Gallagher has announced the acquisition of insurance broker First Ireland, which offers a range of commercial and personal lines insurance, plus life and pensions products.
The shareholders in First Ireland Risk Management Ltd are Tony Gill (25%), John Roe (25%), Linda Gallagher (16.8%), Conor Lyons (12.5%), Sarah Sheehan (12.5%), and Cathal Duffy (8.2%). Terms of the transaction were not disclosed.
The operating company had turnover of €12.5m in 2021 and had overheads of €10.4m. Operating profit was €2.1m and period-end net worth was €11.3m.
The December 2021 cash balance of €13.9m included €7.9m of client funds.
Gallagher said that First Ireland, founded in 1982 and with 120 staff, has a client base of over 35,000 customers split circa 70% commercial and 30% personal lines.
In Association with
US firm Gallagher launched in Ireland in 2022 through the acquisition of Innovu, and subsequently purchased Doyle Mahon Insurances in November 2022.
With the addition of First Ireland, Gallagher said it will have a team of 275 people, with offices in Dublin, Wexford, Kilkenny, Limerick, Tipperary and Kerry.
Gallagher indicated that further acquisitions are planned in 2023.
First Ireland will become part of Gallagher’s UK & Ireland Retail division, which looks after the insurance and risk management needs of over 1.3 million customers and employs 3,500 people across its office network.
The existing joint managing directors of First Ireland, Tony Gill and Linda Gallagher, will remain with the business and will report to CEO of Gallagher in Ireland, Ronan Foley.
Ronan Foley commented: “This represents a significant step forward for Gallagher in Ireland. It provides us with a strategic presence in Dublin from which we will continue to expand our nationwide footprint. First Ireland’s specialist expertise will strengthen our overall offering as we enter this new and exciting phase for Gallagher.”
Tony Gill said Gallagher “is the perfect home for our clients and for our people”.
Gill added: “The team is excited to be joining forces with a well-established global firm that has earned a strong reputation for its ethical approach. This development is great news for clients, as they will retain the personal service they are used to from the team that they know, and can additionally take advantage of Gallagher’s scale and expertise.”
Gallagher is the brand name of Arthur J. Gallagher & Co, the NTSE-listed global insurance broker, risk management services and consulting firm headquartered in Rolling Meadows, Illinois.
