Irish insurance broker Arachas, a subsidiary of the Ardonagh Group, has agreed a deal to buy Hooper Dolan Limited.
Arachas said the move will significantly extend its nationwide presence and help drive the company's ambitious business expansion.
Hooper Dolan will be integrated into the Arachas business over the coming months.
Hooper Dolan has 12 offices nationwide and employs over 120 people.
Established in 1978, Hooper Dolan specialises in the provision of insurance products for both business and consumers and has its headquarters in Waterford.
Conor Brennan, CEO of Arachas, said the company is interested in investing in great businesses, backing their management teams to grow and develop and to create something which is sustainable for their people, their customers and for the communities they operate in.
"This acquisition is consistent with our strategic vision to expand our business and be the leading experts in our field and it represents a significant opportunity to complement our existing business," Mr Brennan said.
Cathal Lowe, CEO of Hooper Dolan, said that after been approached for our business a number of times over the last few years we were confident that Arachas was the only credible acquirer.
"Our businesses share a strong vision, a mirrored culture and with the scale of the group we are certain they are the right owners for the next stage of our journey," Mr Lowe said.
