Monument UK, part of the Primary Group, has acquired the personal lines schemes and facilities broker Median Insurance Management.

The Median business will form a new division within Monument to drive creditor, term life and health insurance business through the group. The company reported it had also identified a number of ‘substantial' new business opportunities.

Monument managing director Tim Smyth said: "We have high expectations of our latest acquisition. This is not so much about the company, as the people we are taking on board. By welcoming Median we have not only further diversified our organisation but we have established several more new lines of business for the forthcoming year."

Median was established 18 months ago by Aidan Plumridge and Charles Coburn. Both partners will join Monument under the deal.

Coburn said: "With our core offerings targeted at lenders, intermediaries and IFA groups, we can now further enhance our service by providing the stability and financial strength that today's business environment dictates."