Thompson and Richardson has announced the acquisition Johnstone Insurance Brokers, a Scunthorpe-based commercial broker.
The deal marks the first acquisition of the group since it became an Ethos Broking partner in 2017.
Johnstone Insurance Brokers is currently run by Chris Harper, Mark Broome and Mike Williams.
The firm employs 12 members of staff, all of whom will remain with the business following the deal, and currently manages a gross written premium (GWP) of £3.4m.
Chris Travers, director at Thompson and Richardson, said: “It’s fantastic to be announcing our first purchase and we are delighted to have found the right partner.
“Chris Harper leads an extremely close-knit team who have worked together for a long time. Over the last 30 years the team has focused on client care as a priority and client retention is extremely strong, bearing testament to the quality of service and professionalism of their broking team.”
Vince Gardner, M&A director at Ethos Broking, said: “Chris and the Thompson & Richardson directors are hugely ambitious and want to further develop the already strong position that they hold within Lincolnshire but are very mindful of purchasing the right brokerages which complement their offering.
“Johnstone Insurance Brokers ticks those boxes. I’m confident that thanks to a strong pipeline more deals across Ethos Broking will soon be announced.”