Insurance

O’Leary Insurance records large spike in profits

Revenues at the brokerage group also grew by more than 20 per cent in 2022, two years after it was acquired for a reported €100 million

The spike in profits came after turnover at the firm also grew from €13.2 million to €15.8 million. Picture: Getty

O’Leary Insurances, Ireland’s largest independent brokerage group, recorded a sharp increase in profits last year following a 20 per cent increase in turnover.

The 60-year-old business, which is headquartered in Cork, was acquired by Brown & Brown Insurance, a New York-listed broker, in December 2020 for a figure reportedly in the region of €100 million.

In the year prior to the takeover, O’Leary Insurance recorded a profit of more than €898,000 for the 12 months ...