Arachas, the largest nationwide insurance broker, has agreed terms to acquire Apex Insurance, a small insurance broker based on the South Mall in Cork.
Apex Insurance is led by founder and managing director Theo Hoare, and director Marie O’Keeffe.
Operating company Apex Risk Advisors Ltd was incorporated in 2011, though principal Theo Hoare was involved with Insight Insurance Brokers Ltd from 2004 to 2011.
The company had five people employed in the year to November 2021 and booked a net profit of €78,000.
Period-end trade debtors were €210,000, down from €300,000 a year earlier, and net worth was €228,000, including balance sheet cash of €290,000.
In Association with
Theo Hoare commented: “Over the years we have successfully built up a solid Insurance brokering business in Cork. We’ve achieved this through the hard work of our employees and the commitment and support from our loyal customers.
“We are excited by this new chapter and the opportunities that it gives to our employees, by being part of a nationwide group of over 500 colleagues, who share our culture and values. Our customers will also benefit by being able to avail of an even wider range of insurance solutions.”
Alan Miller, regional director for Arachas’ south region, said the purchase will increase the broker's scale and presence in Cork and its hinterland.
“The timing is good, as there is increased economic activity in Cork,” said Miller. “Over the last number of years, Arachas has actively sought to bring businesses into the family that would benefit from being part of a bigger organisation. This presents immense opportunities to both employees and our customers. Apex Insurance is a great fit for us.”
Arachas Insurance was originally founded in Cork in 1969 and is led by CEO Conor Brennan. The business became part of the Ardonagh group in 2020. In FY20 the business had a turnover of €46.5m.
Earlier this month, Arachas announced the acquisition of Dublin broker Stuart Insurances.
According to Renatus, Arachas was advised on the deal by Mazars and law firm Eversheds Sutherland.
Apex Insurance took counsel from David Lucas and Patrick Keane in PKF O’Connor Leddy & Holmes.
