Broker-only insurance group Markerstudy International Holdings has bought ASA.

Markerstudy purchased the broker, which deals largely with repair garages and receives about £18m of premium, for an undisclosed sum.

The companies finalised the deal on Friday.

AXA Insurance purchased ASA in May of this year, but sold it on quickly to Markerstudy.

AXA commercial distribution director Mark Cliff explained: "We sold it because it does not represent a core business for AXA."

Markerstudy chief executive Kevin Spencer said: "ASA is a welcome addition to the Markerstudy group, in line with our growth strategy.

"This allows us to venture into the distribution channel."