Ireland’s largest insurance company recently announced its has successfully acquired Aaran Insurances – a broker specialising in home, small business and private vehicle cover.
Aaran Insurances has been established since 1988 and was founded by David Jones. Today, the Dublin-based business is reported to have annual revenues of €2.1 million (£1.8 million).
A first for Chill
Chill was founded by brothers Padraig and Seamus Lynch over 10 years ago, and this recent acquisition is a first for the company. Speaking about Aaran Insurance, Seamus commented that it is a “good company that’s been run well”.
The co-founder also went on to say that Chill Insurance, which reports approximately €24 million in annual revenues, is in the market to obtain similar businesses in the near future, especially those which specialise in areas such as personal lines insurance.
As a result of this, Chill would be in a prime position to provide the customers of such companies with a wider choice, as well as be able to help with problems associated with IT services, regulatory compliance and data protection.
A successful financial year
The acquisition of Aaran Insurances follows a strong financial year for Chill. The Irish insurance broker recently reported pre-tax profits of €2.4 million in the 12 months to the end of April 2018 – an impressive increase of 37 per cent compared to the previous financial year.
In addition to this, post-tax profits during the same period increased by 12 per cent, bringing the total to €1.83 million. Further to this, the company reported a 14 per cent rise in revenues, totalling at €23.73 million over the entire financial year.
Further growth and development
As a result of its recent success, Chill is predicted to grow and develop even further over the next financial year.
CEO of Chill Insurance Michael McLaughlin commented: “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 went on to point out that Chill can provide “much needed competition” to the insurance market, offering “quality and value” to its Irish consumers.
Speaking of the company’s recent acquisition win, he commented that Chill is “delighted” about the addition of Aaran Insurances to its group.
Chill Insurance has its main office in Sandyford, Dublin. The broker currently employs over 200 members of staff and boasts a customer base in excess of 230,000.