Towergate Underwriting Group has purchased the farm insurance portfolio of Taunton-based Lloyd & Whyte.
The book is worth £3m in gross written premiums, said Towergate.
Towergate executive chairman Peter Cullum, said: “We have been seeking an entry to the agricultural market for some time and this acquisition enables us to achieve our objective.
“It fits our strategic plan perfectly and we are confident that this purchase will lead to similar transactions.”
Duncan Short, managing director of Lloyd & Whyte Farm Insurance, said: “We are delighted to join Towergate and look forward to taking advantage of the distribution and broader opportunities within the group to grow our business substantially over the next few years.”
