Student insurance provider Saxon has been acquired by Bland Bankart, one of the UK's largest corporate brokers.

Saxon has attracted a large following in the student market through innovative policies such as Unishield, which covers fees and costs if a student is forced to drop out of university.

Peter Brown, Bland Bankart development director, said it acquired Saxon because it had significant potential for growth in its niche market.

He said: “There is considerable potential for expanding the range of products and services offered to universities and students.”

Brown was unable to quantify the exact number of individual policies held by Saxon. However, the insurer has agreed schemes for block cover with eight universities.