Kerry-based insurance broker snapped up by US group for over €100m via IrishTimesBiz
after the deal goes through, has been growing at a rapid pace in recent years as a result of its investment in its online offering and currently writes about €60 million worth of personal and commercial lines of insurance.
GMIB, which was founded in 1989, expects its workforce to grow from a current 85 to 250 over the next three to five years, according to the statement. It is generating about €15 million in annual revenues, the equivalent of 25 per cent of gross written premiums. The attraction for financial investors lies in the fact that insurance broking is a fee-based business that delivers steady revenues through the economic cycle, and strong cash flows that allow buyers to service the debt needed to finance further deals.
UK-based insurance intermediary PIB Group, also controlled by private equity firms, moved last year to buy three Irish brokerages, including Wexford-based Campion Insurance.Elsewhere, private-equity firm MML Growth Capital Partners Ireland has dived into the broker space in recent years using a vehicle called Innovu to mop up a series of businesses.