UK’s PIB Group (PIB) has bought Ireland-based insurance broker Campion Insurance to support its global expansion strategy.

The acquired firm specialises in three lines of business for commercial insurance, personal insurance and life & pensions.

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Campion Insurance, which is said to be a key player in the Irish insurance market, was founded by Jim Campion as a family business in 1984.

PIB seeks to expand its geographical footprint through the acquisition of Campion Insurance, which has a gross written premium of €80m in 2021 and consolidated revenues of €21m.

Upon deal completion, which is subject to regulatory approval, Campion Insurance will retain its brand identity.

Jim Campion and his management team will continue to lead all 180 employees of the insurance broker.

Jim Campion said: “We are excited about what lies ahead, and very attracted by the opportunity to continue our acquisition activity through the strength and scale offered by PIB.”

PIB European M&A head James Harmer said: “The dynamic business is geared up to scale for further growth and we look forward to working together with our joint ambition of consolidating the Irish broker market while driving financial returns.”

PIB did not disclose the financial value of the deal. As per The Irish Times’ report, it is worth more than €70m.

Notably, the deal marks PIB’s third acquisition in the Irish insurance broking market.

Earlier this year, PIB acquired Creane & Creane, which was followed by the acquisition of Oliver Murphy that is yet to receive regulatory nod.