The deal will help Crotty ‘generate momentum in the Irish broking market’ says GRP
Dublin-based commercial broker Crotty Insurance has bought family-run broker Martin Insurance, situated in Cavan.
The transaction marks the broker’s first acquisition since being purchased by Global Risk Partners (GRP) last September.
Martin Insurance was founded in 1980 by Seamus Martin – the business is now run by Martin’s son James Martin, who acts as managing director.
The business provides a wide range of commercial insurance policies, including airside, marine and cargo, professional indemnity, contractors, construction, apartment block and motor fleet.
Eoin Greene, chief executive of Crotty Insurance, described the acquisition as “a big step forward for Crotty”.
He continued: “We have made no secret of our desire to grow inorganically when the right opportunity arises.
“Martin is a quality business and marks the first of what we hope will be a number of deals in the Republic of Ireland.”
Building market momentum
Upon completion of the deal, Martin Insurance will keep its office in Cavan, as well as its branding. The entire workforce will also remain with the business.
James Martin said: “We are delighted to be joining Crotty and the wider GRP Group.
“Crotty is, like ours, a business insurance specialist with a focus on customer service and technical expertise.
“Eoin and the Crotty team have a great understanding of the importance we attach to the community we serve. Our customers will benefit from wider access to insurance markets and our staff can look forward to having the support of a larger team and more sway with insurers.”
Commenting on the transaction, GRP’s head of M&A Stephen Ross said: “We’re confident that our retail broking model, which has driven our outstanding performance in the UK, will be equally effective in Ireland.
“The first acquisition is always critical and given the quality of this acquisition, we believe it will generate momentum for Crotty in the Irish broking market, where we have a strong appetite to do further deals for brokerages such as Martin Insurance.
“I warmly welcome James Martin and his colleagues to GRP and wish them every future success.”
The consideration is undisclosed.