Sheridan Insurances are delighted to announce that our parent company, Innovu Group Holding Company Limited (“Innovu”) have acquired Wexford Insurance Group Limited (trading as Wexford Insurances).
Wexford Insurances was established by Ken Lawler and Carmel Lawler in 1995 and is a leading equestrian insurance brokerage in Ireland with customers nationwide. In addition to its specialist equestrian business, Wexford Insurances services the corporate and SME markets.
Innovu acquired leading broker, Sheridan Insurances in February 2019. The combined business will generate gross written premium of circa €40m in 2019. Commenting on the acquisition, Ronan Foley, Group CEO of Innovu, said:
“We are very pleased to have concluded this deal with Wexford Insurances. It is an important strategic step for us as we continue to grow our insurance presence in Ireland. Wexford Insurances is a fantastic business and we like their focus on niche commercial lines successfully developed by Ken and the team over the years. It will play an important role within the Group as we focus on building scale through organic and acquisition led expansion.
“Having invested in Sheridan Insurances last year, we felt that Wexford Insurances would form a great business fit in line with our development strategy. We look forward to working with the team, growing the business and building on Wexford Insurances long standing success in providing the very best in customer service, niche insurance solutions and expert advice”
Ken Lawler Managing Director said
“We are delighted to have completed this deal with Innovu. They share our belief in delivering market leading and cost driven insurance solutions to clients. Wexford Insurances staff will remain in place and can now share and enjoy the benefits of an enhanced product range, additional expertise and the purchasing power of being part of a larger group. We would also like to take this opportunity to thank our staff and clients for their support”.
Following the transaction, Innovu will employ over 100 insurance professionals.
This deal marks the second acquisition in a period of planned expansion for Innovu following the acquisition of Sheridan Insurances supported by private equity provider MML Growth Capital Partners Ireland earlier this year.
Shane Cooke, Investment Director at MML said: “MML continues to target Irish SMEs with strong growth ambitions. We are delighted to support Innovu with this transaction. Wexford insurances is a strong business led by an experienced team and is a perfect strategic fit. We intend to invest further to support the overall business to help it accelerate its growth plans with further acquisitions planned.”
The deal was supported with bank debt from AIB Corporate Banking. “AIB Corporate Banking are delighted to have supported Innovu on their recent acquisition of Wexford Insurances. We wish, Ronan, Michael and the team the very best for the future in what is a very exciting time for the business.” Micheál Walsh – Associate Director Corporate Banking
McCann Fitzgerald acted as legal advisers to Innovu while RDJ Solicitors acted for Wexford Insurances. Mazars provided financial and tax due diligence.
About Innovu:
Innovu Group Holding Company Ltd. is the owner of Sheridan Insurances, a leading insurance broker focused on corporate, SME and personal customers through offices in Dublin, Kilkenny, New Ross and Wexford. Innovu acquired Sheridan Insurances in 2018 following a significant investment from MML Capital to facilitate the development and growth of the business and to participate in the consolidation of the market. Innovu brings together leading insurance brokers to build scale through organic growth, acquisition led investment and the delivery of market leading solutions for customers through innovative use of technology, close collaboration with insurers and an ambition to become one of the largest independent broking presences in Ireland.
About Wexford Insurances:
Wexford Insurances is a leading insurance brokerage based in Wexford. It has built a strong reputation among its Corporate, SME and, in particular Equestrian customers throughout Ireland. Wexford insurances will generate a gross written premium of approximately €13 million in 2019.
In addition to its corporate business, Wexford Insurances are specialists in equestrian insurance. The Company is the approved brokers to AIRE and have facilities in place for the HAI, IMHA and IMFHA.
About MML Growth Capital Partners Ireland:
MML Growth Capital Partners Ireland is a €125 million fund dedicated to backing ambitious managers of small and medium-sized private businesses located on the island of Ireland to reach the next stage of their evolution. It provides capital to businesses for expansions, acquisitions, shareholder reorganisations, recapitalisations and management buyouts. MML Growth Capital Partners Ireland creates bespoke deals in response to unique opportunities, recognising that while the challenges facing businesses are sometimes similar, the specific details are never the same
ENDS
Photo – Left to right – Gary Johnston, Wexford Insurances and Ronan Foley CEO Innovu and Sheridan Insurances.