Arachas has agreed to acquire John Brady Insurances Ltd as part of its strategy to expand its presence in the border and midlands regions.
The Ardonagh-owned insurance broker will take over the Cavan-based firm for an undisclosed sum in what is the latest in a string of acquisitions following deals for McDonald Dwyer Reddy & Byrne Insurances in Waterford, Gerry O’Mahony Insurances in Limerick, and Gilmartin Insurances in neighbouring Leitrim.
Arachas said John Brady Insurances represented an opportunity to acquire a business that is highly complementary to its own business, and that the deal would further strengthen its footprint in the locality.
“Over the last four years, Arachas has sought to grow its national presence by acquiring well managed and respected businesses with strong local roots and connections in their communities to further bolster the nationwide reach of Arachas," said Joey Wynne, CEO of Arachas.
"John Brady is one such company that we have admired and we are delighted to be able to bring them into the Arachas family. We are committed to growing the business further for the benefit of the staff and customers.
"I am delighted that Brady Insurances have chosen Arachas for their next stage of growth and I’ve no doubt, there are many opportunities in the region that we will pursue together.”
Founded in 1955, John Brady Insurances Limited is a family-owned brokerage, primarily serving the Cavan region. The company is run by Ciaran Brady and offers both personal lines and commercial line products.
It specialises in commercial insurance products for SMEs and the agricultural sector, including farm insurance, property insurance, vehicle insurance, home insurance and liability insurance.
The company reported turnover of €806,300 while making an operating loss of €11,800 in 2023, with accumulated profits declining to €353,400 as a result.
The accounts show the firm had 10 employees, and Brady along with all staff will move to the Arachas building while continuing to provide for their existing customers after the deal closes.
"I’d like to thank my team and customers for their loyalty over the years," said Brady.
"This new era with Arachas opens up new opportunities for the team in terms of career development and our customers will benefit from a wider range of products and services, while still enjoying that excellent service that they expect.”
Martin Higgins, north-west regional director for Arachas, added: "I am delighted to be welcoming John Brady Insurances into the Arachas fold, due to their stellar reputation in Cavan.
"Increasing our footprint in the county, positions us better than ever to service our customer base locally.”
Arachas Corporate Brokers made an operating profit of €42.2m while bringing in turnover of €113.4m in 2023. The company employs 683 people, according to its latest available accounts, and has net assets of €23.6m.
Photo: (l-r) Martin Higgins and Ciaran Brady. (Pic: Supplied)
