Wexford Insurances was established by Ken Lawler and Carmel Lawler in 1995 and is a leading equestrian insurance brokerage in Ireland with customers nationwide. In addition to its specialist equestrian business, Wexford Insurances services the corporate and SME markets.
INNOVU acquired leading broker, Sheridan Insurances in February 2019. The combined business will generate gross written premium of circa €40m in 2019.
Commenting on the acquisition, Ronan Foley, Group CEO of INNOVU, said:
“We are very pleased to have concluded this deal with Wexford Insurances. 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. Having invested in Sheridan Insurances last year, we felt that Wexford Insurances would form a great business fit in line with our development strategy. We look forward to working with the team, growing the business and building on Wexford Insurances’ long standing success in providing the very best in customer service, niche insurance solutions and expert advice.”
Ken Lawler, Managing Director, said:
“We are delighted to have completed this deal with INNOVU. 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 transaction, INNOVU will employ over 100 insurance professionals.
This deal marks the second acquisition in a period of planned expansion for INNOVU following the acquisition of Sheridan Insurances supported by private equity provider, MML Ireland, earlier this year.
Shane Cooke, Investment Director at MML Ireland, said:
“MML Ireland continues to target Irish SMEs with strong growth ambitions. We are delighted to support INNOVU with this transaction. Wexford insurances is a strong business led by an experienced team and is a perfect strategic fit. We intend to invest further to support the overall business to help it accelerate its growth plans with further acquisitions planned.”