It’s the latest in a string of Irish brokers to reap a windfall as insurance firms across the country are hoovered up by bigger players.

The Currency reported that the deal by AssuredPartners to buy City Financial Marketing (CFM) could be worth as much as €100m. CFM is equally owned by Mr Hehir and Joyce Kelly. AssuredPartners is one of the largest insurance brokers in the world, with more than 400 offices across the US, the UK and Ireland. It employs more than 10,000 people. It is itself currently being acquired by Illinois-based Arthur J Gallagher in a deal worth more than $13.4bn.

CFM operates brands including Insuremyvan.ie and also offers a range of other insurance products. It says it works with more than 4,000 business clients and as many as 100,000 customers.

AssuredPartners has confirmed that it’s buying CFM and expects the deal to close next month.

“Originally founded in 1995, CFM has shown exceptional organic growth to become one of the fastest growing independent personal and commercial insurance brokers in Ireland,” it said.

CFM places more than €70m in gross written premiums. Under the deal, its team of 110 staff will remain under the leadership of Mr Hehir.

The latest set of publicly available accounts for CFM show that in 2023 it generated revenue of €15m, compared to €13.8m the year before. In 2023, it posted a pre-tax profit of €2.7m, up from €2.5m in 2022.

“Having built a thriving and fast-growing business, we are delighted to embark on this new chapter with a partner who shares our unwavering commitment to exceptional service and client success,” said Mr Hehir.

There’s a radical reshaping of Ireland’s insurance business currently underway, with both domestic and international firms targeting consolidation.

In 2023, the owners of the Dublin-based First Ireland brokerage made up to $24.5m from its $98m sale to Arthur J Gallagher.

In 2022, Gallagher also acquired Innovu, a private-equity backed brand that had been buying local Irish brokers for the previous four years.

That deal was estimated to have cost Gallagher €30m.

Last December, Ireland’s largest nationwide insurance broker, Arachas, acquired McDonald Dwyer Reddy and Byrne Insurances in Waterford.

A large number of other deals have been done in recent years across the country as consolidation continues apace.