Ashgrove Insurance, a UK-based independent general insurance broker, has acquired Lloyd Howard Insurance Services for an undisclosed amount.

Founded in 1920s, the Manchester-based broker Lloyd Howard has a gross written premium worth over £1m.

The acquisition represents expansion of Ashgrove’s business. Lloyd will retain all their staff, claims the company.

Ashgrove Insurance managing director Stephen Duffy was quoted by InsuranceAge as saying that the Lloyd Howard team would complement their existing team and allow them to continue to deliver the highest client and insurer service possible.

"In the first year of trading our organic growth was 34% and I am keen to complement this with quality acquisitions like Lloyd Howard," Duffy added.

"We have a fresh approach to consolidation and are keen to acquire similar businesses if they become available, our aim is thinking small to become bigger."

Having started operations in 1981, Ashgrove Insurance has recently merged with Dennis Baggott Insurance Brokers.