NFU Mutual subsidiary Islands Insurance has acquired Reed Insurance Associates in the Channel Islands.

Reeds, a general insurance broker in the Island for the past 20 years, decided to sell because its co-founder retied, the company said in a statement.

The acquisition will make Islands Insurance the second largest operator in the Channel Islands, based on revenue and headcount.

NFU said no redundancies would happen as a result of the dea;, with all Reeds staff transferring to Islands Insurance.

Islands Insurance's Doug Newlands said: “This is a really positive step for Islands Insurance as it will help us to develop our business.

"The local insurance market in the Channel Islands is very different from the mainland and there are not the same opportunities for organic growth."

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