Specialist motor broker Allen & Allen has acquired personal lines broker Tangent Insurance.
Allen & Allen sales director Steve McPherson refused to disclose how much it had paid for Tangent, which has premium income of between £7.5m and £9m. But he said the deal is structured around Tangent's 2004 renewal rates.
McPherson said Tangent, which specialises in non-standard motor risks, would fit well with Allen & Allen business. He said: "It mirrors the sort of business that we're writing."
Allen & Allen will close Tangent's three offices, in Watford, Stevenage and Enfield, and absorb the business into its office in Hampton Hill, Middlesex.
McPherson said that all Tangent staff had been offered temporary jobs with Allen & Allen and, if they were willing to relocate, could be offered permanent positions.
McPherson said that the acquisition would increase Allen & Allen's premium income to in excess of £80m.