Allianz Cornhill has acquired Home and Legacy Insurance Group - the specialist mid to high net worth household insurance intermediary.
Insurance Times has previously reported that prospective buyers have been put off by the high asking price which was understood to be £50m. Sources in the high net worth sector had said the real value was much lower.
Allianz Cornhill said Home and Legacy will operate as a separate business unit within the group of companies.
It will trade from its current business location, retaining its existing staff and management team.
Gary Burke, currently managing director of Home and Legacy steps down from his executive role but will continue his involvement with the intermediary as a non-executive director and Simon Lloyd, formerly operations director, has been appointed managing director.
Allianz Cornhill Personal's general manager Nick Hall becomes chairman with Allianz Cornhill's chief executive Andrew Torrance and finance director George Stratford also joining the Board.
Nick Hall said: "This is an exciting opportunity for Allianz Cornhill. Home and Legacy is a very successful business and a significant player in a growing sector of the market where Allianz Cornhill is looking to develop. We intend to continue the company's impressive growth record and explore new areas for investment and expansion.
"The business will continue to operate as an independent broker separately from the rest of Allianz Cornhill's personal lines business.
"This acquisition has an excellent strategic fit with Allianz Cornhill and underlines our commitment to the personal lines market."
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