UK insurance brokerage Aston Lark has announced that it plans to acquire Wright Insurance Brokers, based in Ireland.
Wright Insurance Brokers is a specialist in the commercial and transport sectors, with offices in Wexford and Carlow.
The company was founded by insurance investors Tony and Breda Wright and employs over 150 across its two locations.
Following the acquisition, Tony and Breda Wright will take an equity investment in Aston Lark Holdings and will remain on the Board of Wright Insurance Brokers.
Additionally, the wholesale division of the group, Patrona Underwriting, will continue under the current ownership of Tony and Breda Wright and their current management team.
This deal marks the second acquisition that Aston Lark has made in Ireland, following its takeover of Robertson Low in January.
“We’ve been hugely impressed by the business that Tony and Breda Wright have built,” said Peter Blanc, Chief Executive Officer (CEO) at Aston Lark.
“Providing a personal and high-quality service to clients runs through the heart of the business, making it a perfect fit to join the growing Aston Lark family,” Blanc continued.
“We are keen to continue growing and acquiring like-minded brokers in Ireland where we see huge opportunities. Our increased scale will help us provide the full range of insurance and risk management solutions to companies and individuals seeking really high-quality personal service – which we believe will set us apart from the competition.”
Tony Wright, CEO of Wright Insurance Brokers, also commented: “Having followed an acquisition model ourselves for the last few years, we believe the Aston Lark strategy is directly aligned with the goals we set out to achieve.”
“The continuation of a highly personalised service company within a scaled, influential group provides real benefits to our customers and staff. This, combined with the recent investment provided by Goldman Sachs and the quality and manner of the recent acquisitions, makes Aston Lark a very attractive platform to continue with the growth of the business.”
Aston Lark was itself acquired by the Merchant Banking division of Goldman Sachs earlier this year, in a transaction that Aston Lark said would secure its independence for the foreseeable future.
