The Santé Group has acquired the client bank from independent insurance broker Keyman Adviser Ltd for an undisclosed sum.
The deal sees the combined group’s premium book hit the £30m mark, it said.
Santé added it is seeking to make additional acquisitions of independent insurance brokers throughout the year as part of growth plans and to increase its premium book.
The client portfolio will be serviced under the Santé Life brand.
Launched in 2015 by Duncan and Janet Deaves, Keyman Adviser Ltd provides business protection products, specifically key man and relevant life insurance, alongside shareholder, partnership, and income protection products.
Duncan Deaves, who has more than 37 years of experience in the insurance and protection industry, was an appointed representative and national sales director at Chase Templeton Ltd.
He previously held similar roles with Combined Insurance Company, Allied Dunbar and Bupa.
Keyman Adviser Ltd will still operate under its brand as part of the acquisition terms.
Paul Nugent, chief executive at Santé Group, (pictured right) said: “Duncan and his business are well-respected in our industry, and we knew the acquisition of his business would be a perfect fit and help us expand our market share.
“We offer very attractive acquisition terms to owners of independent brokers who are considering whether or not they should sell, and more importantly, the sale of their business doesn’t mean an end to their income, as we offer attractive commission income streams.”
Deaves (pictured left) added: “I was looking to exit the business and received several offers, but I already knew Paul and his team and respected their approach and culture of doing business.”