Tavistock Investments has acquired Northern Ireland-based protection and insurance business Precise Protect for £7m.
Precise Protect has a network of over 200 advisers and over 37,000 UK-based clients, offering life and critical illness cover, private medical insurance, personal injury and income protection, several of which were developed in-house.
Precise Protect marks the first "significant" acquisition in the next phase of the group's growth plans, Tavistock said, following the sale of its investment management business to Titan Wealth Holdings in August 2021.
Upon completion of the deal, the Tavistock group will have over 400 advisers and other business introducers looking after over 110,000 private clients, as well as 350 corporate and affinity clients with some 16,000 employees.
The acquisition of Precise into the group will provide opportunities for operational cost savings, including software, systems and regulatory oversight, Tavistock detailed, as well as the opportunity to upskill mortgage and protection advisers to become IFAs through the Tavistock Academy.
Precise Protect managing director Tony Close said: "We are very pleased to be joining Tavistock which will enable us to offer a much wider range of services to our clients, as well as deliver a development pathway for advisers and career development opportunities for staff."
Tavistock chief executive Brian Raven said: "We look forward to benefitting from numerous synergies, including operational cost savings, increased profitability and new business leads."
