Southampton-based broker Foreman Bassett has acquired the commercial and personal lines insurance portfolio of BMS Millsmith Insurance Brokers from BMS Associates.

Millsmith was established in the 1950s and is one of Southampton's oldest broking houses.

The acquisition will mean that Foreman Bassett's total annual premium income is set to rise to almost £10 million. Fees and commission income are about £1.5m.

The existing Millsmith office will close, with the commercial team transferring to Foreman Bassett's offices in Southampton city and personal lines staff moving to the Totton branch.

Foreman Bassett managing director Ian Ritchie said: "The purchase confirms our position as the leading independent commercial broker in the region and the addition of the Millsmith staff further strengthens the team."