The INNOVU insurance group has today announced a deal to buy the business of William Cullen & Sons.

This is the fourth acquisition by the group in the past two years, after it bought acquired Sheridan Insurances and Wexford Insurancs in 2019 and Goggin Insurance Brokers earlier this year.

The combined business will generate gross written premium of about €63m in 2021.

Cullen Insurances was established in 1974 by Bill Cullen and it has a strong presence in the SME Corporate and personal space segments.

As part of the deal, Cullen Insurance's Managing Director Douglas Howell and Director Robert Ryan will become shareholders in the enlarged INNOVU Group.

INNOVU said that with several other acquisitions under active consideration, it will continue to expand its insurance presence and service offering in Ireland, supported by private equity investment firm MML Growth Capital Partners Ireland.

Ronan Foley, CEO of INNOVU Group, said today's deal represents an important strategic expansion of the company's presence in Munster and wider Irish market.

"It will create significant opportunities for our respective clients and staff as we continue to carefully develop our business through strategic led acquisitions backed by strong organic growth," Mr Foley said.

"The insurance market is consolidating at pace and this presents real opportunities for smaller more traditional brokers with strong customer bases and proven track records of delivery, to partner with the INNOVU Group and to use our enhanced offering to grow in the coming years," he said.

"Our ambition is to generate €100m gross written premium by the end of 2022 as we solidify our position as a top-tier broker," he added.