Affinitas, a provider of financial products to the British Armed Forces, has bought the Armed Forces Financial Advisory Service (AFFAS) from global insurance broker Willis, and pledged to further strengthen its market position through similar acquisitions.
Affinitas chief executive Simon Lee said: "This is the first of what we expect to be a number of such acquisitions, as we build our business. We are on the lookout for similar opportunities."
The deal, for an undisclosed sum, will see Affinitas and AFFAS combine their operations to offer active, retired and reserve members of the British Armed Forces a wider range of products.
Affinitas will add AFFAS products, such as life insurance and group health insurance, to its own range of products, which include motor, home, travel and kit insurance as well as breakdown cover.
Lee said: "Our combined strength and our expertise means that we will be able to negotiate the best possible deals for our members."
Willis said it had sold AFFAS as part of its strategy to focus on its core strengths.
Willis specialties division chairman Jim Ratcliffe said: "It is right that AFFAS should join an organisation more closely aligned with its own activities."
