Allianz Insurance has upped its stake in broker CBG Group this week to 5.6%.

The insurer bought a further 340,000 shares in the Manchester broker, bringing its stake to 675,000 shares.

The move follows last week’s placing by CBG of £3m shares.

CBG said the investment was “strategic” and that Allianz had no plans to take a place on the board of CBG or to be involved “in any way with the ongoing running of the business, or to take any independence away from the company”.

It said the investment from Allianz “dovetails with its strategy of strengthening ties with its key suppliers as well as broadening its institutional investor base”.

Simon McGinn, trading director at Allianz Commercial added: “The share acquisition is entirely in line with our strategy of supporting a thriving independent commercial broker market."

CBG chairman Laurie Turnbill said: “The addition of Allianz to our shareholder base further continues the development of the business.”