Independent UK insurance and financial service firm Lark Group has acquired the Lloyd's broker Somerville Insurance Services.
The acquisition is expected to bring in an estimated annual revenue of GBP17 million. Lark Group, which provides insurance broking services to a broad cross-section of corporate and personal clients, will employ around 240 staff in six offices across London and the Southeast.
Graham Lark, chairman of Lark, said: We are delighted to add Somerville to our existing operations. It is a top quality broking business and an ideal fit with our strategic objective to become one of the leading independent brokers in the Southeast.
The transaction omits the acquisition of Somerville’s IFA business, Somerville Financial Services Limited, and its underwriting operations.