Three Rock adds to insurance portfolio with Quote Devil purchase

The owner of Chill Insurance, the largest personal insurance broker in Ireland, has expanded its footprint in the market with the acquisition of well-known low-cost broker Quote Devil.

The deal adds Quote Devil to the growing insurance platform of Three Rock Group, the private equity-backed vehicle that bought a majority stake in Chill in 2020 and also owns motor insurance agency Ivernia.

Quote Devil, a sister company of commercial coverage provider Pembroke Insurances, will continue to operate under its independent brand, selling personal insurance products underwritten by Zurich Life and Caledonian Insurance.

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The parties did not publicly disclose a price, which is being shared by Quote Devil’s individual founders and Pembroke.

Quote Devil was started in 2006 by CEO John McGuire and Graham Weir, the current managing director of Pembroke Insurances, a sub-brand of financial advisor First Credit.

The company has one of the more recognisable and heavily advertised brands in the personal insurance market, offering home, car, van and travel insurance.

Mr McGuire is staying with the business along with 60 staff, while continuing his involvement with Pembroke, with which Quote Devil shares an office.

The company has about one-fifth the headcount of Chill, which employs 278 staff and has 230,000 customers, or about a 7pc market share.

Operating profits at Chill Insurance rose more than 10pc to almost €4.5m in its last financial year.

The company had turnover of €28.1m in the year to the end of April 2021

Chill’s owner Three Rock is backed by Livingbridge, a UK private equity firm with a portfolio of more than 100 companies, including British insurance brokers Jensten and Kingsbridge, as well as well-known fashion brands Bench and Fatface.

Chill Insurance was founded by brothers Seamus and Padraig Lynch in 2006.

In June 2020, they sold a majority of the business to Livingbridge, launching Three Rock in the process, as the Irish company sought to finance acquisitions and expand its product range.

The transaction is believed to have valued Chill at about €100m. As part of the deal, the brothers retained about a 32pc stake in Chill Insurance, with Seamus Lynch retaining about 28pc and his brother Padraig keeping just over 4pc.

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