Santé Group has acquired the client bank from Keyman Adviser.
The insurance broking firm was set up in 2015 by Duncan and Janet Deaves and specialises in business protection policies, including key man and life insurance, alongside shareholder, partnership, and income protection products.
The business has been sold for an undisclosed sum. Santé Group said this sales will take its premium book to £30m, with these clients now be serviced under the Santé Group brand.
Santé Group adds it is looking to make further acquisitions in the insurance market this year as it looks to expand its business and further increase its premium book.
Duncan Deaves, has over 37 years of experience in the insurance and protection industry, having previously help senior sales roles at at Chase Templeton, Combined Insurance Company, Allied Dunbar and Bupa before setting up his own business.
Santé Group’s chief executive, Paul Nugent, says the Keyman business is well-respected in the industry and remains a “perfect fit” to help Santé expand its market share. He adds: “We offer very attractive acquisition terms to owners of independent brokers who are considering whether or not they should sell, and more importantly, the sale of their business doesn’t mean an end to their income, as we offer attractive commission income streams.”
Keyman Adviser will still operate under its brand as part of the acquisition terms.
The Santé Group comprises, Santé Life, Nugent Santé and Santé Partners. It also includes ArchAngel, a software platform designed specifically for health and protection brokerages to support them with compliance and business support.