FitzGerald Insurances (Waterford) Ltd. has announced the sale of its business to Arachas Corporate Brokers Ltd. Arachas is Ireland’s largest independently owned insurance brokerage with offices in Cork, Dublin, Limerick, Wexford and Kilkenny. The acquisition takes effect on April 1.
The insurance company, which has annual turnover of the order of €20 million, has branches in Dungarvan, Clonmel and Carrick-on-Suir, as well as Waterford City. It was founded forty years ago by the late Mr. Tom Fitzgerald who, on his death in 1988, was succeeded as Managing Director by Mr. Liam Dalton. Mr. Fitzgerald’s daughter Orla has been a company director and she remains with Arachas as regional representative on its national operations board. Mr. Dalton will maintain involvement in an advisory role.
Regarding the sale of the company, Mr. Dalton said: “We are delighted to have sold our business to Arachas, who are one of the most progressive and dynamic brokerages in the country. They deliver cost driven, branded and innovative products and we believe our clients will be well looked after by them. All 46 FitzGerald staff will remain in place and can now exploit the benefits of an enhanced product range and the additional services that Arachas will bring to the region”.
Arachas Managing Director Mr. Donal Cronin said: “We are delighted to have concluded this deal with FitzGeralds. They are a highly successful company, with a long and distinguished presence in the insurance industry. We believe they will fully compliment our business which we will continue to grow through aggressive organic growth and further acquisition of like minded brokers”.
Arachas will now employ well over 200 people altogether.
