Monday 23 April 2018

Blue Insurance begins search for a buyer

Stock Photo
Stock Photo
Gavin McLoughlin

Gavin McLoughlin

Insurance intermediary Blue Insurance is up for sale, the Sunday Independent understands.

The company's managing director, Ciaran Mulligan, denied the company was looking for a buyer, saying it was looking to expand and enter into the Spanish market next year.

However, the Sunday Independent understands advisors have been appointed as part of a sales process.

Blanchardstown-based Blue was set up in 2003 and founded by Mulligan and Rowan Devereux, who was bought out of the business in recent years.

The company has around 350,000 customers and provides travel, car and home insurance as well as more niche products such as gadget insurance, pet insurance and wedding insurance. It is planning to launch a travel insurance brand shortly, and has been contacted a number of times in previous years by companies wishing to discuss investment opportunities.

Its most recently filed accounts, covering the year to the end of December 2015, put operating profit at €2.45m and the number of employees at 46.

Earlier this year the company announced plans to hire 25 new staff by the end of the year on foot of growth plans in the car and home markets.

Interested parties may include investment fund Carlyle Cardinal Ireland (CCI). CCI's portfolio includes AA Ireland, which specialises in motor, home and travel insurance and provides emergency rescue services.

Sunday Indo Business

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