Aston Lark snaps up another broker as acquisition strategy continues

Goldman Sachs-backed broker  Aston Lark has continued its expansion spree with another acquisition in Ireland. The deal further strengthens its existing personal lines business in the country.

The broker has acquired Dublin-based Principal Insurance Ireland DAC, which is said to be a leading player in the Irish motorcycle insurance market, with a 30+ percent market share.

“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,” said Robert Kennedy (pictured), CEO of Aston Lark Ireland.

Peter Blanc, Aston Lark's group CEO, stated that the company's ambition is to grow in a wide array of specialisms. Principal is Aston Lark's second acquisition in Ireland in recent months.

The transaction will also enable Principal Insurance to extend its footprint in motorcycle insurance and seek out diversification opportunities.

Aly Dixon, CEO of Principal Insurance Ireland DAC, said: “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.”

Dave Bowcock, founder and CEO of Principal Insurance in the UK, added: “We’re immensely proud of what we’ve achieved in Ireland so far but felt now was the right time to hand over the reins to someone for the next exciting phase for the Irish office. 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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