Integro Insurance Brokers, which trades as Tysers, has reached an agreement to purchase Risk Transfer Group (RTG) for an undisclosed sum.

RTG is the parent company of London-headquartered Lloyd’s re/insurance broker RFIB Group.

The takeover is expected to expand Tysers’ capabilities and product offering in the London wholesale insurance market.

Under the arrangement, RTG CEO Steven Beard will retain his position and report to Andy Behrends, CEO of Integro.

The combined wholesale brokerage operations will be headed by Tysers co-heads of wholesale, David Abraham and Jason Collins.

Behrends said: “This combination is the merger of complementary cultures and product offerings which will enhance our position as the leading independent specialist broker.

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“Together, we will accelerate our collective strategy to expand our distribution capabilities through an enhanced international presence.  The combination will also benefit the team members of both firms by providing greater opportunities for career progression and development.”

RTG CEO Steven Beard said: “Tysers is a well-respected firm and we are excited to be joining forces with them.  We have a shared goal of being the leading independent Wholesale specialist.”

Beard further added the deal will boost the list of services the combined firm will be able to offer to their clients.