Prestige Insurance has reached an agreement to acquire Northern Ireland insurance brokerage firm Autoline for an undisclosed sum.

Autoline, established in Newry in 1975, offers wide array of personal, business and commercial lines insurance along with private health and farm insurance.

The deal comes after American private equity firm Capital Z made a major investment in Prestige. Upon receiving regulatory approval, Prestige will acquire the full shareholding of Autoline’s parent company.

The combined entity will have a work force of more than 700.

Prestige CEO Trevor Shaw said: “Following the investment brought by our new majority owners, Capital Z, we have openly stated that we have ambitious plans for growth of the group.

“Very much like our own business, Autoline has a customer-centred approach and a strong reputation, which makes it an excellent fit and an obvious choice for acquisition.

“As a newly combined management team we will utilise the knowledge and experience of both businesses for the benefit of our customers and for maximum growth in Northern Ireland and beyond.”

Formed in Newtownabbey in 1973, Prestige offers underwriting, broking, insurance software and claims management services. The company already owns two insurance firms including Abbey Insurance and Open + Direct.