US broker Brown & Brown has agreed to acquire the general insurance operations of Ireland-based O’Leary Insurances (OLI) as part of its expansion strategy in Europe.
The Irish broker was founded in 1961 by Archie O’Leary and has over 200 employees operating from eight locations, including Cork, Dublin, Galway and Waterford. OLI specialises in providing commercial and personal insurance.
The transaction is expected to close in January 2021.
Barrett Brown, president of Brown & Brown retail, said: “We are extremely pleased with the relationship we have developed with Anthony and Diarmuid while considering joining with the O’Leary Insurances team to establish Brown & Brown’s flagship in Ireland. Like Brown & Brown, O’Leary Insurances grew from a family owned business to a leader in the Irish brokerage market by empowering its teammates to succeed.
"We are fully confident that we share with OLI the same culture of customer focus by providing unique risk solutions that meet each customer’s needs. I am excited about our future in Ireland and beyond with Anthony, Diarmuid and the O’Leary Insurances team.”
O’Leary stated: “We are delighted to join the Brown & Brown group of companies and view this progression as a huge positive for both the O’Leary Insurances team and our valued customers. We view Brown & Brown’s choice of an Irish company as their European gateway to be a strong endorsement of this country, and O'Leary Insurances are delighted to join an organisation whose culture and values are so similar to our own in so many respects.
"We are particularly pleased to bring the strength and experience of one of the world's largest insurance brokers to the Irish market and are confident that this will be of immense benefit to all in the years ahead.”
Brown & Brown, O’Leary Insurances, Mergers & Acquisitions, Insurance, Reinsurance, General Insurance, Barrett Brown, North America, Ireland