Chill Insurance recently announced its acquisition of Aaran Insurances – a traditional broker based in Dublin in the Republic of Ireland specialising in small business, home and private vehicle cover.
Established in 1988 by founder David Jones who is due to retire, Aaran Insurances is reported to have annual revenues of €2.1 million (£1.8 million) and is considered to be a significant win for Chill.
“It’s a good business that’s been run well”
This is the first acquisition made by the online insurance broker, which was founded over 10 years ago by brothers Seamus and Padraig Lynch. Speaking about the acquisition, Padraig commented that Aaran Insurances is “a good business that’s been run well”.
He also went on to say that Chill Insurance, which has annual revenues of almost €24 million, is in the market to obtain similar businesses specialising in personal lines insurance. By doing so, it would be in a position to provide the customers of these companies with more choice and help with issues such as regulatory compliance, data protection and IT services.
A strong financial year
Chill’s acquisition of Aaran Insurances comes after a strong financial year. The Irish insurance broker recently reported pre-tax profits of €2.4 million in the 12 months to the end of April 2018 – an increase of 37 per cent on the previous financial year.
To add to this, post-tax profits for the same period grew by 12 per cent, totalling to €1.83 million. The company also reported a 14 per cent increase in revenues, bringing the total over the financial year to €23.73 million.
‘A positive contribution to the insurance industry’
Chill’s recent success is set to continue, with further growth and development expected over the next financial year.
Speaking about the development of the company, CEO of Chill Insurance Michael McLaughlin said: “Chill Insurance is committed to making a positive contribution to the insurance industry and developing a business renowned for excellent customer relations.”
Mr McLaughlin also commented that Chill is “delighted to announce the addition of Aaran Insurances” to its group. He went on to point out that Chill is “here to provide much needed competition in the insurance market,” as well as to offer “quality and value to Irish consumers”.
Chill Insurance has its head office in Sandyford, Dublin. The company employs over 270 members of staff and has a customer base in excess of 230,000.