The Clear Group expands its geographical reach with acquisition of Irish broker MBC Insurance
This latest deal represents the 38th acquisition made by Clear since it was established in 2001 and marks its first acquisition in the Irish broker market. The acquisition of MBC Insurance further signals Clear’s expansion plans into new markets through targeted M&A activity following investment last year from Goldman Sachs.
The MBC executive management team led, by Managing Director, Des Murphy, Directors, Shane Sullivan and Brían McMahon and Chairman, Denis Collins, will continue to lead the business and are fully committed to driving the future growth and strategic development of both MBC and the Clear Group in Ireland. Clear is planning to make further acquisitions in Ireland and is very interested in talking with brokers who share similar values and culture.
Celebrating its 40th anniversary last year, MBC Insurance is one of Munster’s longest-standing insurance brokers and has built an outstanding reputation in the sector. The company offers a comprehensive insurance offering to over 5,600 clients nationwide. MBC specialises in a variety of commercial insurance types and sectors, such as business insurance, plant & access machinery hire, tool & equipment hire and forklift hire insurance. In addition, MBC offers a wide range of IT insurance through its well-established Techinsure.ie brand. MBC is a key member of Brokers Ireland, the leading representative body for insurance brokers in Ireland.
Mike Edgeley, Group CEO of the Clear Group said: “Establishing a Clear presence in Ireland is a central plank of our strategy as we look to grow across Ireland and acquire businesses outside of the UK. We are delighted the MBC team have chosen to join the Clear Group. MBC has a great team of people, and lots of potential to continue to grow backed by the support and investment of the Clear Group.”
Des Murphy, Managing Director, MBC Insurance said: “We are delighted to finalise this transaction, which is testament to the exceptional quality and dedication of the MBC team and business. MBC and the Clear Group are ideal partners in terms of our shared values, commitment to our people, and customer satisfaction. It has been a pleasure to work with Howard, Mike, Tim and Conor and look forward to building on that relationship. We are excited about the potential growth opportunities that this new partnership will bring.”