One of the country's largest insurance brokers, Frank Glennon Limited, has been sold, in the latest transaction that puts the spotlight on the profitability of the Irish insurance industry.
Arachas Corporate Brokers, an international group which is incorporated in Jersey, plans to buy the family-owned Irish broker, which is a major adviser for many Irish businesses across a wide range of industries, including construction, medical, retail, professional services, and property.
The transaction involves Glennon's 100 staff based in Dublin. There has been a number of deals by US and British brokers this year, including the purchase of Sullivan Insurances in Limerick. The purchase of the family-owned Glennon will mean Arachas will employ over 600 people in Ireland.
Glennon's "broking capacity and ability to manage risk over a long period of time is impressive", said Conor Brennan, chief executive of Ardonagh Europe and Arachas.
"This, together with their experience in general insurance, life, pensions and business insurance is all highly complementary to the rapidly-growing Arachas business," he said.
Glennon chairman David Glennon said the sale was "a milestone moment in the 75 years, since my grandfather founded the company".