Killarney-based insurance broker sold for €100m   

GMIB expected to grow from 85 staff to 250 over the next five years

Family-owned Gallivan Murphy which was set up over 30 years ago.

One of the country's largest insurance brokers, Killarney-based Gallivan Murphy Insurance Brokers, or GMIB, has been bought by US financial services firm Assured Partners for around €100m, according to industry sources. 

Family-owned Gallivan Murphy which was set up over 30 years ago employs 85 people at a number of locations. The firm places more than €60m Gross Written Premium (GWP) annually and reports revenues of €15m.
Assured Partners which has 8,500 staff across five countries said it is looking to buy more brokerages. GMIB’s team will all remain in place under the leadership of joint Managing Directors, Simon Gallivan and Denis Murphy. Tadgh Gallivan will continue in the business in a non-executive capacity and will be involved in identifying further opportunities for expansion in the Irish marketplace.

The firm is expected to grow further with staff numbers to rise to 250.

"GMIB has a strong reputation and has demonstrated an enviable ability to scale their business organically over the last several years making it one of the largest independently owned brokers operating in the Irish market," said chief executive David Heathfield at Assured Partners for the UK and Europe. 

Tadgh Gallivan, Chairman commented, “After 33 years building a successful and rapidly growing business, we are delighted to partner with AssuredPartners to become their platform for growth in the Irish market. The mutually strong cultural fit was evident from the outset of our discussions and in our shared ambition to further accelerate GMIB’s growth trajectory both organically and through acquisition.”

GMIB was advised by Deloitte and Arthur Cox, while Assured Partners tapped advice from William Fry, RPC, and PwC.