Deal thought to be in region of £160m.
AXA UK confirmed today it had acquired the entire share capital of Smart & Cook through its Venture Preference brand.
The insurer said the deal made it the UK's second largest SME broker.
The move follows the aquisition of Stuart Alexander and Layton Blackham in January.
Paul Meehan, group chief executive of Smart & Cook will remain in the same position and will join Stuart Reid and Chris Blackham on the board of VPL where each will be CEO's with complementary responsibilities.
The three companies will operate under the same structure, retaining independent broking status.
The enlarged business will operate from 40 offices employing some 1200 people.
Peter Hubbard, chief executive of Axa Insurance, said: “This purchase is a significant development for Axa and the UK broker market as it is the first major consolidator to be acquired in the sector. We have a strategic goal of strengthening our distribution network in terms of business profile, geographical reach and being able to diversify our sources of revenue.
"Today's acquisition of Smart & Cook is an excellent fit because it enables us to realise significant synergies by combining the three acquired businesses and perfectly complements our growth plans.”
Meehan added: “I am confident that this move will be beneficial for our people, our clients and our other stakeholders. It is important that we continue to trade independently and Axa will run this business at arms length, leaving market issues to Stuart, Chris and I. It delivers a secure and exciting future for the group.”
