Cork firm Insight Insurance Brokers latest to be acquired by Arachas
Arachas has acquired Cork firm Insight Insurance Brokers (IIB) for an undisclosed sum.
Located at Cork Airport Business Park, IIB is operated by Tim Barry, Jim Barry, and Aidan Lougheed.
The acquisition will bring the total number of Arachas employees in Cork to 80.
Arachas called the transaction a “significant strategic investment,” with it marking the company’s second acquisition in Cork in recent times, after acquiring Apex Insurances in 2023.
The purchase of IIB follows several other successful acquisitions in Munster, including most recently, Gerry O’Mahony Insurances in Limerick and Waterford-based broker McDonald Dwyer Reddy & Byrne Insurances at the end of 2024.
“The acquisition of Insight Insurance Brokers is an exciting opportunity for us as we expand our footprint in the Cork region,” said Joey Wynne, CEO of Arachas.
“Cork has always been an important location for Arachas. This is where the Arachas story began and with over 20 years of history, this expansion is bringing us back to our cultural roots, while giving us a new level of strength and energy in the region.”
“We are proud and delighted to become part of the incredible team at Arachas, said Mr Barry.
“In terms of product offerings, innovation and synergies, Arachas was the obvious choice for us. Jim, Aidan and I, together with our wonderful staff look forward to working with the Arachas team in Cork to ensure a smooth transition of the company.”
Gearoid Fitzgerald, Managing Director, Southern Regions, added: “Cork faces a transformational decade, with major infrastructural investment, expansion and development, positioning the city as a strategic counterweight to Dublin. With our newly enlarged team, we will further boost our capacity and bandwidth to service all levels of businesses in Cork from SMEs to large corporates in a variety of industries.”
Previously published on The Irish Examiner.