invested in the book of business of Sweeney Walsh and Associates, a long-established Equestrian brokerage in Clonmel, County Tipperary.

Clear said this latest acquisition marks the continuation of its investment into Ireland as a key market and partnering with like-minded brokers in the country. In April 2023, The Clear Group acquired Munster-based commercial broker MBC Insurance, marking its first move into the Irish broker market.

“Phelan Caswell Insurances is a quality broker which adds significant value to our growing presence in Ireland. Mark and his team are highly regarded across the Irish market. I’m sure they will thrive from being part of the Clear family as we continue to bolster our presence in Ireland,” commented Mike Edgeley, group CEO of the Clear Group, in a statement.

“Partnering with Clear is great news for our clients and staff. With support from the wider Irish business, we will be able to provide an enhanced range of products and services, leveraging the strength of a larger organisation,” according to Mark Phelan, managing director of Phelan Caswell Insurances.

“This means we have greater access to specialist expertise and solutions tailored to our clients’ evolving needs, with the ultimate effect of improving our proposition and service to our customers. Clear also gives us access to new markets and improved support through its extensive resources. Most of all Clear was a standout in terms of its people and values,” Phelan added.

Des Murphy managing director of Clear Ireland, explained that the broker’s strategy in Ireland “will be to continue to expand and partner with more like-minded brokers across the country.”

Source: The Clear Group

Topics
Mergers & Acquisitions
Agencies