Assured Partners, one of the world's largest independently owned insurance brokers, has announced that it has agreed to acquire the Dundalk-based O’Callaghan Insurances(“OCI”) business. The transaction is expected to be completed on 1 December 2022.
OCI is one of the largest insurance brokers in the northeast of the country and employs a total of 44 staff across its operations in Monaghan, Navan and Dundalk. The company also has an online presence with www.QuoteMe.ie and www.OCI.ie.
Commenting on the announcement, Caeva O’Callaghan, Managing Director of OCI, said, “Selling a 4th generation family business that was incorporated in 1962 is not for the fainthearted. The Mazars team led by Eoin O’Keeffe, Daniel Gallery and Megan Duffy along with Anton Martin helped enormously. Anything is possible when you have an A team behind you.”
Eoin O’Keeffe, Director Mazars Deal Advisory, said, “We were delighted to advise and support Caeva O’Callaghan on this transaction. The Irish insurance brokerage market will continue to consolidate over the next couple of years, and OCI, as part of Assured Partners, will play a major role. OCI is one of the largest brokers in the North East, and we look forward to seeing its continued growth over the coming years. This transaction adds to our list of credentials in insurance M&A and deal execution”.
David Heathfield, CEO Assured Partners UK & Ireland, said: “We are delighted to be able to expand our presence in Ireland so soon after acquiring GMIB earlier in the year. With its sector expertise on the retail side and its wholesale capabilities, OCI provides us with another powerful tool in helping us to become a major player in the Irish marketplace. Caeva and the O’Callaghan family have built an incredibly successful business over the years, and we feel privileged to be able to partner with them going forward. It’s an exciting time to be part of our expansion in Ireland, and we expect to be announcing further deals in the near future.”
Headquartered in Lake Mary, Florida and led by Jim Henderson, AssuredPartners, Inc. acquires and invests in insurance brokerage businesses (property and casualty, employee benefits, surety and MGUs) across the United States and in the United Kingdom and Europe. From its founding in March of 2011, Assured Partners has grown to over $2.0 billion in annualised revenue and continues to be one of the fastest-growing insurance brokerage firms.