Having become part of Global Risk Partners back in September last year, Dublin-based Crotty Insurance is now on the acquisition trail itself.
The commercial broker has announced a swoop for Martin Insurance, a family-based business in Cavan which was founded back in 1980 by Seamus Martin.
The company, which is now led by Seamus’s son James Martin, provides a host of commercial insurance offerings including marine & cargo, construction, apartment block, motor fleet, PI and airside.
“We are delighted to be joining Crotty and the wider GRP Group,” said Martin. “Crotty is, like ours, a business insurance specialist with a focus on customer service and technical expertise. Eoin [Greene, Crotty CEO] and the Crotty team have a great understanding of the importance we attach to the community we serve. Our customers will benefit from wider access to insurance markets and our staff can look forward to having the support of a larger team and more sway with insurers.”
Greene added that the acquisition was a “big step forward” for the firm and that it was making no secret of its desire to grow inorganically when the right opportunities come along.
“Martin is a quality business and marks the first of what we hope will be a number of deals in the Republic of Ireland,” said Greene.
The Martin business is set to retain its Cavan office, as well as its branding, and the entire team will stay with the business and become part of Crotty when the move is complete.
“We’re confident that our retail broking model, which has driven our outstanding performance in the UK, will be equally effective in Ireland,” added GRP head of M&A Stephen Ross.
“The first acquisition is always critical, and given the quality of this acquisition, we believe it will generate momentum for Crotty in the Irish broking market, where we have a strong appetite to do further deals for brokerages such as Martin Insurance.”
The consideration is undisclosed.
