Insurance broker Arachas has announced its biggest acquisition this year with a deal to buy Waterford city-based MDRB.
Arachas said it had agreed a deal to buy McDonald Dwyer Reddy & Byrne Insurances Limited (MDRB) for an undisclosed sum, one of the largest independent insurance brokers operating in the South East of the country.
According to Arachas, today's deal is is a significant strategic investment for it and follows other acquisitions in Leitrim, Limerick and Tipperary.
MDRB is also Arachas' second major acquisition in Waterford, following the purchase of Hooper Dolan in 2021, a move that extended its nationwide presence and helped to drive the company's ambitious business expansion.
Arachas now has over 150 employees in Waterford.
Founded in 2010, MDRB was established by Peter McDonald, Kieran Dwyer, Tom Reddy and Greg Byrne and specialises in commercial insurance that caters to all business sectors, servicing local and nationwide customers.
It also provides personal insurance and broker-to-broker services.
Under the terms of today's deal, all four partners will remain in the business after the transaction and MDRB's employees will transition to Arachas and work alongside its existing teams.
Joey Wynne, CEO Arachas, said that as one of Waterford's most successful brokerages, this acquisition represents another milestone for the South East.
"This will bring new skills and expertise onboard which will complement how our 150+ workforce in the region, can provide the best product and services to our growing customer base in Waterford and beyond".
Paul Dolan, Regional Director, South East for Arachas, said the renowned brokerage in Waterford City, with its strong specialised portfolio, their existing customers and team members, will fit in seamlessly in Arachas.
Peter McDonald, Director of MDRB said that while today's deal may be the end of an era in some ways, it is also the start of a new chapter for all in MDRB.
"We are very much looking forward to joining the Arachas team and we wish to thank both our staff and our clients as we move into this exciting new phase and reassure them of the same reliable and efficient service," he said.
"This move will only serve to enhance our offering to clients, as we will have access to a broader portfolio of services, expertise and insurance products," he added.
