Aston Lark Ireland chief executive says acquisition ’significantly diversifies’ firm’s existing personal lines business
Aston Lark Ireland has acquired Dublin-based Principal Insurance Ireland DAC, to further strengthen its personal lines insurance expertise.
Following the acquisition, Principal Insurance Ireland DAC will look to extend its footprint in motorcycle insurance, as well as explore diversification opportunities.
Established in 2015, Principal Insurance has grown to become a leading player in the Irish motorcycle insurance market, with around a 30% market share.
Its team of 18 staff is led by Principal Insurance managing director Dave Bowcock and Principal Insurance Ireland DAC chief executive Aly Dixon.
Robert Kennedy, Aston Lark Ireland’s chief executive, said: “The management team at Principal Insurance Ireland DAC are well known to us at Aston Lark.
”Not only have Bowcock, Dixon 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.
“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.”
Speaking about the acquisition, Aston Lark’s group chief executive Peter Blanc said that one of Aston Lark’s aims is to grow in a wide array of specialisms.
He continued: “[Principal Insurance Ireland DAC] truly [knows] bikes and bikers and Bowcock and Dixon’s passion for the sector is obvious to see.
”I’m delighted to welcome them to the group and congratulations to Kennedy and the team in Aston Lark Ireland who are going from strength to strength.”
Chief executive Dixon welcomed the deal with Aston Lark Ireland. She said: “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.”
Agreeing, Bowcock said that with Aston Lark, Principal Insurance has “found the perfect partner” to fuel future growth. He added that the business’s UK operation remains focused on embracing the multitude of opportunities ahead.