Insurance broker Arachas has extended its sector consolidation spree after agreeing terms to acquire Glennon Insurances - Frank Glennon Ltd, Frank Glennon (Life & Pensions) Ltd and Administration and Management Services Ltd.
The proposed takeover will be subject to CCPC approval.
Glennon Insurances was established in 1952 and is a large commercial insurance broker, with c€80m in Gross Written Premium and over 100 employees.
Fee income in 2020 was €13.9m, and net worth at period end was €6.4m.
Glennon Insurances chairman David Glennon, whose grandfather established the business, said he is confident that employees, clients and partners will be in excellent hands as part of the Arachas family.
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“I know that Arachas has a strong vision to grow the business that will help us to continue to deliver what we have always offered our clients, namely a high quality service delivered by an expert and dedicated team.”
Arachas CEO Conor Brennan stated: “The similarities between Arachas and Glennon Insurances, in terms of our business and our people-first culture, put us out in front, in a highly contested race, to acquire Glennon.
“Their broking capacity and ability to manage risk over a long period of time is impressive. This, together with their experience in general insurance, life, pensions and business insurance is all highly complementary to the rapidly-growing Arachas business.
“I’m delighted to be adding Glennon to a reputable list of Irish family businesses, who are now thriving under the Arachas brand.”
Arachas is owned by Ardonagh Group. Its CSO David Ross said: “This is a landmark deal for Arachas and a proud moment for the wider Ardonagh Group to be enabling another meeting of hearts, minds and culture between two leading brokers in Ireland.
“Glennon’s expertise for complex risks and large enterprises, combined with Arachas’ access to capacity and the scale of Ardonagh, is set to be a formidable combination and we look forward to collaborating on all the opportunities that lie ahead.”
John Bissett, CEO of Glennon Insurances, said that among suitors Arachas stood out “as a partner who shares our family business values and our approach to listening to our clients so that we can find the best way to protect what matters most to them”.
Subject to regulatory approval, the Glennon business will be integrated into Arachas following completion of the transaction, growing the Arachas headcount in Ireland to over 600 people.
Photo: Arachas CEO Conor Brennan
