Another of Wexford's Insurance groups has been the subject of an ambitious takeover. Having acquired Sheridan Insurances back in February 2019, Innovu Group Holding Company Ltd has announced the acquisition of Wexford Insurances for an undisclosed amount.
Established by Ken and Carmel Lawlor in 1995, Wexford Insurances is regarded as one of the leading equestrian insurance brokerages in the country with customers nationwide. In addition to its equestrian business, Wexford Insurances also services the corporate and SME markets.
Innovu says that, having already acquired Sheridan Insurances, the combined business will generate gross written premium of circa €40m in 2019.
'We are very pleased to have concluded this deal with Wexford Insurances,' said Ronan Foley, Group CEO of Innovu. 'It is an important strategic step for us as we continue to grow our insurance presence in Ireland. Wexford Insurances is a fantastic business and we like their focus on niche commercial lines successfully developed by Ken and the team over the years. It will play an important role within the Group as we focus on building scale through organic and acquisition led expansion.'
Mr Foley continued that the thought behind this latest acquisition was that Wexford Insurances is 'a great fit in line with our development strategy' and he says they are looking forward to working with the whole team there.
Meanwhile, having grown the company since 1995, Ken Lawlor says he's delighted with the deal and gave assurances that the current staff would remain in place and the company would continue to trade as normal.
'We are delighted to have completed this deal with Innovu,' he said. 'They share our belief in delivering market leading and cost driven insurance solutions to clients. Wexford Insurances staff will remain in place and can now share and enjoy the benefits of an enhanced product range, additional expertise and the purchasing power of being part of a larger group. We would also like to take this opportunity to thank our staff and clients for their support.'
Following the deal, Innovu will now employ over 100 insurance professionals. The company says this latest deal is part of its 'period of planned expansion' supported by private equity provider MML Growth Capital Partners Ireland.
In recent week's Wexford's Wright Insurance was also the subject of a major acquisition by UK firm Aston Lark.