Mr. Murphy, the former chief executive officer of Mike Murphy Insurance and Insure.ie, and his team will join Aon as part of the new management structure and will continue to work with their customers under the Aon umbrella, the broker said.

Mike Murphy Insurance and Insure.ie have 80 employees, of which 50 work for Insure.ie.

In addition, Declan Cahill will join Aon as the new chief executive officer of Insure.ie. He has more than 35 years of experience in the insurance market in Ireland. Mr. Cahill was previously director of AA Insurance in Ireland for 30 years.

Aon said there will be no other changes to the senior management team and no redundancies or job losses.

In a statement, Richard Endersen, managing director of Aon in Ireland, said that "Aon is delighted to have agreed to this deal with one of the longest established insurance brokers in the country. The personal lines insurance market (motor, home, travel and health insurance) accounts for half of Ireland's total insurance revenue. With this investment, Aon now has a real presence with the scale, systems and expertise in the personal lines market that will allow Aon to grow significantly."

Aon said it now employs more than 600 people on the island of Ireland across its sites in Dublin, Belfast, Cork, Limerick and Mullingar. The company added that it intends to continue to grow across all sectors of the insurance business in Ireland.