A Killarney based insurance broker expects its workforce to expand three-fold after agreeing to be taken over in a €100 million deal.
Gallivan Murphy Insurance Brokers has partnered with an independent insurance agency in the US, AssuredPartners.
GMIB says it’s a watershed moment for the company.
AssuredPartners is one of the largest independent insurance brokerage firms in the US, with over 8,500 employees nationwide.
The company says it has exceeded more than $1 billion in revenue since it was founded in 2011.
The deal, which is believed to be worth over €100 million to Gallivan Murphy Insurance Brokers, will allow operations to be led by co-owners Denis Murphy and Simon Gallivan.
Denis Murphy says the agreement will allow them to multiply their workforce three-fold, to 250 staff in the next three to five years.
The self-started Killarney company was founded in 1989, with just two members of staff.
Mr Murphy says it’s a very positive development for existing and new clients while Simon Gallivan says finding the right partner was critical for the company.
