Specialist insurance advisory firm Certe has acquired financial advisory business Genesis Financial Partners, according to multiple reports.

Under the agreement, Certe acquired 60% of Genesis upfront and has agreed to purchase the remaining holding at later date. Financial details of the transaction were not disclosed.

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The addition of Genesis Financial Partners is expected to further expand the risk insurance and employee benefits business of Crete. It is also said to enhance the firm’s capabilities in holistic financial advice and wealth management.

Certe and Genesis Financial Partners will continue operating independently for the next 12-18 months, before merging some functions to extract synergies and cost benefits.

The combined entity will have more than 20 employees and nine advisers and a broader client base consisting of several large legal and professional services firms.

Certe CEO Jeremy Boller said: “Demand for strategic financial advice among our corporate clients and their employees has been steadily rising.

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“Many are partners and executives of large professional services firms so they are time poor and want convenient access to high quality advice on insurance, superannuation, investing and retirement planning from someone they trust.

“This acquisition fills a gap in our value proposition, strengthens our existing employee benefits service and enables us to help more people.”

The deal is said to follow Certe’s growth strategy of organic growth and mergers and acquisitions, which supported by the group’s capital and growth partner AZ Next Generation Advisory.