Livingbridge, one of the UK’s leading mid-market private equity investors, has invested in Irish insurance and financial services group Chill Insurance (Chill).Headquartered in Dublin where it employs almost 250 staff, Chill was founded in 2006 by brothers Padraig and Seamus Lynch and has subsequently grown into one of the largest independent personal lines insurance broker in Ireland with over 200,000 policyholders, representing a 6 per cent market share.
Chill has successfully disrupted the Irish personal lines insurance market through its strong brand and multi-channel distribution capabilities, offering high-quality service, whole of market choice through a panel of 14 major insurance carriers at competitive prices direct to its customers. Chill’s success is underpinned by its best-in-class IT infrastructure; it has invested over GBP10 million in the last four years to support its growth plans and stay ahead of the competition.
Led by CEO Michael McLaughlin, Chill’s leadership team has created a strong entrepreneurial culture that has seen it continuously strengthen its proposition. Chill’s rapid organic growth has been complemented by tactical M&A; in 2019 it completed its first acquisition of personal lines insurer Aaran Insurances.
The investment, made through the Livingbridge 6 fund, builds on Livingbridge’s extensive experience in the insurance sector, including Jensten and Kingsbridge.
The Livingbridge team who led the transaction was Xavier Woodward, Simon Peet and Tom Reece.
Xavier Woodward, Livingbridge, adds: “Chill represents a fantastic opportunity to back a multi-product insurance provider which is uniquely positioned to grow in a large and attractive market. Michael and the management team have all the ingredients we look for in an investee company and we look forward to working with them on accelerating the growth of the business through the M&A strategy over the coming years.”
Michael McLaughlin, CEO at Chill, sways: “We are excited by the prospect of partnering with Livingbridge on the next stage in our growth journey. We have been impressed by their successful track record in scaling insurance businesses and their expertise will be invaluable as we continue to widen our reach in the personal lines sector, expand our portfolio of complementary financial services products and build our M&A capability.”
The principal advisors on this investment for Livingbridge included Deloitte, Travers Smith, A&L Goodbody, Oliver Wyman, PwC, and Intechnica. Third party financing was provided by Pemberton.
The principal advisors for Chill Insurance included KBW, Flynn O’Driscoll, LEK, KPMG, Capnua & Twomey Moran.
