16-06-2025
- Business
- Irish Independent
Arachas acquires marine specialist broker Craftinsure Ireland
The move is the latest in the ongoing consolidation of the broker sector in Ireland.
It is the fourth acquisition announced by Arachas in 2025, following other deals in Galway, Cavan and Cork.
CII, a market leader in the pleasure craft sector, was started in 2008 by former Eagle Star underwriter Rod Daniel as an offshoot of UK-based Craftinsure's launch in the UK in 2001.
It was the first broker to provide a complete boat insurance service online to Irish boat owners and is the only pure 'quote and buy' marine insurer in the country.
Marine insurance is a specialised and complex end of the market and CII has developed products covering 14 different risk categories covering powered craft, sailing boats, canoes, rowing boats and other craft.
Arachas, whose chairman is former finance minister Charlie McCreevy, is part of the Ardonagh Group, one of the world's largest independent insurance distribution platforms.
Ardonagh is one of the top 20 global brokers with operations in 30 countries and 12,000 staff. Its Arachas business in Ireland employs more than 700 people across 14 offices.
Arachas was acquired in 2020 by Ardonagh for a reported €250m in a debt-backed deal.
Since then, Arachas has been a big player in the consolidation push in the country's insurance broker industry this year with acquisitions including Gerry O'Mahony Insurances in Limerick, Tom Fogarty Insurance Brokers in Tipperary, Gilmartin Insurances in Leitrim, and Waterford-based broker McDonald Dwyer Reddy & Byrne.
'We admire the specialisation and expertise of the CII team and are pleased that they have agreed to join the Arachas family and further strengthen our position in the marine insurance market,' said Joey Wynne, CEO of Arachas.
'We look forward to welcoming the team into our business and developing further in this important sector.'
CII chief executive Paul Ivory, who worked with Zurich Insurance Group – formerly Eagle Star – in Ireland, said it would be business as usual for CII's customers but that Arachas would provide expertise and support.
'We are looking forward to the challenge,' he said.
'Having established the business in 2008 to cater for the Irish pleasure craft market, we developed the business to a position where we are a leader and innovator in the market,' said Mr Ivory.
