UK-based general insurance broker Invicta Insurance Services has agreed to purchase the general insurance portfolio of surrey-based IFA Financial Profiles.

According to the company, the acquisition consists of Financial Profiles buildings and contents policies.

Invicta Insurance Services managing director Steve Gamage said by allowing them to provide market leading general insurance advice to their customers, Financial Profiles can drive a significant revenue stream whilst focusing their efforts on developing their core strategy of providing sound financial advice.

Financial Profiles director Gary Jones said the recent reductions in commissions and cancellation of agencies by some underwriters have reinforced their decision to pull out of general insurance and focus on providing mortgages and investments.

Invicta also expressed interest to acquire further quality portfolios, as reported by InsurangeAge.