Vega Insurance Services, a subsidiary of the Bermuda-based Primary Group, has completed its third acquisition in the first 12 months since it started trading, purchasing Essex-based broker Parkwood Sinclair.

Parkwood was founded in 1998 by three directors: Ian Piper, Martin Lister and David Stebbing. It has doubled in size in the past six years and now generates £6m in GWP.

Parkwood Sinclair's founding partners will remain with the business. Managing director Piper said: "With Vega, we have the opportunity to build on the work we have done so far and to realise our dreams without losing the business or our staff."

With the purchase, Vega has exceeded its target of a combined £25m GWP under its belt within its first year of trading.