Three Rock Group, the private equity backed vehicle that owns Chill Insurance, Quote Devil and Ivernia, has bought Dublin based broker, Chrome Insurance.
Financial details of the deal were not disclosed.
It is the latest addition to the Three Rock Group portfolio and follows its acquisition of Chill Insurance in April.
It also marks the latest consolidation move in the Irish insurance broker market, following a period of intense merger and acquisition activity.
Currently offering home and motor insurance and employing 10 staff, Chrome Insurance was founded in 2009 by Barry Sheridan, Gerard McCann and Emmet Graham.
“The team and I are delighted to be part of the Three Rock Group and believe the opportunities for all companies are elevated given the depth of experience this creates,” said Barry Sheridan, Director, Chrome Insurance.
“We believe our customers will be better served by the enhanced capabilities we and the Group can deliver.”
In 2006 brothers Seamus and Padraig Lynch founded Chill Insurance.
Fourteen years later, in June 2020, they sold a majority stake to UK private equity firm Livingbridge, which led to the foundation of Three Rock.
Chill is the largest intermediary in the country with 230,000 customers and 278 staff.
Three Rock has also added Ivernia and Quote Devil to its group.
“We are continuously looking to bring value and scale to the market and believe this acquisition will be for the benefit of both the Group and Chrome’s customers,” said Michael McLaughlin, CEO of Three Rock Group.
“With this acquisition we continue to grow our presence in personal lines insurance within the Irish market and help deliver our mission to bring Irish consumers choice and competition.”