A company formed to build a group of insurance brokers is celebrating its first acquisition after it completed the takeover of a business in Bedford.

Synergy Plus has unveiled CUS Underwriting, which places more than £6 million of insurance premiums a year, as its maiden acquisition. The financial terms of the transaction are yet to be disclosed.

CUS focuses on serving small businesses in the wholesale and retail sectors and is the first move in Synergy’s strategy to create a network of some 25 to 30 local brokers.

CUS will continue to trade under its brand, with all future acquisitions also retaining their identities. The company plans to target companies with turnovers of between £500,000 and £1.5 million.

“Despite significant consolidation in the insurance industry over recent years, the market remains quite fragmented and we feel that there is an excellent opportunity to exploit a gap in the mid-capital sector,” said Synergy chief executive David Atkinson.

He added that the board is aiming to add four more brokers to its portfolio in the next 12 months.