A group of investors has acquired a controlling stake in Patrona Underwriting, a leading wholesaler of motor and other types of insurance, from Wexford insurance broker Tony Wright.
The investor group, Laidir Investments, is headed by Paul Whelan, who was a regional development manager at Liberty Insurance until April.
The group is being backed by Greensill Capital UK, a Softbank-funded lender, which employs former British prime minister David Cameron as an adviser.
The deal will secure additional insurance capital for Patrona. This will fund growth through acquisition and new markets such as equestrian insurance and cover for restaurants and pubs, according to Wright.
He plans to remain in the business.
While Patrona declined to reveal the investors’ identities, Laidir is said to be a mix
