Arthur J. Gallagher has completed the acquisition of Keaney Insurance Brokers, a prominent commercial insurance broker headquartered in Dublin. Terms of the transaction were not disclosed, Gallagher says.
Keaney is a commercial insurance broker based in Dublin supporting businesses across Ireland with insurance and risk management solutions.
It was founded in 1993 by Terry Keaney who will continue, together with the management team, to oversee the business reporting to Ronan Foley, CEO of Gallagher in Ireland.
Gallagher already has significant operations in Ireland, employing over 275 risk professionals, placing €150m GWP into the market, with offices in Dublin, Limerick, Kilkenny, Wexford, Kerry and Tipperary.
The addition of Keaney adds further quality and scale and confirms Gallagher’s position as one of the largest commercial and personal lines insurance brokers in the country.
I have known the business for a number of years and have always admired their professionalism, expertise and the way they take time to really understand their clients’ needs and the risks they face.Ronan Foley, CEO of Gallagher in Ireland
The acquisition will increase presence in Dublin following our acquisition of First Ireland earlier this year and add to expertise nationally.
“As the insurance market continues to consolidate, our ability to help smaller brokers grow and expand demonstrates why Gallagher is the partner of choice for brokers in Ireland. We remain on the lookout for further acquisitions, which match Gallagher’s culture, whilst continuing to grow our business organically.”
After 30 successful years, we are delighted to become part of Gallagher and we believe we have found the ideal partner to take the business forward.Terry Keaney, Keaney Insurance Brokers
“This is an excellent opportunity for our clients to partner with one the leading insurance brokerages in the world; they will benefit from Gallagher’s scale, expertise and purchasing power, which will be of enormous value. In addition, our staff will benefit from the increased opportunities of being part of a large, global firm with impressive growth aspirations.”
Gallagher has announced the successful completion of 12 new mergers during the quarter, contributing to an estimated annualised revenue of around $57 million. The company reported total revenues before reimbursements of $2.45 billion for the quarter, a notable increase from $2.01 billion in the corresponding quarter of the previous year.
Within this, the brokerage segment represented $2.12 billion of the total Q3 revenue, compared to $1.74 billion in the previous year. Additionally, the risk management segment contributed $331 million to the total revenue, up from $275.5 million in the same period last year.