Armed forces broker NAAFI Financial Services has been sold to finance company R3: Group by Close Brothers Military Services and NAAFI.
The deal will see R3: principals Rob Proudman and Robin Williams form a partnership with NAAFI Financial Services managing director Al Voice to launch Forces Financial.
R3: will merge the broker with Stuart Harvey Insurance Brokers, the company's police broking business. Stuart Harvey will operate group schemes for individuals, while Forces Financial will run individual schemes.
"We will offer our services to bases all over the world," said Voice, who is also managing director of Forces Financial. "It will give our customers access to UK insurers who have to offer the best protection because of FSA regulation."
Forces Financial will offer personal lines business and will also specialise in niche products, such as airside and portside cover for motor, and private pleasure craft insurance.
The broker will have 70 agents based globally and is set to launch an online presence at the start of 2007.
