My Job: At the heart of consolidating Ireland's fragmented insurance market

Ronan Foley became CEO of Gallagher in Ireland in 2022, following Gallagher’s acquisition of his insurance brokerage, Innovu. In the transfer of CEO role from Innovu to Gallagher, he confirmed his expansion ambitions gelled well within the larger firm, now growing at pace nationwide. “Since launching in Ireland in 2022, Gallagher has made great progress in terms of growth and the services we can provide to clients,” he explained. 

“As it stands, Gallagher in Ireland employs over 275 insurance professionals in our offices in Dublin, Limerick, Kilkenny, Wexford, Kerry, and Tipperary. The brokers we have acquired have each been a great fit for our business.” November 2022 saw the acquisition of Doyle Mahon Insurances, followed in January and November 2023 by First Ireland Risk Management and Keaney Insurance Brokers Ltd respectively. 

“Our focus right now is on fully integrating the businesses we have already acquired. We are always keen to explore new opportunities and we remain on the lookout for new partners. We are very open to holding conversations with brokers who are looking to grow their business and elevate the services they provide to clients.”

While it was a big change going from being his own boss at Innovu to now being part of a much bigger operation, the benefits far outweigh any transitional realities. “The challenge has been in seeking to navigate and understand Gallagher's broader expertise and reach as a top three global insurance broker. It has been a wholly positive experience — I understood from the start that although Gallagher has worldwide capabilities, it still has a strong local focus and in its DNA is a collection of smaller acquired businesses working together.” 

He points to the Gallagher family's connection to Ireland as an important yardstick: “In the 1860's the then 10-year-old Jack Gallagher left Limerick on his own to get on a boat to Boston to meet his brother. It was Jack's son, Arthur, who established Gallagher in 1927.”

Consolidation in the Irish market has followed a similar trend to the UK with a significant number of deals in recent years, he says. “Whilst the pace has slowed down a bit this year, we are still seeing some interesting opportunities and so even though the rate of consolidation has eased, it's still very much alive and will be for a few years yet.” 

Gallagher in Ireland provides insurance services to individuals and businesses — both of which benefit from consolidation in a number of key ways. “Having an insurance broker that is part of a larger business means the client gets immediate access to a wider selection of product choices and benefits. If they are with Gallagher, they are a client of a leading global risk management firm and insurance broker and have access to a worldwide network of expertise. Our clients benefit from a one-stop solution for all their insurance needs.” 

In addition, he points to consolidation streamlining some of the back office duties of smaller brokers, which can be administratively heavy and ensures more time for understanding the risk management needs of customers.

With home and car insurance having risen for Irish consumers over recent years, the trend depends on a number of factors. “It's difficult to say at this point, not least because of the impact of inflation in recent years, which has led to higher prices for consumers in many areas of their lives. Value and adequate insurance are both key considerations for policyholders, and it is still crucial that people have the right policy for their specific needs. 

"Under-insurance can have costly consequences down the line so it’s important that people have an adequate level of cover in place. Having a conversation with your insurance broker before you take out insurance is a surefire way of making sure you do.”

Among the biggest challenges facing businesses is the evolution of cyber threats, he believes. “We are seeing an increasing level of cyber risks and ransomware claims recently and I expect that these levels will continue to rise as attacks become increasingly more sophisticated. I would encourage every business to speak with their broker, complete a cyber risk assessment, and identify the cover they need.” 

Clients have access to Gallagher's Cyber Defence Centre which provides businesses with risk management and support to protect themselves from current and future cyber risks. 

In his younger life, Ronan had the benefit of having Roddy Doyle as his teacher — very much at the beginning of his writing life. “Roddy was my Geography and English teacher at Greendale Community School in Dublin.” At that time, he was in the middle of writing The Commitments and was also heavily involved in producing plays in the school along with Paul Mercer. 

“I always found him to be a breath of fresh air in terms of his approach to life and our paths have since crossed on a few occasions through Fighting Words, a creative writing organisation established by Roddy and Sean Love in 2009 to provide free access to creative writing programmes to children, young people and adults with additional needs.

"I think humility and using success to drive positive community impact are two key life lessons I have learned from Roddy.” 

Ronan has a strong interest in local communities — an area in which Gallagher similarly recognises the importance of investing in the communities in which they are based. “It is what sits at the very core of what I believe in. Businesses must see corporate social engagement as a key strategic factor in how they are shaped and managed. 

"Across our local offices in Ireland, all our teams take part in fundraising events and volunteer to support charities that play an important role in their communities. I firmly believe that all employees at every level of the organisation should feel involved and should have ownership in initiatives that give back to our local communities.”

He also lists his tenure as Chair of The Ireland Funds as a career high point and important life experience. “It was an honour to follow in the footsteps of its founder, Tony O'Reilly, and Hugo MacNeil as Chairman. Founded in 1976, The Ireland Funds have raised over $600 million for not-for-profit and charitable causes in Ireland. During my tenure, I thoroughly enjoyed working with the global team of this amazing organisation.”