Online insurance broker Blue Insurances has announced the buyout of one of its founder directors, Rowan Devereux, for just under €10 million

Managing director Ciaran Mulligan and Mr Devereux founded the business, which specialises in travel insurance, ten years ago

It now employs 32 staff and has an annual turnover of over €20 million.

“During the past 12 months, Rowan Devereux has decided to take the opportunity to realise his shareholder value and has made a decision to step down from the company,” the company said today.

The company has grown each year, over the past ten years, with turnover rising from €3 million in year one to over €20 million in 2013. Staff numbers have also increased year on year, growing to over 32 staff in 2013.

Mr Devereux says said: “It is testament to the management team I leave behind, that the company continues to achieve record YOY growth and profitability, despite the tough economic climate it faces.”

Mr Mulligan paid tribute Mr Devereux’s contribution to the business which resulted in “significant growth and many awards”.

On the company's future outlook, he said:"We are looking to grow by over 50 per cent in the next few years as the company has many exciting plans for the future, including continued expansion into new markets in Ireland and the UK and expansion into overseas markets including India, the UAE, and America."