Second acquisition in Cork for the Cork founded company

  • Company now has 80 staff in Cork and has enhanced its services and is prepared for future growth opportunities  

 

January 23rd  2024 Arachas, Ireland’s largest nationwide insurance broker, today announced an agreement to acquire Insight Insurance Brokers Limited (IIB), a brokerage operating from the Cork Airport Business Park, for an undisclosed sum.

This is a significant strategic investment for Arachas, which was founded in Cork and has been supporting the city’s thriving business with a wide range of insurance products, for the past 20 years. This is the company’s second acquisition in Cork in recent times, after acquiring Apex Insurances in 2023. The acquisition of Insight Insurance Brokers follows several other successful acquisitions in Munster, including most recently, Gerry O’Mahony Insurances in Limerick and Waterford-based broker McDonald Dwyer Reddy & Byrne Insurances, at the end of 2024.

Insight Insurances is a well-established and highly regarded brokerage operated by Tim Barry, Jim Barry, and Aidan Lougheed. The organisation has a strong reputation in the local market, providing personal and commercial offerings.

Tim Barry, Jim Barry and Aidan Lougheed and their team will transition to Arachas and work alongside our existing teams.  This will bring the total number of Arachas employees to 80 across the county of Cork.

 

Joey Wynne, CEO of Arachas, commented on the agreement:

“The acquisition of Insight Insurance Brokers is an exciting opportunity for us as we expand our footprint in the Cork region. Cork has always been an important location for Arachas. This is where the Arachas story began and with over 20 years of history, this expansion is bringing us back to our cultural roots, while giving us a new level of strength and energy in the region.

We are proud to continue growing our offering for our Cork customers and Tim, Jim and Aidan’s strong focus on commercial lines and commitment to serving thriving businesses in Cork and further afield, aligns perfectly with Arachas’ vision and strategic plans for the city and surrounding areas. We are delighted to welcome the talented team to our organisation and look forward to our future together.”

 

Gearoid Fitzgerald, Managing Director, Southern Regions, added:

“Cork faces a transformational decade, with major infrastructural investment, expansion and development, positioning the city as a strategic counterweight to Dublin. With our newly enlarged team, we will further boost our capacity and bandwidth to service all levels of businesses in Cork from SMEs to large corporates in a variety of industries including construction, retail and manufacturing, while we continue to lead in the provision of professional indemnity insurance.  We are delighted to integrate the experienced team from Insight Insurance Brokers into Arachas, with their strong local knowledge and excellent reputation for customer service.

 

Tim Barry, speaking on behalf of Insight Insurance Brokers, expressed his enthusiasm with the latest development:

“We are proud and delighted to become part of the incredible team at Arachas, who as a broker have been at the cutting edge of Irish Insurance for many years. In terms of product offerings, innovation and synergies, Arachas was the obvious choice for us. Jim, Aidan and I, together with our wonderful staff look forward to working with the Arachas team in Cork to ensure a smooth transition of the company. In this, our valued clients can continue to receive the excellent service they have always enjoyed with Insight, but now with the added resources and support that Arachas undoubtedly provide. We are excited about this new chapter for us together with the opportunities it will bring.”

 

ENDS

For further information, please contact:

Brendan Murphy, Consello, Tel 087 2051111

 

About Arachas

Arachas is Ireland’s largest nationwide insurance broker, employing over 700 professionals across 14 offices. We provide a comprehensive range of insurance products and services for both commercial and personal clients, leveraging our extensive relationships and deep market knowledge.

Arachas is committed to innovation, offering unique sector-specific solutions for complex insurance needs while fostering an inclusive workplace. We actively engage in community initiatives, including partnerships with charities like Cancer Fund for Children, to support vital resources for children battling cancer.

www.arachas.ie and Arachas Insures Ireland

Arachas is part of the Ardonagh Group, one of the world’s largest independent insurance distribution platforms and a top 20 global broker with a combined workforce of over 10,000 colleagues and a network spanning 200+ locations in more than 30 countries.