US broker NFP acquires Aiken Insurance

AIL operates in the construction sector, among others

Fearghal O'Connor

Leading US insurance broker NFP has acquired Irish broker Aiken Insurances Limited (AIL)

The deal represents NFP’s second acquisition in Ireland having taken on local Irish broker HMP last year.

This latest deal marks NFP’s first commercial insurance acquisition here.

NFP has also stated its intention to continue with its Irish expansion through “further targeted acquisitions of the right business at the right time”.

Dublin-based AIL is one of only a handful of commercial risks experts operating in Ireland, providing specialist cover around complex commercial liability and property risks, including unoccupied property, as well as providing professional indemnity/directors’ and officers’ liability insurance.

The firm also operates in the leisure, entertainment and construction sectors, acting as a broker to almost 220 other brokers in the sector.

“The addition of Aiken to NFP is our first commercial insurance acquisition in Ireland and rounds out the NFP Ireland offering of employee benefits and consultancy, individual wealth management and commercial insurance, in line with the rest of NFP,” said Colm Power, director, NFP Ireland.

The entire AIL leadership team is to join NFP, it said in a statement.

AIL managing director William Irwin said: “Our shared strategic vision will enable the close collaboration necessary to drive results.

"NFP is a fast-growing and dynamic group and we look forward to managing all aspects of our clients’ businesses together as we identify new opportunities for them to achieve their goals."

The New York headquartered firm last year acquired Dublin-based HMP Insurance & Pension Advisors, since rebranding it to NFP and now operates as part of the global NFP broker network.

Following the rebrand of HMP, the firm said that it expected the local firm here to double its workforce.

It planned to accelerate its growth plans both organically and through other strategic acquisitions, it said at the time.

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