One of the businesses synonymous with Enniscorthy since the 1980s has been acquired by Innovu Group.
The company announced the acquistion of P.E. Kelly Insurances on Wednesday and it marks the fifth acquisition by Innovu Group in the last two years, having previously acquired Sheridan Insurances and Wexford Insurances (now Innovu Insurance), in 2019, and Goggin Insurance and Cullen Insurances earlier this year.
The combined business will generate gross written premium of around €67m in 2021. P.E. Kelly Insurances has been providing general insurance services under the stewardship of Pat Kelly and his staff since 1985.
Since then, the Kelly family has been at the heart of commercial life in Enniscorthy from its base in Slaney Place. Post transaction, managing director Pat Kelly and director, Jack Kelly will be investing in Innovu and will become shareholders in the enlarged Innovu Group.
Holding agencies with all the major insurance companies and product producers, P.E. Kelly Insurances has earned a reputation for providing affordable and enlightened insurance solutions, risk and claims management to its clients across Co Wexford and beyond.
Meanwhile, with several other acquisitions under active consideration, Innovu Group will continue to expand its insurance presence and service offering in Ireland, supported by private equity investment firm, MML Growth Capital Partners Ireland (MML). Following this latest acquisition, the Innovu Group will employ over 140 insurance professionals nationwide.
Commenting on the development Ronan Foley, CEO of Innovu Group, said: “I’m absolutely delighted Pat, Jack and the team at P.E. Kelly Insurances will be joining Innovu. This is a great business with a well-established history in professional broking since 1985 and this addition to the group recognises our continued expansion in the south east and complements our overall national strategy.”
Meanwhile, Pat Kelly, managing director, of PE Kelly Insurances, also expressed delight at the development. “Innovu is an ambitious company that presents an exciting opportunity for us to enhance our service and product offerings,” he said. “The group is already established in the south east and we are delighted to support in further strengthening its foothold in the region,” he added.
Meanwhile everything runs as normal for clients: “It is business as usual for our customers and they will continue to be supported by our excellent team in Enniscorthy.” The investment director with MML, Shane Cooke, said his organisation has a history and track record of supporting indigenous Irish businesses. “We are delighted to continue to support the Innovu Group on its continued growth and expansion journey,” he said.
Through the acquisition process McCann Fitzgerald acted as legal advisers to Innovu Group while Enda Newton, of Eversheds Sutherland Solicitors, acted for P.E. Kelly Insurances. PWC provided financial and tax due diligence for Innovu with Nolan & Partners acting as corporate advisors to P.E. Kelly Insurances.