Giles Insurance has completed the acquisition of the largest broker in Inverness, MacFarlane Bruce & Company.

The broker has premium income of £3.5m and revenue of about £600,000, split between general insurance broking (£450,000) and financial services (£150,000).

It will be rebranded as Giles and merged with Giles' existing Inverness office, which has revenue of £500,000: £150,000 from general insurance and £350,000 from financial services.

Giles chief executive Chris Giles said the combination of the two businesses provided good synergies between financial services and insurance broking.

MacFarlane Bruce director Charles Moncur said: "I'm happy with the way this deal concluded and am looking forward to the future in my consultancy role looking after long-term clients."

Giles said MacFarlane Bruce executive Murray McAra had been appointed regional director for Giles, with responsibility for Inverness, Fort William and Skye.

The company is also in the process of appointing Lloyd's Name Clive Richards, who was instrumental in establishing SBJ, as new non-executive chairman. Richards, who is also a director of property group Minerva, will replace Nick Giles, who stepped down as executive chairman late last year.