Kerry insurance broker GMIB sells for more than 100 million euros
US-headquartered AssuredPartners is believed to be paying over €100m to enter the Irish market by acquiring family-owned Gallivan Murphy Insurance Brokers Limited (GMIB).
The deal is one of the largest in a string of acquisitions among Irish brokerage firms and brings a major consolidator into the market, where private equity-backed buyers are already driving a deal-making wave.
Industry sources put the transaction value at more than €100 million, making it one of the largest deals in a busy sector.
Killarney-based broker GMIB operates from its Kerry base through its digital platform serving personal and commercial insurance clients nationally and is looking to continue growing post-sale, both organically and through add-on business.
The transaction, which is subject to customary regulatory approvals, is expected to close in June 2022.
Growth is expected to be in the region of 30 per cent per annum in recent years and GMIB has placed over €60m gross premium (GWP) annually and reported €15m in revenue.
GMIB’s 85-strong team will remain under the leadership of joint managing directors Simon Gallivan and Denis Murphy.
Tadgh Gallivan remains in a non-executive role and will be involved in identifying further opportunities for expansion in the Irish market.
AssuredPartners bills itself as one of the fastest growing independent insurance agencies in the US, UK, Ireland and Europe and is entering the Irish market by acquiring a scalable growth platform in the Irish market.
AssuredPartners has acquired more than 400 agencies and has offices in five countries, 35 states and employs approximately 8,500 people, making it one of the largest independent brokers in the world.
David Heathfield, CEO of AssuredPartners UK & Europe said: “We are delighted to have the talented team at GMIB join AssuredPartners. GMIB has a solid reputation and over the last few years has demonstrated an enviable ability to scale its business organically, making it one of the largest independent brokers operating in the Irish market.”
GMIB Chairman Tadgh Gallivan commented: “After 33 years of building a successful and fast growing business, we are delighted to work with AssuredPartners to become their platform for growth in the Irish market.
“The mutual strong cultural fit was evident from the start of our discussions and in our collective effort to continue accelerating GMIB’s growth trajectory both organically and through acquisitions.”
GMIB was advised by Deloitte Corporate Finance with Arthur Cox providing legal advice.
William Fry and RPC provided legal advice to Assured Partners and PwC provided due diligence services.
The sale is still subject to official approvals.
https://www.independent.ie/business/kerry-insurance-broker-gmib-sells-for-more-than-100m-41530613.html Kerry insurance broker GMIB sells for more than 100 million euros