O'Leary Insurance acquired by US firm

US company acquires Cork firm's general insurance business in mulitmillion euro deal

The O'Leary Insurance Group (OLI) in Cork is to sell its general insurance business to a US firm entering the European market.

Founded in 1961 by Archie O'Leary, OLI has remained a family run business for the past 59 years and is currently led by Anothony O'Leary. The firm is now Ireland’s largest independently owned brokerage with more than 200 employees operating from eight locations, including Cork, Dublin, Galway and Waterford. 

The acquisition by Florida insurance firm Brown & Brown is expected to close in January 2021, subject to certain closing conditions. Financial details of the agreement have not been disclosed but it is understood to be excess of €100m. The OLI team will continue to operate from their current locations under the same senior management including Anthony O’Leary, Diarmuid Nolan, Brian Lennon, Michael Tarpey and Rossa Williams.

O'Leary Insurance MD Anthony O'Leary said the acquisition is a huge positive for both company and their customers.

In a statement, Executive Vice President Barrett Brown 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."

Anthony O’Leary said he viewed the acquisition as a huge positive for both the O’Leary Insurances team and their 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."