Ardonagh subsidiary unveils ‘landmark’ M&A deal in Ireland
Ardonagh Group subsidiary Arachas Corporate Brokers is to acquire an independently operated brokerage with over €80 million in gross written premium (GWP) to expand its business in Ireland.
Arachas has reached an agreement to acquire Frank Glennon, Frank Glennon (Life & Pensions) and Administration and Management Services, providers of insurance solutions through its offices in Dublin. The company operates in corporate, SME, employee benefits, financial planning and affinity home and motor businesses.
Glennon Insurances has been in the business for nearly 75 years and has built strong long tenure client relationships from a diverse range of industries including construction, medical, retail, professional services, real estate and professional affinity group relationships.
Subject to regulatory approval, the Glennon business will be integrated into Arachas following completion of the transaction, growing the Arachas headcount in Ireland to over 600.
Ardonagh Europe and Arachas, CEO Conor Brennan said: “The similarities between Arachas and Glennon Insurances, in terms of our business and our people-first culture, put us out in front, in a highly contested race, to acquire Glennon. Their broking capacity and ability to manage risk over a long period of time is impressive. This, together with their experience in general insurance, life, pensions and business insurance is all highly complementary, to the rapidly-growing Arachas business. I’m delighted to be adding Glennon to a reputable list of Irish family businesses, who are now thriving under the Arachas brand.”
Ardonagh Group CEO David Ross added: “This is a landmark deal for Arachas and a proud moment for the wider Ardonagh Group to be enabling another meeting of hearts, minds and culture between two leading brokers in Ireland. Glennon’s expertise for complex risks and large enterprises, combined with Arachas’ access to capacity and the scale of Ardonagh, is set to be a formidable combination and we look forward to collaborating on all the opportunities that lie ahead.”
David Glennon, chairman, Glennon Insurances commented: “Today is a milestone moment in the 75 years, since my grandfather founded the company. I am confident that our dedicated employees, loyal clients and partners are in excellent hands, as part of the Arachas family. I know that Arachas has a strong vision to grow the business that will help us to continue to deliver what we have always offered our clients, namely a high quality service delivered by an expert and dedicated team.”
John Bissett, CEO, Glennon Insurances added: “With many potential buyers approaching us, Arachas stood out as a partner who shares our family business values and our approach to listening to our clients so that we can find the best way to protect what matters most to them. Our combined businesses will deliver a peerless breadth and depth of expertise with vision and scale that will further enhance the solutions we can provide across the market to our loyal client base.”
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