Devereux Leaves Blue Insurances
Online travel insurance broker Blue Insurances has bought out Rowan Devereux, one of the firm's founding directors, and a shareholder, for just under €10m.
The firm was founded by Ciaran Mulligan and Rowan Devereux 10 years ago, during which time it picked up several travel industry awards and expanded its business to offer the likes of pet, wedding and gadget insurance.
Turnover at Blue Insurance in 2013 topped €20m and the firm employs 32 staff. Speaking about the buyout, Devereux said that he was proud of the company's achievements and the role he played in contributing to them.
Mulligan, managing director at Blue Insurances, said that the firm was looking to grow by over 50% in the next few years, which will see it expand into markets in India, UAE and the US. The company is also planning to venture into home and motor insurance.
“Whilst this market is very competitive already, we are confident that our main unique selling points, which are not available in the Irish market at present, will generate quite a stir,” Mulligan added. (20/01/14)