Clare-based insurance group acquired by global US brokers

The acquisition will see US-based Assured Partners increase its total gross written premiums in Ireland to over €100m

Based in Killaloe, the family run insurers, ODI was founded in 1981, with its client base growing to over 4,000 throughout its forty years in operation. 

Clare-based O'Donovan Insurance has been acquired by global brokers, Assured Partners for an undisclosed amount.

The family-run business will be absorbed by the firm's Irish platform, Kerry-based Gallivan Murphy Insurance Brokers, with the transaction expected to be completed in May 2023.

Based in Killaloe, the family-run firm was founded in 1981, with its client base growing to over 4,000 throughout its forty years in operation. 

The acquisition will see ODI's entire workforce absorbed, with employees remaining in the firm's existing office under the leadership of Managing Partner, Sheamus O'Donovan.

"Sheamus and his team run a great business and Assured Partners are excited to combine our collective expertise," said Assured Partners UK and Ireland CEO, David Heathfield.

Headquartered in Orlando, Florida, Assured Partners was founded in 2011, acquiring over 450 insurance brokers worldwide since the company's inception. Since 2015, the business has been owned by Chicago private equity firm, GTCR.

Since its acquisition by Assured Partners in 2022, the firm's Irish arm, Gallivan Murphy Insurance Brokers has reported growth of over 40%, with the acquisition of ODI increasing Assured Partners' total gross written premiums to over €100m.

With offices across four countries and over 9,000 employees, the firm is one of the largest independently owned brokers in the world. 

In recent years, independent Irish firms have become increasingly attractive to global consolidators. Just last year, UK firm, PIB Group acquired two Irish brokers, Campion Insurance and Waterford-based Oliver Murphy Insurance.

Similarly, Arachas, which was bought by UK firm, Ardonagh in 2020, has also recently acquired two Irish brokers, Limerick-based O’Malley-Griffin and Dublin-based D&D Insurances Ltd.

"I’m incredibly proud of the business we have built over the last 42 years," said ODI Managing Partner, Sheamus O'Donovan.

"Our partnership with Gallivan Murphy Insurance Brokers and Assured Partners will ensure that we are well positioned to continue providing insurance solutions for our clients in a market that has gone through significant change over the last several years."