Jelf Group's share price hit an all-time high of 175p on Monday as the AIM-listed broker announced a major push into the Welsh market.
The move has been underpinned by the acquisition of Swansea based Brian D Thomas Insurance Services.
The acquisition gives Jelf three further bases in Wales: Thomas & Byrne Associates in Swansea, Thomas Byrne & Walsh Associates in Cardiff and Bridgend-based Jarvis & Byrne Associates. The broker already has one office in Cardiff.
Controlling £9m in gross written premiums, the acquisition pushes Jelf Group's controlled GWP to more than £85m for general insurance and £50m for private health.
Jelf Group chief executive Alex Alway told Insurance Times: "Our combined operations in Wales gives us control of £20m GWP. Our ambition is to double that.
"In our private healthcare we are targeting £10m GWP."
He added: "We expect to be employing up to 100 people in our Wales operations."
It is understood the group will announce a series of acquisitions in forthcoming months.
Les Brewin has been appointed as distribution development manager to set up potential deals.
Earlier this year, the broker acquired Reading-based Goss Group in a deal worth more than £10m.
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