Clear Group is a UK-based insurance broker established in 2001, currently backed by Goldman Sachs. The MBC acquisition is the first step in Clear Group’s strategy to grow across Ireland, and they now are looking forward to growing their market share, both organically and through further acquisitions.
MBC Insurance is a long-established Cork-based insurance brokerage firm specialising in a variety of commercial insurance, including for plant & access machinery hire, tool & equipment hire, and forklift hire, as well as a wide range of IT-related insurance. The business is led by Managing Director Des Murphy, along with Directors Shane Sullivan and Brían McMahon and Chairman Denis Collins.
Mazars in Ireland look forward to continuing to support Clear Group on its Irish acquisition strategy.
Mazars financial advisory partner Mark Mulcahy provided financial due diligence, supported by Anthony Shiel and Kevin Hogan. Taxation due diligence was provided by tax partner Gerry Vahey, supported by Nicole Hanlon. Partner Kian Caulwell, supported by Cara Hyland, provided regulatory due diligence on the deal.
Digitalisation, climate change and the cost of insurance have dominated agendas in early 2024 for insurers and regulators alike. While macroeconomic conditions have stabilised, technological advancements and legislative developments promise to keep insurers busy into the summer months and beyond.
Since the beginning of the year, several articles and speeches from the Central Bank of Ireland (CBI) have singled out the Payments Institutions (PI) and Electronic Money Institutions (EMI) sector as being of increased risk, with concerns that an operational or financial failure could cause a significantly impact the European Economic Area (EEA) financial system.
Mazars is delighted to have supported Aerospace Software Developments (ASD) on its sale to Descartes Systems Group.
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