Broker Network has purchased Knighthood Corporate Assurance Services from Sunderland Marine, part of the North Group, it has been revealed.
The network for independent insurance brokers in the UK announced the acquisition this morning, which it said brings its total number of “regional powerhouse acquisitions” to five.
The deal will see commercial lines brokerage Knighthood continue to operate from its current location with a retained management team.
Broker Network described the business, which was established in West Sussex in 1969, as having built a “strong reputation providing competitive, tailored solutions for a diverse range of businesses.”
Knighthood, which controls in excess of £15m GWP, employs over 30 people and has a strong focus on marine insurance clients.
Des O’Connor, Broker Network’s COO, said he was “delighted” to welcome Knighthood MD Lena Weaire to the team.
“Knighthood is an excellent business with strong opportunities for future growth. We believe their specialist offering, extensive client base and strong management team will bring a new dimension to Broker Network Partners,” he said.
“We have further acquisitions planned in 2018 and are always interested in speaking to brokers who share our unique culture and vision.”
Weaire added: “We are thrilled to become part of the group and excited about the broad horizon which will open up for our employees and customers. The prospect of strengthening our already market-leading offering is an exciting one, and making the journey from member to partner means that we can benefit from the network’s collective strength in a new way that will truly galvanise our business.”