Bristol-based insurance broker Hayes Parsons has bought specialist yacht underwriting agency Admiral Marine – its first acquisition since its management buy-out in 2015.
The deal was supported by Bristol professional advisors law firm Gregg Latchams and accountants Corrigan Associates. 
Admiral, which is based in Salisbury and has a turnover of £1.4m, specialises in insuring yachts and motor boats on a worldwide basis.
The acquisition will allow Hayes Parsons to expand its already established commercial marine and yacht offering.
The businesses said that as well as the obvious marine connection, both shared similar values with a focus on staff development, professionalism, client relationships and risk management.
Financial details of the deal have not been disclosed.
Admiral managing director Robert Holbrook, who founded the business in 1991, will continue to lead the Admiral team.
He said: “I have been considering options for Admiral for some time and my priority was to find a partner who shared the same values and to ensure that our clients would be in safe hands. Having worked with Hayes Parsons over the last few months I am excited for the future of the combined businesses.” 
Hayes Parsons managing director James Woollam, pictured, added: “Following five years of sustained growth and our recent achievement of chartered status, making an acquisition feels like the natural next step on our journey.
“We have been very fortunate in finding Robert and his team at Admiral as the two companies complement each other fantastically well.”
Hayes Parsons has doubled in size organically over the past five years to a turnover of £14m and now employs 27 staff at its offices in Colston Tower.
It has more than 50 years’ experience in the insurance market and serves a number of high-profile clients on a local, regional and national basis.
As well as marine trade and yachts, the firm specialises in providing insurance to independent schools, technology and life science, property, museums and private clients.
