PMI consolidator Chase Templeton has acquired Medins Healthcare Ltd - the firm has said it sold its business to benefit its predominantly SME client base.
The acquisition of the Stourbridge-based intemrediary, which traded as Medins Group, brings £1.5m in annual premium income to Chase Templeton. This includes around £250,000 generated by individual clients.
Andy Tomkins, managing director of Medins Healthcare said: "After a successful 2014 we decided to sell to Chase Templeton in order not just to realise value but ensure our clients can benefit from the scale and expertise of a big national intermediary."
It is the second deal to be announced this year by Chase Templeton which now claims to be the UK's leading PMI consolidator and one of the fastest growing players in the SME sector.
As part of the deal Medins Healthcare's managing director Andy Tomkins has created a new corporate vehicle, London Medical Brokers Ltd.
This will trade as an Authorised Representative for Chase Templeton focusing on developing new business growth.
Jeff Tate, mergers and acquisitions director at Chase Templeton, said the acquisition supported the company's strategic development. "While we do serve large national and multinational corporates the SME sector really is our sweet spot. We are investing both through acquisition and internal sales and marketing resource to grow presence in the sector.
"Medins Healthcare brings in not just a substantial slice of premium income but an exceptional client base, one that has been nurtured over many years by Andy and his team."
The acquisition of Medins follows the January announcement of Chase Templeton's purchase of Best Health Business, the SME-focused intermediary led by former Association of Medical Insurers & Intermediaries' treasurer Debbie Kleiner-Gaines.
The deal brought in £1.35m API and followed the earlier acquisition of Kleiner-Gaines individual book.
Last year Chase Templeton completed 26 purchases but has signalled that in 2015 it expects to complete fewer but bigger deals. This is line with a buy and build strategy supported by its private equity backers, Palatine Private Equity.