Arachas, the country’s largest nationwide insurance broker, today announced the acquisition of MAST, the specialist membership network for market traders for an undisclosed sum. MAST, based in Dublin, was established in 2011 to provide business advice and insurance solutions for the growing number of markets that were springing up around the country.
Before the establishment of MAST, many traders found it difficult to find competitively priced insurance to support their businesses and over the last decade the sector has thrived with up to 700 markets taking place around the country on a weekly basis.
The founders, Ciaran Casey and Alicia O’Reilly, had combined professional experience in markets, IT and insurance and identified the business opportunity to establish this specialist network to provide bespoke insurance and business advice to traders. At the time, Ireland had one of the lowest levels of markets in Europe and the establishment of MAST has helped the sector to flourish.
Commenting on the acquisition, Conor Brennan, CEO Ardonagh Europe and Arachas said; “We admire Alicia and Ciaran’s business along with their entrepreneurial skills and the fact that they built the business from scratch. They did this by always putting their clients first and supporting the local communities. Arachas also understands the importance of supporting local economies, and now has over 700 staff at 18 offices countrywide.”
On behalf of MAST, Alicia said; “We are delighted to have joined Arachas and their interest in us is a testament to what we have achieved with the business and our members over the last 12 years. We believe that Irish markets are a vital means of support for local businesses and economies. We are extremely proud of our role in helping these markets to flourish and expand, which will continue now that we are with Arachas. It’s exciting to be in the position to offer our members a broader range of insurances to cover their needs, while continuing to provide them with the great service they expect.”
Ends.
For further information
Brendan Murphy
Teneo
087 2051111 or [email protected]
About Arachas
Arachas is the country’s largest nationwide Insurance broker with over 700 employees at 18 offices located throughout the country. Our experts provide consultancy on the entire range of insurance products and services for commercial and domestic customers based on our long-standing relationships with clients and providers and unrivalled access to insurance data.
Arachas can also uniquely provide complex insurance requirements via innovative sector specific schemes.
Arachas is committed to creating an inclusive and diverse workplace and offers flexible working practices. Giving back to our local communities, through sponsorships and charities, close to our values, is important for Arachas and our employees. One such charity is Cancer Fund for Children, where we are supporting our colleague and brand ambassador, Rory Best on his Miles to Mayofundraiser to deliver Daisy Lodge, a vital new therapeutic centre for children with cancer and their families.
Arachas is part of the Ardonagh Group, the world's largest independent insurance distribution platforms, with a network of over 200 locations with 10,000 people.
www.arachas.ie