Over-50s specialist Staysure has acquired rival travel insurer Avanti for an undisclosed sum.

The purchase will result in the insurance specialist acquiring a “considerable” customer base, bringing the group total to almost two million.

The Avanti brand will continue to be managed as a standalone business under managing director Chris Little.

Avanti Insurance started trading in 2009 and has grown to gross written premiums including insurance premium tax of £11.1 million in 2016.

The acquisition of Avanti further builds on Staysure’s position in the over-50s insurance market.

The deal also provides greater opportunities to cross-sell relevant travel, insurance and lifestyle products to an expanding customer base.

Staysure chairman Ryan Howsam said: “This is a deal that we’re very pleased to have concluded and an announcement in what is set to be a landmark year for Staysure.

“It is a fresh statement of our intent to continue to lead the sector through growth in our specialist area of expertise and ongoing product innovation. The move will strengthen both Staysure and Avanti’s position in the market”.

“We welcome Avanti’s customers into the Staysure family and will continue to provide them with the exceptional service and great value that they are accustomed to.

“Avanti will benefit from further investment to enhance its offering, products and customer services. The Avanti range of insurance products will also allow us to bring further choice to Staysure customers.”

Avanti chief executive Glen Smith added: “I am proud of how the Avanti brand has grown over the past few years and the great customer service provided.

“I believe I’ve passed it on to a great new home which will see it go from strength to strength”.