Global insurance broker Lockton has acquired Italian broker PL Ferrari & Co, for an undisclosed sum.

Based in Genoa, PL Ferrari provides marine protection and indemnity insurance services to its customers.

The broker has offices in Ferrara and Naples, in addition to Athens, Monaco and London.

Lockton international operations CEO Mike Hammond said: "PL Ferrari has a fabulous reputation, and we are delighted that CEO Federico Deodato, his fellow directors, and shareholders have agreed to join Lockton.

"Their addition to our existing teams in Asia, London, Middle East, North Africa, and the US, gives our clients access to the very best global risk advice."

According to the company, the acquisition follows its recent marine investments in Singapore’s LCH Lockton and strategic hires in China and Hong Kong.

PL Ferrari & Co CEO Federico Deodato said: "We are hugely excited to join Lockton. This provides perfect synergies for both companies and allows us to maintain and grow our business and our people for the benefit of our existing and future clients."

With around 5,600 associates, Lockton provides insurance services to about 48,000 clients in around 125 countries.

The company has placed more than $20bn of insurance premiums.