US-based insurer AssuredPartners has acquired Pittsburgh-based investment firm Medallion Wealth Management for an undisclosed amount.

Medallion manages investment portfolios for individuals, not-for-profits, pension and profit sharing plans, and employer-sponsored 401(k) and 403(b) plans.

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The firm currently reports $3m in annualised revenues.

As per the agreement, Medallion president Arthur Hazen will continue to lead its team of 12 employees.

Hazen said: “At Medallion Wealth Management, our mission is to achieve, enhance and preserve the wealth of our clients. We are honored to be the newest addition to AssuredPartners, a company whose focus is also on building rock solid relationships. This partnership will not only enhance but complement our existing capabilities.”

The latest deal marks AssuredPartners’ 43rd acquisition this year. The Florida-headquartered insurer has been looking to further expand its footprint.

It currently has over 8,000 employees across its offices in London, Belgium, Scotland and North America.

Commenting on the deal, AssuredPartners regional president Todd Stocksdale said: “We are pleased to have expanded our operations in Pennsylvania with the addition of Medallion, whose vision and values align strongly with what AssuredPartners stands for. We are thrilled to have this team and clientele join us.”

AssuredPartners president Randy Larsen added: “We are excited to have this talented team join AssuredPartners, helping us continue to deliver the highest level of service in Pennsylvania. We want to welcome the team and clients to AssuredPartners.”

Recently, British insurer M&G signed a deal to buy financial advice firm Sandringham Financial Partners as part of its strategy to expand its wealth management business in the UK.