Arachas, a leading insurance broker in Ireland, has announced the purchase of Tom Fogarty Insurance Brokers based in Tipperary. On Friday, it was revealed that this well-reputed company from Tipperary town has been added to Arachas’ portfolio, although no financial details of the transaction were disclosed.
This purchase is the second time Arachas has invested in the Tipperary region, following its acquisition of O’Donoghue Hooper Dolan earlier in 2020. Arachas, offering car and domestic coverage to individuals and businesses, anticipates the purchase will extend the accessibility of their products in Tipperary.
Arachas lauded Tom Fogarty Insurance Brokers, with over six decades of experience, as a trusted independent insurance agency located at Bank Place in Tipperary Town. They serve both personal and medium-sized businesses largely concentrating on agricultural, residential, retail, office and commercial coverage.
CEO of Arachas, Joey Wynne welcomed the acquisition, stating it reinforced the company’s footprint across Ireland. Michael Fogarty, a representative of Tom Fogarty Insurance, expressed gratitude to their staff and clients who have contributed to their 60-year-long journey in Tipperary and its vicinity. He also disclosed that the employees will be retained by Arachas, ensuring a continuity of service for existing clients along with a broader insurance product offering.
Arachas, led by ex-finance minister Charlie McCreevy, reported a 2022 net profit increase of 35% to €30.9 million, as the insurance sector continues to witness a flurry of deals. Financial reports show a payout of €77.7 million in dividends to affiliated corporate entities.
Besides its 18 offices spread across Ireland, Arachas has been making waves in the acquisition arena, owning Dublin’s Stuart Insurances and Apex Insurance in Cork. The organisation’s growth in the past year was bolstered by the purchases of Glennon Insurances in Dublin and O’Malley-Griffin located in Limerick.
Arachas was procured in 2020 by Ardonagh, a company supported by American private equity firms Madison Dearborn and HPS Partners, for a sum of €250 million.
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