Arachas Corporate Brokers Limited announce major acquisition and expansion plans
8th August 2017
Arachas Corporate Brokers Limited (“Arachas”) is pleased to announce the acquisition of Capital Cover Group (“Capital”), encompassing Capital Insurance Brokers, Capital Insurance Markets and Brennan Insurances. The transaction is subject to Central Bank of Ireland’s acceptance of changes in regulatory authorisations.
Capital, a long-established Dublin based broker, which has specialised in an increasing number of niche insurance areas, brings a complementary product set to Arachas. The combined group, will employ approaching 200 insurance professionals across its offices in Dublin, Cork and Waterford.
Speaking at the announcement, CEO of Arachas, Mr. Donal Cronin, said:
We are delighted to have concluded this deal with Capital; they are a highly successful company, with a fantastic team, that will fully complement our business. We will continue to grow our company through strong organic growth and further acquisitions of like-minded brokers.
David Lynch, Managing Director of Capital said:
We are delighted to have completed this deal with Arachas. They share our belief in delivering market leading and cost driven insurance solutions to clients. All of our brokerage management team and staff can now exploit the benefits of an enhanced product range, additional expertise and purchasing power that Arachas will bring.
This deal marks the first acquisition in a period of planned expansion for Arachas following the recent management buy-out of its business supported by Sovereign Capital Private Equity. Arachas was advised by AIB Corporate Finance.