Private medical insurance consolidator Chase Templeton has continued its buy and build strategy with the acquisition of Leeds-based Independent Health Insurance Services Ltd.
The deal is the third to be completed this calendar year - it brings in a further 540 clients and £1.56m of annual premium income.
Some 60% of this revenue comes from the SME segment.
Independent Health Insurance Services was founded in 2002 by Wayne Jackson who has decided to pursue other business interests.
Jackson said: "When I decided to sell-up, Chase Templeton, being the biggest and most pro-active consolidator in the market, was an obvious and attractive choice.
"Not only does the company have the funds available to facilitate smooth transactions, but the experience and infrastructure necessary to integrate and take good care of the acquired client base.
"Having personally spent many years in building the book and the personal relationships that accompanied it, I was keen to see it placed in trustworthy hands."
The deal is the latest in well over 50 completed since Chase Templeton secured private equity backing from Manchester-based finance house, Palatine Private Equity.
It follows Chase Templeton's purchases of Health Equity Solutions Ltd. and Caledonian Health Solutions last month. Those deals added £2.15m of again predominantly SME generated API.
Chase Templeton's mergers and acquisitions director, Jeff Tate said: "Independent Health Insurance Services managed a strong portfolio of SME clients to which we think, by virtue of our size and broad spectrum expertise, can bring added value."
"The book is an excellent fit in terms of our relatively short-term ambition to become market leader in the SME space whilst, the 400 individual clients who are joining us further balance our portfolio."
Further reading
Chase Templeton secures two deals
Chase Templeton secures Avanti Healthcare purchase
