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Sunday, August 14, 2022

Broker buys Archas Glennon Insurance as market consolidates

Archas is continuing its buying spree with the acquisition of Glennon Insurance in the latest deal in the rapidly consolidating insurance broker space.

According to Archas CEO Conor Brennan, the company, which is owned by private equity-backed UK broker Ardonagh, said it had reached an agreement to buy Glennon after “a highly competitive race” for the independent broker. .

The purchase will add an €80m annual premium to Aarachas’ expanded network of bolt-on brokers, including the similarly sized Hopper Dolan, which the company bought a year earlier.

Glennon, 75, brings client relationships from a diverse range of industries including construction, medical, retail, professional services and real estate.

The firm deals in corporate, SME, employee benefits, financial planning and affinity home and motor businesses.

The deal will bring Archas’ total workforce in Ireland to over 600.

David Ross, CEO of Ardonagh Group, said, “Glennon’s expertise for complex risks and large enterprises, combined with Ardonagh’s access to potential and Ardonagh’s scale, is poised to be a formidable combination and we look forward to collaborating on all opportunities that lie ahead.” look forward to doing.” ,

Private equity and large international brokers are on the hunt in Ireland’s insurance broker market, which is highly fragmented and faces increasing cost pressures from regulation.

Global insurance broker Gallagher entered the market last month with the purchase of Inovu, a private-equity-backed brand that itself had been buying out local brokers for the past four years.

Cote Devil, the low-cost broker, was sold in April to the private equity group behind Chill Insurance for €30m, according to data revealed in a recent court case involving its owners.

Other big deals over the past year include the sale of Chill Insurance and Gallivan Murphy – both for €100m – and several bolt-on acquisitions by UK broker Aston Lark.

Archas has been following a similar strategy since its 2017 formation. The firm is owned by Ardonnagh, the UK’s largest independent broker, which is rolling out a piecemeal consolidation approach in its European markets.

Ardonagh banked more than $1bn (€980m) in new funding from owners Madison Dearborn and HPS Investment Partners last December

The UK-based conglomerate, led by Irish CEO David Ross, bought Archas for 250 million euros in 2020 and US company Acurisk and Australia’s Resilium in 2021.

World Nation News Desk
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