Woodstock Insurance Brokers has acquired the general insurance business of Jack Dent Insurance Associates, with effect from 1 January 2004.
The deal will bring Woodstock just under £1m in premium income and is the 9th deal in 22 months for the company.
Woodstock managing director Tony Simper said the company would look to make further acquisitions during 2004. "It is the beginning of what we expect to be a busy year. However, I don't expect good multiples to hold much beyond the first quarter as buyers become more selective and sellers more numerous.
"We expect up to 10/12 reasonable size acquisitions this year, plus additional small books and we are only really limited by our operational capability to absorb them into Kings Hill, and those capabilities are increasing all the time.
Woodstock said it was working on an expansion outside the South East, with the possibility of a Midlands office and/or a Northern office, although Simper said the company did not aim to have a branch on every high street.
"Our business plan limits commercial to 20% of our total book and growth in this area is strictly controlled," concluded Simper.
