INNOVU Insurance is a national insurance broker with a balance of personal and commercial lines of business.
The insurance broking sector was one which MML Ireland had been investigating alongside Ronan Foley, a seasoned CEO with 30 years industry experience. The market was large and fragmented with clear consolidator drivers. MML Ireland were introduced to Sheridan Insurances, a second generation broker with a strong market presence, whose shareholders were seeking to realise value. MML Ireland were able to offer an alternative to a trade sale, bringing in Ronan as CEO and using the business as a platform for consolidation. MML Ireland invested for a majority stake allowing the Sheridan brothers to realise part of their investment whilst rolling a material amount alongside MML Ireland. The business has gone on to acquire a further four brokers, significantly increasing in scale and has rebranded as INNOVU Insurance.
MML Ireland Fund I
Republic of Ireland
For investors in MML Ireland Fund I, MML Ireland Fund II & MML Fund VI
For investors in MML Fund VII