Ennis-based insurance broker Munstergroup has been acquired by Campion Insurance. Campion itself was acquired by UK-based PIB Group in late 2021.

The purchase of Munstergroup brings the number of businesses bought by Campion this year to nine, and is the second-largest Irish acquisition to date. It is also their second one in Ennis this year, with Campion having acquired Gleeson Insurance earlier this year.

Kilkenny-based Campion said it would continue to expand its footprint and offering in Ireland, saying that further acquisitions in the Irish market are pending.

Pádraic McNicholas, who is stepping down as chief executive of Munstergroup following the sale, said: “I personally believe that this acquisition was the best option for our customers, staff and Munstergroup Insurance.”

PIB Group reported adjusted earnings of £91m (€105m) in 2022 on £345m (€399m) of revenue.

Last year, it acquired 23 businesses in six countries. It is certain to pass that level in 2023, with PIB buying another 21 businesses across Europe in the first six months of this year.