One of Ireland’s largest insurance brokers, Arachas, has acquired Waterford-based broker McDonald Dwyer Reddy & Byrne Insurances for an undisclosed sum, marking its fourth acquisition this year.
It is the company’s largest acquisition this year and follows previous investments in three other counties. Arachas acquired Gerry O’Mahony Insurances in Limerick, Tom Fogarty Insurance Brokers in Tipperary Town and Gilmartin Insurances in Leitrim in the last 12 months.
The company bought another Waterford broker – Hooper Dolan – in 2021.
McDonald Dwyer Reddy & Byrne Insurances was founded in 2010. It provides commercial and personal insurance, as well as broker-to-broker services.
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The four founding partners – Peter McDonald, Kieran Dwyer, Tom Reddy and Greg Byrne – will remain in the business and employees of the company will transfer to Arachas.
McDonald Dwyer Reddy & Byrne Insurances director Peter McDonald acknowledged that it may be the end of an era for many working at the company, but also said it was the start of a new chapter.
“This move will only serve to enhance our offering to clients, as we will have access to a broader portfolio of services, expertise and insurance products,” he said.
Arachas’ regional director for the southeast, Paul Dolan, said the company was happy to bring the “expertise and experience of the McDonald Dwyer Reddy & Byrne Insurances to the Arachas team”.
Chief executive of Arachas, Joey Wynne, said the acquisition would bring new skills and expertise to the company and “complement how our 150-plus workforce in the region can provide the best products and services to our growing customer base in Waterford and beyond”.
[ Arachas profits rise 30% as it continues deal-makingOpens in new window ]
A spokesman for Arachas said the company was still active in the acquisition market.
Arachas is part of the Ardonagh Group of insurance brokers. The group has more than 250 offices worldwide and employs 11,000 people. Arachas has 16 offices with about 720 staff across Ireland.
At the end of November, Arachas published accounts that showed a 30 per cent rise in net profit in 2023 compared to the previous year. Profit at the company increased to €40.3 million in 2023 from €30.9 million the year before. Turnover at the company rose to €113.4 million compared to €89 million in 2022.
Arachas has acquired 16 insurance brokerages since 2020.
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