Broker Network has acquired THB Northern, a trading division of THB Group, in its 16th acquisition to date.
It is understood that Broker Network fought off 10 other interested parties to make the deal.
Scottish broker Giles is believed to have been the original front runner.
THB Northern is Broker Network's second largest acquisition, with a gross written premium of £6.7m.
Following its acquisition, THB Northern will continue to operate from its existing premises and all employees will be retained.
The business will be renamed and will now trade as BNI Northern.
Broker Network chief executive Grant Ellis said the company would make further acquisitions in the future and that the group had now achieved "critical mass to support its infrastructure".
THB Group has undergone a review of its retail operations. Chief executive Vic Thompson said there would be no further sales.
Earlier this year it sold its Glasgow-based broking division Marshall Ewart & Graham to JW Group.
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