Co Down insurance broker was sold to move forward, says chief
A Co Down family insurance broker which has been in business for more than 50 years has been sold.
McGrady Insurance in Downpatrick has been sold to Northern Ireland broker Abbey Bond Lovis for an undisclosed sum.
It was funded by London investment firm Global Risk Partners.
McGrady was founded in 1964, and developed as a business serving customers across Northern Ireland.
Fintan McGrady then took over at the helm of the firm in 1990, becoming managing director.
"Selling my business was a big decision," he said.
"I am convinced Global Risk Partners is the ideal vehicle for our business to prosper going forward, especially with the local knowledge they have gained through their involvement with Abbey Bond Lovis.
"I look forward to being part of an expanding retail broking business in Northern Ireland, while maintaining our local identity."
Abbey Bond Lovis is responsible for around £25m worth of insurance premiums, and employs 97 staff across offices in Belfast, Armagh and Coleraine.
And just last year the director of Abbey Bond Lovis acquired the business in a multi-million pound management buy-out.
Speaking about the deal to take on McGrady, Maurice Boyd, managing director of Abbey Bond Lovis, said: "We look forward to working closely with the McGrady team and combining the strengths of our two businesses."