Thomas Lyons 
Ennis-based Gleeson Insurance has been acquired by PIB, a multinational insurance broker, in a deal whose worth has not been disclosed. This marks PIB’s 14th acquisition in the Irish market since 2021. The acquisition of Gleeson Insurance is the latest in a string of purchases of indigenous Irish firms by major insurance players, following several prior acquisitions of companies across Limerick, Cork, and Kerry. Gleeson Insurance has been in operation for more than 35 years, operating primarily within the car, home, farm, and commercial markets. In its latest financial statement, the family-owned business reported a turnover exceeding €700,000, converted to a profit of more than €114,000.
PIB Group, founded by Brendan McManus in 2015, specialises in insurance advisory, claims management, premium funding, and risk management. Funded by Apax Partners, the multinational reported a total income of more than £230m (€264.4m) in 2021, with earnings before interest, tax, depreciation, and amortisation (EBITDA) exceeding £44m (€50.6m). Headquartered in London, PIB’s latest purchase marks its 14th Irish acquisition in just two years, with the firm joining other insurance multinationals in a consolidation effort targeting indigenous providers.
Gleeson Insurance is the second Clare-based insurance broker to be acquired in recent weeks, following the family-run O’Donovan’s Insurance being bought by US giant, Assured Partners in March 2023. Less than a year prior, the Florida-based multinational acquired Kerry insurance provider, Gallivan Murphy, with the Assured Partner’s Irish arm reporting growth of over 40% since the acquisition. Ireland is one of the largest exporters of insurance providers in the EU, with a number of multinationals using Ireland’s indigenous insurance firms to consolidate a traditionally fragmented market.
The acquisition of Gleeson Insurance by PIB Group is a sign of the consolidation trend in the Irish insurance market. The deal is the latest in a string of acquisitions of indigenous Irish firms by major insurance players. While the worth of the deal has not been disclosed, PIB Group’s total income in 2021 was more than £230m (€264.4m), with earnings before interest, tax, depreciation, and amortisation (EBITDA) exceeding £44m (€50.6m).
Gleeson Insurance has been in operation for more than 35 years, operating primarily within the car, home, farm, and commercial markets. In its latest financial statement, the family-owned business reported a turnover exceeding €700,000, converted to a profit of more than €114,000. PIB Group, founded by Brendan McManus in 2015, specialises in insurance advisory, claims management, premium funding, and risk management. Funded by Apax Partners, the multinational has been on an acquisition spree in the Irish market, with Gleeson Insurance being its 14th acquisition in just two years.
Gleeson Insurance is the second Clare-based insurance broker to be acquired in recent weeks, following the family-run O’Donovan’s Insurance being bought by US giant, Assured Partners in March 2023. Less than a year prior, the Florida-based multinational acquired Kerry insurance provider, Gallivan Murphy, with the Assured Partner’s Irish arm reporting growth of over 40% since the acquisition. Ireland is one of the largest exporters of insurance providers in the EU, with a number of multinationals using Ireland’s indigenous insurance firms to consolidate a traditionally fragmented market.
