Credit: Aston Lark.

Goldman Sachs-backed Aston Lark has announced the acquisition of specialist corporate insurance broking firm Braddons.

The financial details of the transaction were not disclosed by the company.

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Aston Lark Group CEO Peter Blanc said: “We are delighted that the Braddons team has chosen Aston Lark as their natural home. As our group continues to expand, our strength and breadth of capabilities in specialist corporate insurance and risk management gets ever stronger and this will be further enhanced when we become part of Howden.”

Braddons was established by Steve and Catherine Solly in 1994. The business initially focused on construction and real estate sectors and subsequently diversified to offer full spectrum of insurance products and services.

Currently, it also caters to transportation, recruitment, clinical negligence, energy, fintech and financial institutions and life sciences.

Commenting on the rationale behind the transaction, Braddons managing director Steve Solly said: “Our strength is in the much-valued relationships we have with specialist underwriters, where we can bring together the skills and appetite of the insurance market to meet the needs and requirements of our clients.

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“We place challenging and highly complex risks into the London insurance market. Evolving changes brought about by Brexit and continuous development of new specialist underwriting entities creates a need for us to seek a broader capability to ensure we maintain our ability to deliver solutions that offer the best outcome for our clients.”

Last month, Aston Lark Ireland agreed to acquire Marine & General Insurances DAC, which provides tailored solutions to individuals and businesses.