One of the country's largest insurance brokers, Campion, has been sold to the London based PIB Group.

The financial details of the deal, which is subject to regulatory approval, have not been made public.

Campion has 12 offices across the country and once the deal has gone through it will continue to operate under the brand.

Founded 27 years ago by Jim Campion the company is a family business that specialises in commercial, personal and life and pensions insurance.

Mr Campion and the wider management team will continue to run the operation which employs 180 staff.

"I’m delighted that Campion Insurance will soon become part of the PIB Group which is a positive and exciting development in our history," he said.

"It is testament to the hard work of our dedicated people and loyal customers who are behind our success to date, that we are in the position to play a key role in driving PIB’s expansion in the Irish market."

Campion has gross written premiums of €80m this year and consolidated revenues of €21m.

Set up in 2015, PIB is a growing group of insurance advisory businesses, backed by private equity firms, Apax Funds and The Carlyle Group, with a stated strategy of expanding internationally.

It is currently expanding rapidly throughout Europe through acquisitions and organically, and currently offers services to customers in the UK, Channel Islands, Ireland, Germany, Poland, Denmark, and Spain.

In total it has made 46 acquisitions since 2016, 11 of which have been announced this year.

Ireland has been identified as a key market for investment by he company and earlier this year, PIB Group bought both Creane & Creane and Oliver Murphy here.

It also recently expanded into Spain for the first time.

"This is a fantastic business with Jim Campion at the helm, backed by his leading management team and employees," said Brendan McManus, CEO for PIB Group.

"They represent a great platform for PIB in Ireland and provide many complementary attributes. In addition, their experts will be a great fit for our increasingly international family and collaborative culture that benefits customers and colleagues alike."