Aston Lark, the UK-based chartered insurance broker backed by Goldman Sachs, has purchased Dublin-based Principal Insurance Ireland.
rincipal Insurance was established in 2015 and has since grown to have over 30pc of the market share in the Irish motorcycle insurance market, according to a statement from Aston Lark.
With further investment Principal Insurance will now look at extending its footprint in motorcycle insurance. In addition it will look at other areas of opportunity.
Principle Insurance currently employs 18 people in Ireland, where it is led by Aly Dixon.
The company operates in Ireland and the UK, however, just the Irish arm of the business is being sold to Aston Lark. The UK division of Principal Insurance will continue to be run separately by Dave Bowcock.
Robert Kennedy, Aston Lark Ireland CEO, said: “The management team at Principal Insurance Ireland DAC are well known to us at Aston Lark. Not only have Dave, Aly and the team built a fantastic business, they share our vision of care for customers and staff which makes it a perfect fit.”
“This acquisition significantly diversifies our existing personal lines business, broadens our capabilities and will fuel the next chapter of our journey, as we work together to become the leading independent and most trusted insurance broker in Ireland,” he added.
Aly Dixon, Principal Insurance Ireland CEO, said: “As Aston Lark is fast-growing its presence in Ireland and committing the resources necessary to support expansion across a broker portfolio, myself and my team are extremely excited and proud to join the group.”
Aston Lark made another acquisition in Ireland earlier this year, buying North County Brokers.
The company expects to announce further acquisitions in Ireland in the coming months.
Aston Lark currently employs 1,500 people across Ireland and the UK.