Arachas, the country’s largest nationwide insurance broker, has announced the acquisition of McDonald Dwyer Reddy & Byrne Insurances Limited (MDRB) for an undisclosed sum.

Based in Waterford City, MDRB is one of the largest independent insurance brokers operating in the South East of Ireland.

This is a significant strategic investment for Arachas and is the largest acquisition for Arachas this year following other acquisitions in Leitrim, Limerick and Tipperary.

MDRB marks Arachas’ second major acquisition in Waterford, following the purchase of Hooper Dolan in 2021, a move that extended Arachas’ nationwide presence and helped to drive the company’s ambitious business expansion.

Founded in 2010, MDRB was established by Peter McDonald, Kieran Dwyer, Tom Reddy and Greg Byrne and specialises in commercial insurance that caters to all business sectors, servicing local and nationwide customers.

MDRB also provides personal insurance and broker-to-broker services.

All four named partners will remain in the business after the transaction and MDRB’s employees will transition to Arachas and work alongside their existing teams.

Following the acquisition, Joey Wynne, CEO Arachas said: “I am delighted to welcome MDRB, its staff and customers to the Arachas family.

“As one of Waterford’s most successful brokerages, this acquisition represents another milestone for the South East.

“This will bring new skills and expertise onboard which will complement how our 150+ workforce in the region, can provide the best product and services to our growing customer base in Waterford and beyond”.

Paul Dolan, Regional Director, South East for Arachas said: “We are delighted to welcome the expertise and experience of McDonald Dwyer Reddy & Byrne Insurances to the Arachas team.

“A renowned brokerage in Waterford City with a strong specialised portfolio, their existing customers and team members will fit in seamlessly here in Arachas.”

Commenting this week on behalf of McDonald Dwyer Reddy & Byrne Insurances, Peter McDonald, Director, said, “It may be the end of an era in some ways, but it is also the start of a new chapter for all in MDRB.

“We are very much looking forward to joining the Arachas team and we wish to thank both our staff and our clients as we move into this exciting new phase and reassure them of the same reliable and efficient service.

“This move will only serve to enhance our offering to clients, as we will have access to a broader portfolio of services, expertise and insurance products.”

Photo: Kieran Dwyer Director MDRB, Peter McDonald Director, MDRB, Joey Wynne CEO Arachas, Tom Reddy Director, MDRB and Greg Byrne Director, MDRB.