Ireland’s largest insurance broker has signed an agreement with CIF to provide its members with competitive insurance packages for products including professional indemnity as well as public
and employer liability.
“Our strength across our Construction Insurance Team at Arachas is our understanding of the challenges faced by operators of all sizes in the construction industry,” said Eugene Nelson, account director at Arachas Insurance Brokers.
Arachas – the name means insurance in Irish – was bought last April in a deal which saw two US private equity firms, Madison Dearborn and HPS Investment Partners, buy it for €250million. Then, in June, they combined it with a larger UK brokerage they also controlled, Ardonagh Group, which is led by Mullingar-born David Ross.
In a time of consolidation for the industry, it then promptly bought Mayo-based commercial lines broker MCM Insurance Broker, a firm Nelson founded in 1996 which focuses on the construction sector as well as hospitality and professional indemnity.
In June, it added Waterford-based Hooper Dolan, with 120 employees in its 12 offices around Ireland, to its acquisitions. A month before that, it purchased Ireland’s largest taxi industry insurer, BJP Insurance Brokers. Altogether there have been eight acquisitions since 2017 on its path to becoming Ireland’s largest independent insurance broker with 300 staff and €350million a year in gross premiums.
Arachas was founded 15 years ago in the merger of Cork-based broker Tyrrell Coakley with Dublin based ones Hodgins Percival and Slattery Jermyn. It now says it plans to double the amount of coverage policies it writes in the next five years.
Meanwhile, Ardonagh, which also owns the UK brokerages Bishopsgate, Towergate, and Carole Nash, courts speculation of a potential stock market listing.
How to insure a hammer
“We know the complex insurance needs of our customers and we have access to insurers who are best placed to meet those needs at the most competitive rates in the market,” Eugene Nelson told Construction magazine.
“Above all we are in the business of bringing long-term reliable insurance capacity to Ireland’s construction industry. This is not just about insurance policy renewals this year, we are ensuring that we can give the industry greater certainty over insurance capacity for years to come,” he adds.
“We are delighted to work with the CIF and we look forward to meeting members at regional meetings in the coming months to offer advice and discuss how Arachas can help.”