Mon, 08 Jul 2024 | BUSINESS SALE
Insurance brokerage AbbeyAutoline has completed its second deal within the space of a week with a deal for Down Insurance Limited’s customer book of business. The deal follows the company’s acquisition of Lisnaskea-based Martin Carey Insurance’s customer book of business earlier this month.
The two acquisitions form part of AbbeyAutoline’s plans to grow its customer base and bolster its offering of insurance services across the Northern Ireland marketplace. The company is part of the Prestige Insurance Holdings Group and has a 440-strong workforce working across 15 branches in Northern Ireland.
AbbeyAutoline was launched in 2020 via the integration of Abbey Insurance and Autoline. In addition to its recent acquisitions, the company also acquired family-owned BMG Insurance in 2022.
Down Insurance, a family-owned brokerage based in Downpatrick, County Down, was founded by Michael Kearney in 1983.
Following the deal, AbbeyAutoline Managing Director Julie Gibbons (pictured above) said: "This acquisition, along with the recent addition of Martin Carey Insurance, significantly strengthens our presence in the Northern Ireland marketplace and reinforces our commitment to delivering exceptional service and value to our growing customer base.”
"We're delighted to welcome the Down Insurances team into the AbbeyAutoline family and together we will continue to provide exceptional service and comprehensive insurance solutions to our valued customers."
Down Insurance Managing Director Jonathan Kearney added: "Joining forces with AbbeyAutoline is a positive move for our customers and our dedicated team of sales advisors.”
"This acquisition ensures our clients will continue to enjoy the exceptional service they’ve come to know, now with the added benefit of AbbeyAutoline’s extensive range of Personal and Commercial insurance products from the world’s leading insurers."
Find out more about the trends shaping dealmaking activity in the UK's insurance sector
This well-established East Midlands firm boasts over £90m in funds under management, offering a solid foundation and potential for growth.
This is an exclusive opportunity to acquire a South Wales IFA business with substantial assets under management, offering a stable, recurring income stream.
This is a rare chance to acquire a well-established, chartered financial planning firm with £380 million funds under management, offering a robust client base and a strong reputation in the industry.
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