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This acquisition is Aston Lark’s first since the sale of the business by Bowmark Capital to Goldman Sachs’ Merchant Banking Division in September – a transaction in which Bowmark also reinvested. Aston Lark completed a total of 13 bolt-on acquisitions during Bowmark’s period of ownership, as well as the transformational merger of Aston Scott and Lark Group in 2017.

“From my first meeting with the Protean management, it was clear that the whole team shares Aston Lark’s passion for customer service,” commented Aston Lark’s group chief executive Peter Blanc. “Protean is a truly specialised business and, by joining forces, we now have a top quality financial institutions division.”

Nathan Sewell, chief executive of Protean Risk, added: “We are delighted to be working with Aston Lark. The Protean journey has been an exciting one and we look forward to continuing the successful development of the business within the enlarged group.”