Aston Lark, a broker of group and business protection, has acquired professional indemnity insurance broker Plester Group for an undisclosed amount.
The deal sees Goldman Sachs-backed Aston Lark bring on 19 new employees. It forms part of the broker's two-pronged growth strategy in the commercial and personal insurance markets.
Plester focuses on protection against claims. It arranges cover for advisers for professional indemnity, for the self-employed for liability risk, and for businesses against loss of income.
It also sells general insurance products, such as household, motor and travel insurance.
Peter Blanc, Aston Lark’s group chief executive, said the firm’s acquisition further strengthened its presence in the Midlands.
Whilst Justin Griffiths, Plester’s managing director, said the deal had “huge potential for continued growth”.
Plester, founded back in 1964, is directly authorised by the Financial Conduct Authority to issue insurance products through Plester Insurance Services.
Its personal insurance arm then operates as an appointed representative of this firm.
Aston Lark is authorised by the FCA under two companies, one of which specifically focuses on employee benefits.
The firm describes itself as a chartered insurance broker and employee benefits adviser.
It houses some 1,500 employees across 53 offices in the UK and Ireland, claiming to serve around 200,000 customers with £900m in gross written premiums.
Last month, the Chartered Insurance Institute appointed Blanc as its president for 2022. Upon the appointment, Blanc said he will focus on examining “ways to close the gap between what consumers expect insurance services to entail and the reality”.
He explained: “As a profession it is vital that we get to grips with the cause of the expectation gap and how to better educate consumers around coverage. Having cover in place is essential if our customers are to do and achieve more in the years to come.”