Arachas Corporate Brokers Ltd acquires Kidd Insurances to become third largest insurance broker in Ireland
Arachas Corporate Brokers Limited (“Arachas”) is pleased to announce the acquisition of Alan B. Kidd & Company Limited (trading as Kidd Insurances and Kidd Financial Services). The transaction is subject to the Central Bank of Ireland’s regulatory approval.
Kidd Insurances incorporated in 1919 is one of Ireland’s longest established Insurance brokers serving both the retail customer and broker community with its specialist affinity insurance product range. Kidd Insurances is one of only 2 Chartered Insurance Brokers in Ireland.
Speaking at the announcement, Donal Cronin, CEO Arachas, said:
“Acquiring Kidd is a key transaction for us. Noel has presided over one of the best run brokerages in Ireland. They mirror our culture and our philosophy of providing the very best in customer service and focus on niche Insurance solutions with their unique product range. Together we will maintain those high standards to the benefit of customers and staff alike”.
Noel Sweetman, Managing Director, Kidd Insurances, said;
“We are delighted to have completed this deal with Arachas. They share our belief in delivering market leading and cost driven insurance solutions to our valued clients and broker partners. I and all Kidd staff will remain in place and can now exploit the benefits of an enhanced product range, additional expertise and purchasing power that Arachas will bring”.
Following the transaction, Arachas will become Ireland’s third largest Insurance broker(1) and will employ over 230 insurance professionals. Arachas will add the full range of Kidd Insurances’ affinity and wholesale products, in particular its leading products for the childcare industry, to its extensive suite of speciality products.
This deal marks the second bolt on acquisition in a period of planned expansion for Arachas following the 2017 management buy-out of its business supported by private equity provider Sovereign Capital Partners. The Company was advised by AIB Corporate Finance.
* Analysis is based on Finaccord data for commercial non-life insurance brokers for 2015 (the most recent year for which this data is available) and Arachas management estimates. Following its acquisition by AON Finaccord did not publish a 2016 report