The Ardonagh Group subsidiary Arachas has bought Glennon Insurances.
Since Glennon Insurances began operating in the insurance market 75 years ago, the agency has developed client ties in a variety of sectors, including construction, healthcare, retail, professional services, real estate, and relationships with professional affinity groups.
They operate in Corporate, SME, Employee Benefits, Financial Planning and Affinity home and motor businesses, with over €80 million in Gross Written Premium and over 100 employees, with offices in Dublin.
Ardonagh Europe and Arachas, CEO Conor Brennan said, “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.”
He said 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 said today was a milestone moment for the business. “I am confident that our dedicated employees, loyal clients and partners are in excellent hands, as part of the Arachas family.”
Mr Glennon said, “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.”
John Bissett, CEO, of Glennon Insurances said the combined businesses will deliver “a peerless breadth and depth of expertise with vision and scale that will further enhance the solutions we can provide across the market to our loyal client base.”
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.