Clear Group expands Ireland presence with Phelan Caswell buy

By Ryan Hewlett

Feb 6 - (The Insurer) - Goldman Sachs-backed broker consolidator Clear Group has continued to build its footprint in Ireland with the acquisition of broker Phelan Caswell Insurances.

The deal also sees Clear acquire the financial planning assets of the business.

Based in Dublin, Phelan Caswell Insurances (PCI), formerly BHP Insurances, was founded in 1998, and is a provider of insurance and financial planning services across Ireland.

The business provides comprehensive insurance offerings to over 2500 clients nationwide, specialising in commercial insurance types and sectors such as construction, hospitality and events.

PCI has a strong track record of organic growth alongside selective acquisitions, including in 2023, when it acquired EBIB Insurances, an equine insurance broker based in Naas, Co Kildare.

More recently it invested in the book of business of Sweeney Walsh and Associates, a long-established Equestrian brokerage in Clonmel, Co Tipperary.

Under the terms of the agreement, Clear Group has acquired 100 perecnt of the PCI business, which will see the executive management team, which includes managing director Mark Phelan, continue to lead the business of 18 talented staff.

This latest acquisition marks the continuation of Clear’s investment into Ireland as a market and partnering with like-minded brokers in the country. In April 2023, The Clear Group acquired Munster-based commercial broker MBC Insurance, marking its first move into the Irish broker market.

Mike Edgeley, Group CEO of the Clear Group said: “Phelan Caswell Insurances is a quality broker which adds significant value to our growing presence in Ireland. Mark and his team are highly regarded across the Irish market. I’m sure they will thrive from being part of the Clear family as we continue to bolster our presence in Ireland.’

Clear has been on an expansion drive since Goldman Sachs Asset Management acquired a majority stake in the company in June 2022. That deal saw ECI Partners exit the business following a four-year partnership.

Under the leadership of CEO Edgeley, Clear has completed more than 19 acquisitions since the Goldman Sachs buy-in, including four MGAs.