Co Clare-based Munstergroup Insurance has become the 19th Irish brokerage bought by growing insurance intermediary PIB Group Ltd.
The Ennis-based business was bought through Campion Insurance, which leads PIB's Irish division.
Today's deal brings the total number of businesses already purchased by Campion this year to nine.
Campion Insurance now offers specialist commercial products, motor and home insurance and life and pensions products to its customers.
In a statement, the company said today's announcement highlights Campion's strategy to expand its footprint and offering in Ireland.
It also reflects PIB's positive view of the continued growth potential for the Irish market, and with other acquisitions pending underscores the importance of the Irish market to the group, it added.
Michael Henchy, the new boss of Munstergroup Insurance said, today's announcement is great news for its clients and team.
"This is a market-leading insurance business, with a dedicated, ambitious, and hard-working team. I am looking forward to working with them to grow this business further and to give our team every opportunity to grow and develop their careers with this business," he added.
Jim Campion, CEO of Campion Insurance, said the Munstergroup Insurance business was highly sought after.
"Now that they are part of Campion Insurance and PIB we will be able to support the business as it grows giving people the opportunity to reach their potential," he said
"Padraic McNicholas and I have known each other for a long time, and I would like to wish him every success as he steps back from the business to pursue other personal goals. I am delighted to announce that from today Michael Henchy will lead Munstergroup Insurance," he added.
