Charles Taylor Group has acquired the business of Lloyd's aviation, the second largest of its kind in the London market with 30% market share, for £2.6m.

The deal is a further step in the restructuring of the Corporation of Lloyd's.

Lloyd's aviation was formed as Lloyd's Aviation Department to provide aviation loss adjusting and surveying services to the international insurance market.

Its staff will transfer to new premises close to Lloyd's and the London market following completion of the sale.