Glennon Insurances – a 75-year-old business spanning Frank Glennon Ltd, Frank Glennon (Life & Pensions) Ltd, and Administration and Management Services Ltd – will be purchased by The Ardonagh Group subsidiary Arachas Corporate Brokers for an undisclosed sum.
Both based in Ireland, Arachas and Glennon Insurances are going to merge – the latter adding a workforce of over 100 people to Arachas’ more than 500. With offices in Dublin, the €80 million GWP (gross written premium) Glennon group operates in corporate, SME, employee benefits, financial planning, and affinity home and motor businesses.
“[It] is a milestone moment in the 75 years since my grandfather founded the company,” said Glennon Insurances chair David Glennon. “I am confident that our dedicated employees, loyal clients, and partners are in excellent hands, as part of the Arachas family.
“I know that Arachas has a strong vision to grow the business that will help us to continue to deliver what we have always offered our clients, namely a high-quality service delivered by an expert and dedicated team.”
Meanwhile Ardonagh Europe and Arachas chief executive Conor Brennan highlighted the likeness between the two Irish firms.
“The similarities between Arachas and Glennon Insurances, in terms of our business and our people-first culture, put us out in front, in a highly contested race, to acquire Glennon,” asserted Brennan. “Their broking capacity and ability to manage risk over a long period of time is impressive.
“This, together with their experience in general insurance, life, pensions, and business insurance is all highly complementary to the rapidly growing Arachas business. I’m delighted to be adding Glennon to a reputable list of Irish family businesses who are now thriving under the Arachas brand.”
Still subject to regulatory approval, the transaction will see Glennon Insurances integrated into Arachas, which was acquired by Ardonagh in 2020 and is part of the group’s international platform.
Ardonagh CEO David Ross declared: “This is a landmark deal for Arachas and a proud moment for the wider Ardonagh Group to be enabling another meeting of hearts, minds, and culture between two leading brokers in Ireland.
“Glennon’s expertise for complex risks and large enterprises, combined with Arachas’ access to capacity and the scale of Ardonagh, is set to be a formidable combination, and we look forward to collaborating on all the opportunities that lie ahead.”
