The Dublin-based Cornmarket Group Financial Services has announced the acquisition of a 25% shareholding in EIS Financial Services in Scotland, via its UK subsidiary.
This is Cornmarket’s first acquisition in mainland UK and is expected to be used as a base for further expansion.
EIS Financial Services was established in 1990 by the Educational Institute of Scotland Teachers Union to provide financial services and insurance products to its 55,000 members.
EIS Union represents around 90% of all Scottish teachers in primary, secondary and third-level education.
In addition, Cornmarket Insurance Services has signed a distribution agreement with to provide car and home insurance products to the Scottish Teacher Union members and their families.
Group Managing Director of Cornmarket Roddy Murphy said the new Scottish business would build on Cornmarket’s experience in the public sector market in Ireland where the business specialises in the provision of insurance schemes to groups such as teachers and nurses.
He said: “We see this acquisition and distribution agreement as an important step in expanding our footprint into public sector unions and other groups in the UK.”
The deal has been approved by the Financial Conduct Authority in the UK.
