Big-ticket insurer Brady boosts presence out West with Mannion brokers buy – as consolidation in sector continues
Carrick-on-Shannon based Brady's is a market leader in the provision of insurance to big events such as Dublin's St Patrick's Day parade.
'We believe in the strength and future of independent brokers in Ireland - and in putting customer relationships ahead of aggressive scaling targets,' said Brady.
Founded in 1985 by Jim & Denise Mannion, Mannion Insurance's office in Strokestown will continue to operate with the existing team of eight in place.
'Over four decades Mannion Insurance has earned a reputation for personal service and trust – we aim to build on that legacy by bringing additional resources and digital capabilities to further enhance the customer experience,' said Brady.
Brady Insurance is a market leader in insuring major events such as Dublin's St Patrick's Day parade
Headquartered in Leitrim and with an office in Dublin, Brady Insurance employs 40 staff and generated €21m in gross written premiums last year, with a target to grow to €30m over the next five years through 'measured acquisitions' and the continued expansion of Brady Underwriting, a specialist platform that provides over 200 brokers nationwide with niche products such as liability cover for major events, festivals, film and TV.
Brady recently bought back a 51pc stake she had previously sold to Boston-based Coverys European Holdings in 2021.
'There's a place for the big players, but also for firms like ours that are rooted in local knowledge and relationships,' said Brady.
According to Renatus, 18 insurance-related firms changed hands in the first nine months of last year alone, and analysts predict that Ireland's 125 locally owned brokers could shrink to just 10 dominant players in the next five years.
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