Kerry insurance broker second to be acquired by US-multinational

The acquisition marks the company's fourth deal in under a year, having first entered the Irish market in June 2022

Pursuing a strategy of acquisition-based growth across the Irish market, Assured Partners says its total annual gross written premiums now exceed €120m nationwide, with plans to double this to more than €200m over the next calendar year.

A Kerry insurance firm is the latest indigenous broker to be acquired by a large multinational having been purchased by US-headquartered, Assured Partners for an undisclosed amount.

Expected to be completed in August 2023, the acquisition of Castlemaine-based Sayers Insurances marks the company's fourth deal since entering the market last year, with the transaction being completed via Assured Partners' Irish platform, Gallivan Murphy Insurance, which it acquired in June 2022.

The deal follows the recent acquisition of another indigenous Irish brokerage by the multinational, having purchased Clare-based firm, O'Donovan Insurance in March this year.

Founded in 1987 by Garry Sayers, the family-run brokerage serves more than 2,000 policyholders across mid/west Kerry in its Castlemaine office, with the family remaining involved in the firm once the transaction is complete.

Pursuing a strategy of acquisition-based growth across the Irish market, Assured Partners says its total annual gross written premiums now exceed €120m nationwide, with plans to double this to more than €200m over the next calendar year.

With offices across four countries and over 9,000 employees, the firm is one of the largest independently owned brokers in the world. Founded in 2011, Assured Partners has purchased more than 450 agencies in total, many of which are based in Ireland and the UK.

In recent years, independent Irish firms have become increasingly attractive to global consolidators, with the sector's largest players all pursuing aggressive acquisition strategies targeting Irish businesses.

“We have enormous respect for family brokerages like Sayers in Castlemaine," said chief executive of Assured Partners UK & Ireland, David Heathfield.

"Alongside GMIB.ie in Killarney we look forward to further enhancing our service range and product choice to our growing customer base in Ireland."

Gary Sayers, founder and managing director of Sayers Insurance said, "We are delighted to join the team. The combination of our local knowledge and understanding of client needs, alongside the scale of Assured Partners makes this a natural fit for Sayers and our clients.”