Oval has made its 25th acquisition – and 15th of the year – with the purchase of South-West broker Tett Hamilton.

Tett Hamilton, which specialises in commercial insurance, is one of the largest brokers in the region with a turnover of £2.6m.

It has two offices in Somerset and employs 45 staff.

The development follows Oval’s securing of a further £15m to fund acquisitions last month.

It is expected to make two further additions before the end of the year and has plans to secure up to £50m of capital backing next year.

With the latest addition, Oval’s brokerage is now around the £70m mark.

It aims to double this figure to £140m by the middle of next year.

The news follows Allianz’s purchase of a 10% stake in the consolidator giant.

In June, the insurer won a three-year deal to become sole supplier for Tett Hamilton’s small business book.

Tett Hamilton director Andrew Tett will remain with the business to help co-ordinate Oval’s expansion plans in the region.

Nic Hamblin, Oval’s regional managing director for the South West, said: “This acquisition demon-strates Oval’s commitment to further growth in this region and to the continued plan to develop both our broking and financial services businesses.

Andrew Tett added: “The insurance and financial market is changing and being part of the Oval group will provide security for clients and staff while allowing us to keep to the same values and standards we have always maintained.”