Private medical insurance (PMI) adviser-consolidator Chase Templeton has completed its second acquisition within a week with the purchase of Glasgow intermediary Chartered Life.
The deal follows the announcement by Chase Templeton that it had completed a deal to buy Ealing-based SJS Healthcare.
Founded in 2009 by managing director Alan Christie, Chartered Life is one of Scotland's leading private health brokerages generating annual premium income of £2.4m.
The firm specialises in PMI, critical illness and income protection and operates nationally but has a particularly strong client base in Scotland. Christie is to maintain a commercial relationship with Chase Templeton by becoming a self-employed consultant.
Warren Dickson, chief executive officer of Chase Templeton said: "Under Alan's stewardship Chartered Life has become one of Scotland's most successful PMI intermediaries. It's a dynamic business and brings a strong and stable book to Chase Templeton."
This is the latest deal for Chase Templeton, who purchased Health Assist in March.
The purchase of Chartered Life means the company has now added some £8m API to its books since last October and has easily broken through the £100m barrier.
Chase Templeton, which is backed by Manchester's Palatine Private Equity, has been pursuing an aggressive "buy and build" strategy which has seen it acquire 20 businesses and books since January 2013.
The firm said that policy is "set to continue and even gain pace throughout 2014" with a number of deals already pipelined for completion this month.
Dickson added: "Buy and build is proving an immensely successful model for us. We have immediate access to significant funds with which to continue its pursuit and remain pro-active in seeking out new opportunities, be they wholesale purchases of PMI intermediaries, the PMI books of those for whom it is a non-core activity or individual consultants' businesses."
