This marks the fifth acquisition by the INNOVU Group in the past two years, having acquired Sheridan Insurances and Wexford Insurances in 2019, and Goggin Insurances and Cullen Insurances earlier this year. The combined business will generate gross written premium of circa €67m in 2021.
P.E. Kelly Insurances have been providing insurance solutions to the people of Enniscorthy and the surrounding areas of Wexford since 1985, and have built a strong reputation and loyal customer base. Following the transaction, Managing Director Pat Kelly and Director Jack Kelly will become shareholders in the enlarged INNOVU Group.
Following this acquisition, INNOVU Group will employ over 140 insurance professionals nationwide. With several other acquisitions under active consideration, we look forward to further expanding our insurance offerings nationwide. As a 100% Irish owned business we remain determined for INNOVU to be the independent broker of choice in Ireland.
Ronan Foley, CEO of INNOVU Group commented:
“I’m absolutely delighted Pat, Jack and the team at P.E. Kelly Insurances will be joining INNOVU. This is a great business with a well-established history in professional broking since 1985. This addition to the Group recognises our continued expansion in the South East and complements our overall national strategy”
“As the market continues to consolidate at pace, our ability to aid in the scaling of smaller brokers while centralising much of their human resources, compliance and administration work demonstrates why the INNOVU Group should be considered the independent broker of choice in Ireland.
“We remain on the lookout for opportunities and will pursue acquisitions which we feel are a right fit for the Group while also continuing to also grow the business organically. Our ambition is to generate €100m gross written premium by the end of 2022 as we solidify our position as a top-tier broker.”
Pat Kelly Managing Director of P.E. Kelly Insurances:
“We are delighted to join the INNOVU Group. INNOVU is an ambitious company which represents an exciting opportunity for us to enhance our service and product offerings. The Group is already established in the South East and we are delighted to support in further strengthening its foothold in the region. It is business as usual for our customers and they will continue to be supported by our excellent team in Enniscorthy”.