Aston Lark Ireland buys specialist motorcycle broker

Aston Lark Ireland has bought Principal Insurance Ireland for an undisclosed sum, in a move which it said would further strengthen its “already significant” personal lines insurance expertise. 

The Dublin-based broker was established in 2015 as the Irish arm of Manchester-headquartered Principal Insurance. It has since grown to take a 30% market share in the Irish motorcycle insurance market.

The business is led by Dave Bowcock and Aly Dixon and has 18 staff. According to Aston Lark, it will now look to extend its footprint in motorcycle insurance and “seek out diversification opportunities”.

Dixon will move across to Aston Lark along with the rest of the team, while Bowcock will remain with Principal in the UK, which is not included in the deal.

Vision
Robert Kennedy, Aston Lark Ireland CEO, said: “The management team at Principal Insurance Ireland DAC are well known to us at Aston Lark.

“Not only have Dave, Aly and the team built a fantastic business, they share our vision of care for customers and staff which makes it a perfect fit. We are very excited to welcome them to Aston Lark.”

He continued: “This acquisition significantly diversifies our existing personal lines business, broadens our capabilities and will fuel the next chapter of our journey as we work together to become the leading independent and most trusted insurance broker in Ireland.”

Deals
The deal is the consolidator’s fifth in the Republic of Ireland this year and follows its purchases of McMahon Galvin in June, Brady Burns & Associates in May, O’Loughlin Insurance Group in April, and North County Brokers in March.

Commenting on the acquisition, Peter Blanc, Aston Lark group CEO, added: “One of Aston Lark’s stated aims is to grow in a wide array of specialisms - and Principal Insurance could not be more specialist!

“They truly know bikes and bikers and Aly and Dave’s passion for the sector is obvious to see. 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.”

Dixon, Principal Insurance Ireland’s chief executive, stated: “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.”

Partner
Bowcock, founder and CEO of Principal Insurance in the UK, stated that the business is “immensely proud” of what it has achieved in Ireland so far but noted that now was the right time to hand over the reins for the next phase for the Irish office.

He commented: “We believe we have found the perfect partner in Aston Lark to fuel future growth and diversification even further.

“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.”  

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