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An insurance group in South Wales is to make its twelfth acquisition since it was bought by its management four years ago after agreeing to buy a retail insurance broker.

Protectagroup, which was bought by venture capitalist Cullum Capital Ventures in March, is to add Culver Insurance Brokers (CIB) to its operations.

The deal could cost the group as much as £6 million, with two-thirds of the consideration due on completion. The additional £2 million has been deferred and is conditional on CIB’s performance by the first anniversary of the deal.

The company is being sold by insurance group Culver, which will use the proceeds to repay its short-term borrowings of almost £2 million and to develop its specialist insurance broking and employee benefits businesses.

Protectagroup chief executive Paul Ragan told reporters that this deal is part of a strategy to double the size of the group and that there are more acquisitions in the pipeline.

Williamstown-based Protectagroup has gross written premiums of some £35 million and specialises in personal insurance products through more than a dozen branches, a direct telesales division, a wholesale operation plus a commercial insurance hub in Cardiff.

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