Central Insurance in new Edinburgh acquisition
Central Insurance has announced its second acquisition of the year after completing the takeover of Edinburgh firm Castle Cairn Insurance Brokers.
Aberdeen-based Central said the move put it in a strong position to expand in the central belt, following the opening of its Glasgow office in 2010.
Castle Cairn specialises in commercial insurances and high net worth insurance for private clients.
Central said the takeover deal was valued at £2.3m.
Managing director Iain Henry said the deal was an important step in increasing Central's presence in the financial lines and private client sector, while also securing a strong base in the Edinburgh market.
He said: "Castle Cairn has built a very strong business in the private client and specialist financial lines market, and we think it's a great fit for us as we look to grow into this sector and extend our reach in the central belt in our other key sectors.
"There is a first-class team already in place in Edinburgh, and we see this as a strong complement to the skills and expertise we already have in the business."
He added: "This deal increases our strength across the country and we're looking forward to growing with the existing team at Castle Cairn under the Central Insurance brand."
The acquisition of Castle Cairn follows the £2.6m takeover of Aberdeen firm Collins Halden and Burnett in May.