Blue Insurances has announced the buyout of one of its co-founders, Rowan Devereux, for just under €10 million.

The online insurance broker, which was founded by Mr Devereux and Ciaran Mulligan in 2004, recorded a turnover of €20 million last year.

It operates in the Irish and British markets under a number of brands, including and

Mr Devereux said he was “extremely proud of the company’s exceptional achievements over the past ten years” and he wished the team “every future success”.

Mr Mulligan, who is managing director of Blue Insurances, said the company was looking to grow further in the years ahead, part of which would include growth into markets in India, America and the United Arab Emirates.

Blue Insurances currently employs around 32 people at its offices in Blanchardstown, Dublin.