Cornmarket Group acquires 25% stake in Scottish Broker
Signs new agreement to provide car and home insurance products to Scottish Teacher’s union
2 March 2016: Irish broker, Cornmarket Group Financial Services Ltd, through its UK subsidiary, Belfast based Cornmarket Insurance Services, has announced the acquisition of a 25% shareholding in EIS Financial Services Ltd in Scotland. This is Cornmarket’s first acquisition in mainland UK and will provide a strong base for further expansion.
EIS Financial Services was established in 1990 by the Educational Institute of Scotland Teachers Union (EIS), to provide financial services and insurance products to its 55,000 members. EIS Union represents approximately 90% of all Scottish Teachers in primary, secondary and third level education.
In addition, Cornmarket Insurance Services has signed a distribution agreement with EIS Financial Services Ltd to provide car and home insurance products to the Scottish Teacher Union members and their families.
Roddy Murphy, Group Managing Director, Cornmarket said that the new Scottish business would build on Cornmarket’s strong experience in the public sector market in Ireland where the business specialises in the provision of insurance schemes to groups such as teachers and nurses.
“We see this acquisition and distribution agreement as an important step in expanding our footprint into public sector unions and other groups in the UK. This is a very exciting development for the company and we look forward to providing our award winning service to Union members in Scotland,” he said.
The acquisition has been approved by the Financial Conduct Authority (FCA) in the UK.
For further information please contact Joanna Petty, Wilson Hartnell, Tel 01 669 0030 or 086 363 9914
Established in 1972, Cornmarket Group Financial Services is the largest financial services brokerage serving the Public Sector in Ireland.
The Group has worked closely with public sector unions, associations and employers to help them build Group Schemes with tailored benefits to suit the needs of their members, based on their profession. Cornmarket currently administers over 50 union, association and employer endorsed schemes, some of which represent the largest voluntary group schemes in the country.