Insurance broker Arachas has agreed a deal to buy Insight Insurance Brokers Limited (IIB), a brokerage operating from the Cork Airport Business Park, for an undisclosed sum.
Arachas said today's deal marked a "significant strategic investment" for the company, which was founded in Cork 20 years ago.
This is the company's second acquisition in Cork in recent times, after it purchased Apex Insurances in 2023.
The acquisition of Insight Insurance Brokers follows several other successful acquisitions in Munster, including most recently, Gerry O'Mahony Insurances in Limerick and Waterford-based broker McDonald Dwyer Reddy & Byrne Insurances.
Insight Insurances, which is operated by Tim Barry, Jim Barry and Aidan Lougheed, has a strong reputation in the local market, providing personal and commercial offerings.
Tim Barry, Jim Barry and Aidan Lougheed and their team will transition to Arachas and work alongside the existing teams.
This will bring the total number of Arachas employees to 80 across the county of Cork.
Joey Wynne, CEO of Arachas, said the acquisition of Insight Insurance Brokers is an exciting opportunity for the company as it expands its footprint in the Cork region.
"Cork has always been an important location for Arachas. This is where the Arachas story began and with over 20 years of history, this expansion is bringing us back to our cultural roots, while giving us a new level of strength and energy in the region," he added.
Tim Barry, speaking on behalf of Insight Insurance Brokers, said the firm was proud and delighted to become part of the team at Arachas, who as a broker have been at the cutting edge of Irish Insurance for many years.
"In terms of product offerings, innovation and synergies, Arachas was the obvious choice for us. Our valued clients can continue to receive the excellent service they have always enjoyed with Insight, but now with the added resources and support that Arachas undoubtedly provide," he added.
