Clearwater has advised the key shareholders and management team of BHP Insurance on the sale of its not-for-profit (NFP) business.
The buy-out was led by Martina Westphal, Director of Community & Social, with support from a consortium advised by FinRes. The NFP business is the largest of BHP’s divisions and it will operate as an independent entity going forward. Mark Phelan, the Managing Director and principal owner of BHP, will also play a central and long-term role in the business. The transaction sees the division reorganise under a new management team led by Martina Westphal, whilst positioning the business for sustained future growth.
BHP Insurance was founded in 1998 and is a leading provider of insurance and financial planning services to charity, individual and commercial clients throughout the Irish market. Its specialist NFP division offers a complete range of insurance and risk solutions to its diverse client base that includes voluntary and community organisations, charities and social housing groups.
BHP has experienced strong growth in recent years and is well placed to expand its presence in the NFP insurance market in Ireland through new business acquisitions.
