The credit insurance arm of Smart & Cook, Credit Insurance Consultants (CIC), has acquired Halifax-based Credit Insurance Brokers (UK) Ltd.

The combined business will have turnover of more than £5m.

Managing director of CIC, Terry Rees, will become managing director of the combined firm, which will operate under the Credit Insurance Brokers (UK) Ltd name.

Rees said: "The expertise of both companies will be an invaluable resource for clients and provide dynamic new opportunities for growth within the fast-moving credit insurance market."

Current Credit Insurance Brokers (UK) Ltd managing director Steve Gorman will join the board of the new company as a director.