Irish insurance broker Arachas has acquired Kidd Insurances, its second acquisition since being backed by Sovereign Capital earlier this year.
The acquisition of Kidd Insurances follows Arachas’ acquisition of Capital Cover in August. It makes the combined group the third largest commercial insurance broker in Ireland, employing nearly 230 staff with offices in Dublin, Cork and Waterford.
Sovereign backed the management buyout of Arachas earlier this year to develop the business through a buy and build strategy.
Kidd Insurances is one of Ireland’s longest established Insurance brokers and serves both the retail customer and broker community with its specialist affinity insurance product range.
Neil Cox, Partner at Sovereign Capital, said: “We are delighted to have supported Arachas’ acquisition of Kidd which is a high quality, long established operator. The transaction both develops the Group’s product offering and further consolidates its position in the Irish market. We look forward to working with the management team to further expand the Group.”
Donal Cronin, CEO of Arachas, added: “We are delighted to have acquired Kidd. They mirror our philosophy of providing the very best in customer service and focus on niche Insurance solutions with their unique product range. In partnership with Sovereign, we will continue to develop the business through strong organic growth and further acquisitions of like-minded brokers.”