O’Leary Insurances acquired in multimillion euro deal

Brown & Brown, the sixth largest independent broker in the US, has acquired Cork-based O'Leary Insurances in a multimillion euro deal.

No financial details have been disclosed, but industry experts estimate it to be in or around the €100 million mark.

Founded in 1961 by the late Archie O’Leary, the firm is one of the largest independently-owned brokerages in the Republic with 200 employees operating from eight locations.

“We are delighted to join the Brown & Brown group of companies, and view this progression as a huge positive for both the O’Leary Insurances team and our valued customers,” said managing director Anthony O’Leary, sole shareholder and son of the company’s founder.

McGuinness seeks to make it easier for banks to sell bad loans

---

Ulster Bank exit would hit SMEs most, warns Central Bank

---

Bank of Ireland chief risk officer Vincent Mulvey to retire

---

Aviva Ireland confirms exit of John Quinlan as legal case dropped

---

“We view Brown & Brown’s choice of an Irish company as their European gateway to be a strong endorsement of this country, he added.

O’Leary Insurances recorded turnover of €11.6 million for the year ending June 30th, 2019, with pretax profits totalling €1.2 million. At that stage it had assets of €25.2 million and liabilities of €13.4 million.

New York-listed Brown & Brown was founded in 1939, and is headquartered in Florida. The company employs more than 10,000 people, and reported revenues of $2.93 billion (€2.4bn) last year.

“Like Brown & Brown, O’Leary Insurances grew from a family-owned business to a leader in the Irish brokerage market by empowering its teammates to succeed,” it said in a statement.

“We are fully confident that we share with OLI the same culture of customer focus by providing unique risk solutions that meet each customer’s needs.”