Monday 21 August 2017

Web broker insure.ie sold to giant Aon but no change to staffing

Laura Noonan

Laura Noonan

FAMILY-owned online broker insure.ie has been sold to international brokerage giant Aon in a deal believed to be worth tens of millions of euro.

The sale of insure.ie, which has about 100,000 policyholders, comes less than six months after UK insurer RSA snapped up 123.ie for close to €65m.

Aon Ireland boss Richard Endersen last night declined to be drawn on the figures involved in the insure.ie deal but stressed that it was "entirely different" to the 123.ie sale.

As an insurer, RSA also became the underwriter of 123.ie's policies and is hoping to sell its insurance to all 170,000 policyholders on 123.ie's books.

Aon's existing business is purely brokerage and Mr Endersen said it would be "business as usual" at insure.ie's operations, with no implications for the firm's 50 staff.

Resource

A new manager, long-time AA Insurance Ireland director Declan Cahill, will become an "additional resource" to insure.ie's team and founder Mike Murphy will join the board of Aon Ireland.

"It's fair to say that Aon approached insure.ie," Mr Endersen said, pointing to Aon's desire to get into the personal lines insurance market.

The deal also sees Aon take over the rest of the Mike Murphy Insurance group, which includes a physical insurance brokerage.

Aon already employs 550 people here, spread across a corporate insurance broking business and an innovation and analytics centre of excellence opened last year.

Mr Endersen said Aon's parent understood that there were still opportunities in Ireland and remained willing to invest.

The acquisition of insure.ie comes as Irish insurers try to lure customers on to their own websites and away from intermediary online brokers.

Mr Murphy said his family was "delighted" to join forces with Aon.

Irish Independent

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