Insurance broker Arachas has today announced a deal to buy Gerry O'Mahony Insurances, a broker based in Castletroy in Co Limerick, for an undisclosed sum.
Arachas said today's deal for O'Mahony Insurances is in line with its strategic plans to bolster its presence in the Mid-West region and Limerick in particular.
Today's acquidition is the third for Arachas this year after the purchase of Tom Fogarty Insurances in Tipperary and Gilmartin Insurances in Leitrim.
Gerry O'Mahony Insurances marks the 15th purchase of a local brokerage by Arachas since 2020 when the Ardonagh Group acquired Arachas.
The broker was founded 35 years ago by Gerry O'Mahony and serves the local market of Castletroy and the surrounding areas. It specialises in personal and commercial products.
Day-to-day business operations are managed by Gerry O'Mahony's two sons and former Munster rugby players Barry and Ronan.
Post-acquisition, Ronan O'Mahony will stay on in a business development role, where he will help to expand Arachas' growing footprint in Limerick and the Mid-West area.
The remaining four staff members will join Arachas following the transaction, bringing the total number of Arachas staff in the region to 50.
Joey Wynne, Arachas CEO said that the acquisition of Gerry O’Mahony Insurances is another exciting step for Arachas, as it bolsters its position in the South-West region and continue its strategic expansion nationwide.
"This marks our third investment in Limerick since 2020 and highlights our commitment to servicing customers in the area to the highest possible standard," he added.
Gerry O’Mahony said he was proud to see O'Mahony Insurances become part of the Arachas family.
"Over the past 35 years, we have built a trusted and reliable service for our community in Castletroy and beyond. Joining forces with Arachas not only ensures continuity for our loyal clients but also brings enhanced resources and opportunities for growth," he said.
"I am confident that our clients will continue to receive the highest standard of service and that this new chapter will bring exciting prospects for both our team and our valued customers," he added.
