Cork and Kerry based insurance broker, MBC Insurance, has been bought by UK firm Clear Group.
Financial details of the deal have not been made public.
MBC offers a range of specialist commercial insurance products and also operates the techinsure.ie brand which provides IT and technology related cover.
The Munster based broker celebrated its 40th anniversary last year and has 5,600 clients around the country.
"We are delighted to finalise this transaction, which is testament to the exceptional quality and dedication of the MBC team and business," said Des Murphy, Managing Director, MBC Insurance.
"MBC and the Clear Group are ideal partners in terms of our shared values, commitment to our people, and customer satisfaction."
"We are excited about the potential growth opportunities that this new partnership will bring."
It is the 38th acquisition made by the Clear Group since it was set up in 2001 and its first in the Irish market.
The company is an independent chartered insurance broker handling over £350m of premiums.
It employs over 650 people across 15 locations.
The business is focused on the UK corporate and SME market and has expertise in niche insurance including property, finance, technology and construction.
Last year Goldman Sachs acquired a majority stake in the company, which is headquartered in London, with the aim of driving its growth through mergers and acquisitions.
The MBC management team, including Managing Director, Des Murphy, Directors, Shane Sullivan and Brían McMahon and Chairman, Denis Collins, will continue to lead the business.
They are also reinvesting a significant portion of their proceeds into the Clear Group.
Clear says it is planning to make further acquisitions in this country.
"Establishing a Clear presence in Ireland is a central plank of our strategy as we look to grow across Ireland and acquire businesses outside of the UK," said Mike Edgeley, Group CEO of the Clear Group.
"We are delighted the MBC team have chosen to join the Clear Group."
"MBC has a great team of people, and lots of potential to continue to grow backed by the support and investment of the Clear Group."
It is the latest purchase of an Irish insurance business by a foreign company, as consolidation in the sector continues.
