UK-based chartered insurance broker Aston Lark has agreed to acquire The Health Insurance Company for an undisclosed sum.

Founded in 2016, the insurer is a private medical insurance specialist and offers cover to both individuals and small businesses.

Aston Lark noted that the acquisition is part of its strategy to augment its health insurance capabilities and expands its employee benefits and healthcare insurance business portfolio.

The health insurer was founded by Paul Spector, who has experience in advising on health insurance since 1998.

Aston Lark Group Peter Blanc CEO said: “Paul’s ethos for customer service fits in perfectly with Aston Lark. We are growing strongly in the Private Health Insurance market and we continue to seek other like-minded Private Medical Insurance brokers that want to join forces to be able to better service their clients going forward.”

Spector added: “Aston Lark is the perfect partner with the ideal pedigree for our business and we are confident that this next chapter in the life of The Health Insurance Company will be an excellent opportunity for the most important people in our business – our clients.”

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In a separate development, Independent.ie reported that the Goldman Sachs-backed broker Aston Lark has also acquired Deanspoint Insurance Brokers, which trades as Abbey Murphy Insurance.

Founded in 1983, the Irish insurer Abbey Murphy Insurance provides both personal insurance and commercial brokerage services.

Last month, Aston Lark acquired another Irish insurance broker A.R. Brassington, which is one of the oldest insurance brokerages in the country.