Insurance broker Arachas has agreed terms to acquire Stuart Insurances, an insurance broker headquartered in Blackrock in Dublin and with offices in Kilkenny and Wexford.
Consideration for the deal was not disclosed.
Established in 1978, Stuart Insurances is the leading provider of Campervan and Motorhome insurance, underwritten by Aviva. The broker offers insurance on a wide range of products including home, commercial and retail insurance along with the campervan offering.
NIM Holdings Ltd, the Stuart Insurances parent company, is owned by 84-year-old Neil Stuart (95%) and Ian Stuart (5%).
Turnover was €3.4m in the year to May 2021 and net worth at period end was €3m, including €1.3m in intangible goodwill. The company’s balance sheet cash and cash equivalents in May 2021 was €2.8m. At period end NIM Holdings owed €1.8m to director Neil Stuart, according to filed accounts.
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Ian Stuart (51), managing director, said: “Over the last number of years, we have been pursued by a number of interested parties but felt that the cultural fit and timing was not right.
“Once we started talking to Arachas, we quickly understood the opportunities there would be for our team of over 30 professionals and the advantages that being part of the Arachas group would have for our long-standing and loyal customers.
“I would like to thank all of our team and our customers for the support they have shown us over the years and looking forward to the next stage of Stuart Insurances’ growth with the support of Arachas.”
Conor Brennan, CEO of Arachas, commented: “We were attracted to Stuart Insurances by the quality of their management and extended team and the strong track record of success and their heritage over the last five decades.
“This acquisition is about growth for both sides and will present great development opportunities for Stuart Insurances employees as they become part of the Arachas family and for their customers, as they benefit from a greater range of quality insurance products.”
Brennan added: “This announcement fits with Arachas’ strategy of acquiring well managed businesses with strong expertise and reputations that could benefit by becoming part of the larger Arachas business. This strategy has seen Arachas grow to having over 500 employees based at locations throughout the country.”
Meanwhile, Ardonagh Group, parent of Arachas, has announce the acquisition of Léons Group, a family-owned insurance brokerage in Amsterdam.
Founded in 1951 by Max Léons, Léons Group specialises in full-service insurance solutions to corporate clients and is renowned for expertise in complex cases and international operations.
Léons Group is a founding member and shareholder of Brokerslink, a global network that brings together market-leading, independent brokers from 125 countries and supports them with risk management and insurance services.
Conor Brennan, CEO of Ardonagh Europe, commented: “We are excited to welcome Léons to Ardonagh, together building on their Dutch roots and solid reputation in the market to build a portfolio of brands and insurance broker companies that are leaders in their target markets. We are very excited by what we can achieve with our new partners in the Netherlands."
