Arachas, one of Ireland’s largest insurance brokers, has acquired Limerick-based Gerry O’Mahony Insurances for an undisclosed sum, marking its third acquisition of the year.
Founded 35 years ago, the Castletroy-based firm was founded by Gerry O’Mahony, and its operations are managed by his sons, former Munster Rugby players Ronan and Barry O’Mahony. The deal will see the firm operate under the Arachas brand, with Ronan O’Mahony staying on in a business development role.
Arachas said the deal aligns with its strategy to strengthen its foothold in the midwest region and Limerick in particular.
“The acquisition of Gerry O’Mahony Insurances is another exciting step for us at Arachas, as we bolster our position in the southwest region and continue our strategic expansion nationwide,” said Arachas chief executive Joey Wynne.
“This marks our third investment in Limerick since 2020 and highlights our commitment to servicing customers in the area to the highest possible standard.”
[ Arachas profits soar 35% amid wave of insurance broker dealsOpens in new window ]
Gerry O’Mahony said he is “proud” to see the firm join the Arachas group. “I am confident that our clients will continue to receive the highest standard of service, and that this new chapter will bring exciting prospects for both our team and our valued customers.”
Daniel Hennessy, regional director for Arachas Midwest, said Gerry O’Mahony Insurances is an “impressive brokerage with first-rate services”.
He said: “As the heart of the midwest, Limerick is a key location for us and our ambitious growth strategy, and we look forward to working with Ronan and the team.”
Since its acquisition by UK-based Ardonagh Group for €250 million in 2020, Arachas has been one of the most active dealmakers in the Republic’s rapidly consolidating insurance brokerage market.
The latest deal marks Arachas’s third transaction of the year, following on from its acquisition of Tom Fogarty Insurance in Tipperary Town and Gilmartin Insurances in Leitrim.
The group has now acquired 15 brokerages since 2020.
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