Invicta buys IFA's GI portfolio

Acquisitive broker Invicta Insurance Services has bought the general insurance portfolio of Financial Profiles, an Independent Financial Adviser based in Surrey.

“This acquisition consists entirely of buildings and contents policies,” said Invicta managing director Steve Gamage (above).

“It reflects our desire to work more closely with IFAs. By allowing us to provide market leading general insurance advice to their customers, they can derive a significant revenue stream whilst focusing their efforts on developing their core strategy of providing sound financial advice.”

Financial Profiles director, Gary Jones, said: “The recent reductions in commissions and cancellation of agencies by some underwriters have reinforced our decision to pull out of general insurance and focus on providing mortgages and investments.”