Commercial intermediary Tyser UK has continued its expansion strategy with the transfer of the staff and clients from Lloyd's broker Horace Holman (UK).
Tyser UK, part of Lloyd's broker Tysers, acquired the commercial unit of Horace Holman (UK) which specialises in property and liability business.
Tyser UK managing director David Randle said: "There have not been many opportunities recently to expand by acquiring talented staff who can bring business with them.
"Horace Holman's planned run-off provided a perfect opportunity for us."
The transfer also signalled the first stage of plans to place Horace Holman (UK) and its parent Horace Holman & Co, into run-off.
A Lloyd's source suggested that Horace Holman (UK) no longer views its core market, commercial and marine, as profitable.
He said: "The consistently low rates in the marine market mean brokers are finding it hard to find the market a profitable one."
Horace Holman & Co managing director Arwyn Powell said: "This announcement fits in with our original plan to run off the business in due course."
Former Horace Holman UK managing director David Merchant said: "We are very pleased to be joining Tyser UK. It will allow us to maintain the high levels of service to which our clients are accustomed."