GRP-owned Crotty buys Martin Insurance

Crotty Insurance has bought Cavan-based Martin Insurance for an undisclosed sum.

This is Dublin-headquartered Crotty’s first acquisition since it became Global Risk Partners’ (GRP) hub in the Republic of Ireland in September 2020.

The business explained that Martin is a family business which was founded in 1980 by Seamus Martin.

Now under the leadership of Seamus’ son James Martin, it provides commercial insurance including airside, marine & cargo, PI, contractors, construction, apartment block, and motor fleet.  

Opportunity
Eoin Greene, Crotty CEO, said the acquisition was “a big step forward” for the broker.

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.”

According to the statement, Martin will retain its office in Cavan and its branding, while the entire team will remain with the business and become part of the Crotty team on completion.

Community
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.”

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