Online insurance broker Chill has announced the acquisition of Dublin-based broker Aaran Insurances. Chill, which has annual revenues of nearly €24 million (£20.7 million), has been experiencing considerable growth – and this latest move is designed to help further strengthen its market share.

A traditional broker, Aaran specialises in household, small business and private motor cover and has annual revenues of €2.1 million. The business was established in 1988 by David Jones, who is set to retire from the organisation.

First acquisition

According to The Times, the deal is the first such acquisition by Chill, which was founded more than a decade ago by brothers Padraig and Seamus Lynch. Commenting on Aaran Insurances, Padraig said it is a “good business that’s been run well”.

He added that Chill is in the market to acquire similar companies that specialise in personal lines cover, stating that it would be able to give their customers greater choice and help on issues such as IT, regulatory compliance and data protection.

Chill ‘delighted’ with the development

Also responding to the move, CEO of Chill Insurance Michael McLaughlin said the business is “delighted” with the addition of Aaran Insurances to the group.

He went on to state: “Chill Insurance is committed to making a positive contribution to the insurance industry and developing a business renowned for excellent customer relations.” Mr McLaughlin also said that Chill provides welcome competition in the insurance market, offering value and quality to its customers.

Profits and revenue surge

The acquisition of Aaran Insurances comes after a strong financial year for Chill. The company, which employs over 270 members of staff and has in excess of 230,000 customers, recently reported pre-tax profits of €2.4 million in the 12 months to the end of April 2018. This was an increase of 37 per cent on the previous financial year. In addition, post-tax profits for the period rose by 12 per cent and totalled €1.83 million. Chill also recorded an increase of 14 per cent in revenues, taking in a total of €23.73 million over the financial year. The company is expecting this growth to continue.

Chill Insurance has its call centre and head office in Sandyford, Dublin and is still owned by founders Padraig and Seamus Lynch. As well as his role as director and shareholder at Chill Insurance, Seamus is director of Digicel Holdings Ltd and vice chairman of Digicel PNG. These mobile communication services providers are subsidiary companies of Digicel Group Limited.

 

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