Oval has announced the acquisition of Leicester-based broker Bland Bankart for a mixture of cash and Oval shares, subject to regulatory approval.
Oval described the deal as a key step in its strategy of creating a national network of leading regional brokers.
As part of the deal, Bland Bankart chairman and chief executive Phillip Bland is to join Oval as chairman of the operating board on a part-time basis.
Retail insurance broker Bland Bankart provides insurance, financial services, and risk management services throughout the Midlands. It has offices in Leicester, Nottingham, Birmingham, Luton and London.
Oval group chief executive Phillip Hodson said: “We are delighted that Bland Bankart has joined the Oval group. They are a very successful broking firm with a highly skilled and motivated management team. We look forward to working with them.
“The merger of Bland Bankart and R P Hodson within the Oval framework provides a major endorsement for the Oval concept and an extremely strong platform for further expansion within the UK.”
