It’s just over a month since Aston Lark Ireland revealed its last deal and today the firm has added to its roster with the announcement of its acquisition of Principal Insurance Ireland DAC, a deal that further strengthens its significant personal lines insurance expertise.
Dublin-based Principal Insurance was established in 2015 and has grown since its inception to become a leading player in the Irish motorcycle insurance market, commanding a 30%+ market share. The 18-strong team of insurance professionals is led by Dave Bowcock and Aly Dixon and, with further investment, will now look to expand its reach in the motorcycle insurance market and seek out diversification opportunities.
Commenting on the deal, Robert Kennedy, Aston Lark Ireland CEO, noted that the management team at Principal Insurance Ireland DAC is well known to Aston Lark and that the team have not just built a “fantastic business” but also share the group’s vision of both customer and staff care. This makes the deal a perfect fit, he said, and Aston Lark is excited to welcome them to the group.
“This acquisition significantly diversifies our existing personal lines business, broadens our capabilities and will fuel the next chapter of our journey,” Kennedy said, “as we work together to become the leading independent and most trusted insurance broker in Ireland.”
Peter Blanc, Aston Lark group CEO, added that one of Aston Lark’s stated aims is to grow in a wide array of specialisms, a description that fits Principal Insurance completely.
“They truly know bikes and bikers and Aly and Dave’s passion for the sector is obvious to see,” he said. “I’m delighted to welcome them to the group and congratulations to Rob and the team in Aston Lark Ireland who are going from strength to strength.”
Meanwhile, Dixon, Principal Insurance Ireland DAC’s chief executive, welcomed the deal, and said: “When we set out on this journey, our customers and staff were at the forefront of our consideration. Aston Lark very much shares our ethos in terms of delivering service excellence and completely recognises the existing expertise held by our Dublin-based team who have been, and will be, testament to our continued success.
“As Aston Lark is fast growing its presence in Ireland, and committing the resources necessary to support expansion across a broker portfolio, myself and my team are extremely excited and proud to join the group.”
Discussing the deal, founder and CEO of Principal Insurance Ltd in the UK, Bowcock noted that the team is proud of what it has achieved so far in Ireland but that now is the right time to hand over the reins to someone else to take the Irish office on its next phase of growth.
“We believe we have found the perfect partner in Aston Lark to fuel future growth and diversification even further,” he said. “Our UK operation remains very much focussed on embracing the multitude of opportunities we have in front of us, and we wish Aly and her team the very best for the future going forward as part of Aston Lark.”