US-based insurance broker Arthur J. Gallagher has bought Ireland’s INNOVU Group (INNOVU Insurance) in order to expand its presence in the region.

The company has not released financial and other terms of the deal.

Established in 2018, INNOVU Insurance is involved in the retail insurance brokerage business. The company’s portfolio includes various commercial and personal insurance products and services, as well as financial offerings.

Currently, the company, founded by Ronan Foley, has seven offices across Ireland.

Following the completion of the deal, Foley and his associates will continue to serve from their existing locations in Ireland.

They will report to Michael Rea, who looks after Gallagher’s retail property and casualty brokerage businesses in the UK and Ireland.

Arthur J. Gallagher chairman president and CEO J. Patrick Gallagher Jr said: “INNOVU gives us our first on-the-ground presence in Ireland and a fantastic opportunity to expand in this growing economic region.

“We are delighted to welcome Ronan and his colleagues, and look forward to working with them to further expand their client base and service offerings.”

Arthur J. Gallagher provides services in 130 countries around the world.

In May this year, Arthur J. Gallagher acquired independent insurance agency Illinois-based Hruska Insurancenter for an undisclosed sum.

Hruska Insurancenter operates as a retail property & casualty insurance intermediary serving commercial real estate clients.