Announcement – Patrona subsidiary acquires Darjem Limited t/a Bump Insurance
Patrona Insurance Ltd, through its subsidiary Kilboro Ltd, is pleased to announce the acquisition of Darjem Limited t/a Bump Insurance, the Galway based managing general agency. Bump Insurance, which trades in the private motor sector, services approx. 25,000 policy holders.
Tony Wright, CEO of Patrona Insurance Ltd, comments, “Bump Insurance has provided Irish consumers and brokers with valuable insurance capacity for the past number of years, through a highly skilled work-force with a reputation for delivering first-class service to its broker partners. Although Patrona Underwriting Ltd – our established managing general agency, and Bump Insurance both trade in the private motor space, the risk selection has been quite different. Bump will deliver greater reach across the sector.”
Derek Coffey, CEO of Bump Insurance, comments “We are delighted with the Patrona Insurance Ltd arrangement. Our business fits well with the Patrona Insurance group because of the differentiated risk appetites for both businesses. This combined approach delivers improved risk spread with several areas of expansion identified. Day-to-day operations remain the same with the business continuing to trade from Galway through our existing team.”
It is believed that the acquisition makes Patrona Insurance Ltd one of the largest intermediary businesses in the country, with a number of national market leading products in its portfolio.