Commercial insurance broker Compare Insurance has acquired the book of business from Insurance My Business. Swansea-based Compare said the deal would add 3,000 new clients to the business and 8 new team members.

Mark Thomas founded Compare Insurance in 2009. It now has a team of more than 50 people providing SME business, landlord and fleet cover. Insure My Business launched in 2012.

Announcing the deal, Thomas stated: “While our primary focus is always on organic growth, when the right opportunity arises, we love acquiring high-quality books of business and onboarding them into our digital platform.”

He added: “Since 2012, Insure My Business has done a fantastic job supporting businesses with their insurance needs, and we’re proud to continue that journey.”