Smart and Cook has bought two small regional brokers, marking its first acquisition since completing a deal with venture capitalist 3i.
The broker has acquired Rogers Independent Insurance Services, a personal and commercial lines broker based in Ludlow, with commission income of £250,000 and Grimsby-based commercial broker Mandroyds, which also has commission income of £250,000.
Smart and Cook has existing offices in Ludlow and Grimsby. Managing director Paul Meehan said that the deals, which were completed on 1 May, are part of the company's strategy to buy businesses to bolt on to its existing operations.
Meehan said that as part of the succession plan for Smart and Cook's Ludlow office, Rogers founder Mark Rogers will join the office as associate director, and in time will take over from current branch manager John Greenall, upon his retirement.
Mandroyds managing director Alan Fowler will also remain with the business, joining Smart and Cook's Grimsby office.
The Smart and Cook business was backed into an as-yet unnamed Newco in a deal worth £57m in March.
Meehan said that on 1 May Smart and Cook also rolled out the Acturis software system to its Grimsby and Ludlow offices.