A BASINGSTOKE high street insurance broker is part of a £4.47million deal that takes the name of Bennetts UK into Cox Insurance Holdings.

Twenty branches of Bennetts, including an office in Basingstoke's Potters Walk, will now become part of Cox's Broking Division to create the sixth largest high street broking operation in the UK.

Neil Utley, chief executive of the Worcester-headquartered Cox, said: "The opportunity to acquire Bennetts was one that we simply could not miss.

"Our aim is to be one of Britain's leading high street intermediaries, achieving growth both organically and through the planned and opportunistic acquisition of established brokerages.

"Our branch network specialises in motor, home and travel products.

"We offer competitive premiums to all of our customers and a top-quality service delivered by local branch staff."

Mr Utley added: "We are confident that, by working with the staff at the Bennetts branch in Basingstoke, we can not only make the transition as seamless as possible but will also be able to offer a more enhanced service and fuller range of competitive insurance products."

The name of Bennetts will remain and no jobs will be lost locally.

The acquisition has been welcomed by Nick Yost, Bennetts' area manager, who said: "The acquisition by Cox clearly positions us on the map as a key player in the high street broking market.

"We want to ensure continuity and quality service for customers and are pleased that all the staff will be continuing to work at the branch."

The acquisition will produce a combined policyholder count in excess of 117,000, with a joint gross written premium of more than £44million.

Bennetts operates in the South of England and M4 corridor and has administrative operations in Worcester, Southampton and Poole.

There was a management buyout in 1999, and in 2002 restructuring led to the majority shareholding transferring to the private equity firm Advantage Capital.