Chase Templeton, a UK-based private medical insurance (PMI) specialist, has purchased Kenilworth-based Health Assist for an undisclosed sum.
Health Assist, which was established in 2005 by managing director Simon Allen, specializes in company PMI, employee benefits and group risk.
Following completion of the transaction, Health Assist business will be combined with Chase Templeton’s business which operates from its Blackburn headquarters.
It is believed that Health Assist will add £1.9m in annual premium income to Chase Templeton’s business division.
Chase Templeton chief executive Warren Dickson said, "Health Assist has a relatively small but well established and profitable SME client base to which we feel, with our greater resources and expertise, we can offer greater value.
"In the current economic and regulatory climate it’s really tough for smaller brokers to compete effectively," Dickson added.
The company said that the takeover is the first in a series Chase Templeton expects to complete over the next two months.
"We are close to signing off several other acquisitions of varying size and remain hungry for more," Dickson concluded.