Ronan Foley, who established Innovu Insurance in 2018 with backing for MML Growth Capital to consolidate a number of insurance brokers, has flipped the business to American broker Gallagher.

Innovu acquired five Irish brokers since 2019, including Sheridan Insurances, Wexford Insurances, Goggin Insurance Brokers, Cullen Insurances and PE Kelly Insurances.

Gallagher has an extensive branch network across the UK, including Northern Ireland, and the acquisition of Innovu is its first on-the-ground presence in the Republic of Ireland. 

Foley, who was in charge of IPB Insurance for five years, will continue to lead the business as CEO of Gallagher in Ireland.

The Innovu network has 45,000 customers, with offices in Wexford, Dublin, Kilkenny, Limerick, Tipperary and Kerry. The company says it places around $65m gross written premium annually.

In Association with

Its commercial lines business spans motor, liability, fleet, equestrian, and commercial property.

Michael Rea, CEO of Gallagher’s Retail Division, UK & Ireland, said: “The acquisition of Innovu Insurance provides the perfect launch-pad into Ireland. I have been keen to establish a Gallagher presence in Ireland, and the impressive speed at which the business has grown and proven itself over the last four years is testament to the entrepreneurial spirit and innovative approach of its leadership team.

“As with any acquisition, having similar minded cultures is critical and I am very much looking forward to working with Ronan and the team to further develop the business.”

Ronan Foley stated: “Partnering with Gallagher provides us with the ideal platform to continue our ambitious plans for growth through a combination of organic and acquisition led expansion.

“It was important to me that we found the right opportunity for our staff and I am delighted that we will be part of a global business that is focused on its people alongside its clients.

“We aim to establish Gallagher as the go-to broker in Ireland, and being able to draw on its global expertise and specialisms means we will be able to further support more businesses and individuals with their insurance and risk management needs. We look forward to exciting times ahead.”

Gallagher is the brand name of NYSE-listed Arthur J. Gallagher & Co, which is based in Rolling Meadows, Illinois. The company has operations in 68 countries.

In the UK, Gallagher has more than 5,000 employees specialising in risk management, and insurance solutions, for corporate, commercial and personal customers.

It is also one of the UK’s leading employee benefit and reward, employee communication and financial planning consultancies. 

Photo: Ronan Foley (right) with Michael Rea