Ardonagh’s Arachas Corporate Brokers to Acquire Glennon Insurances in Ireland

Arachas Corporate Brokers Ltd., a Dublin-based subsidiary of The Ardonagh Group, announced it has reached an agreement to acquire Ireland’s Frank Glennon Ltd., Frank Glennon (Life & Pensions) Ltd., and Administration and Management Services Ltd.

Glennon Insurances is a trusted name in Ireland for insurance, having spent 75 years building strong, long-tenure client relationships from a diverse range of industries including construction, medical, retail, professional services, real estate and professional affinity group relationships.

Financial details of the transaction were not disclosed.

As an independently operated brokerage, Glennon specializes in corporate, small and medium sized enterprises (SMEs), employee benefits, financial planning and affinity home and motor businesses, with over €80 million in gross written premium (GWP) and more than 100 employees, with offices in Dublin.

“The similarities between Arachas and Glennon Insurances, in terms of our business and our people-first culture, put us out in front, in a highly contested race, to acquire Glennon,” commented Conor Brennan, the CEO of Ardonagh Europe and Arachas.

“Their broking capacity and ability to manage risk over a long period of time is impressive. This, together with their experience in general insurance, life, pensions and business insurance is all highly complementary, to the rapidly growing Arachas business. I’m delighted to be adding Glennon to a reputable list of Irish family businesses, who are now thriving under the Arachas brand”.

David Glennon, chairman, Glennon Insurances, described the deal as “a milestone moment” in the 75 years since his grandfather founded the company.

“I am confident that our dedicated employees, loyal clients and partners are in excellent hands, as part of the Arachas family. I know that Arachas has a strong vision to grow the business that will help us to continue to deliver what we have always offered our clients, namely a high quality service delivered by an expert and dedicated team,” Glennon added.

“With many potential buyers approaching us, Arachas stood out as a partner who shares our family business values and our approach to listening to our clients so that we can find the best way to protect what matters most to them,” according to John Bissett, CEO, Glennon Insurances.

Subject to regulatory approval, the Glennon business will be integrated into Arachas following completion of the transaction, growing the Arachas headcount in Ireland to over 600.

Originally established in 1969, Arachas has grown to be a nationwide broker in Ireland with over 500 employees at offices around the country. Arachas was acquired by Ardonagh – the international Insurance group with over 100 offices and 9,000 employees in 2020 and today operates as part of its Europe platform.

Source: Arachas

Topics Mergers & Acquisitions Agencies