Axiom employs 143 people and provides insurance support services to managing agents, brokers, insurers and reinsurers, principally in the Lloyd’s and London insurance markets.

John Rowe, CTC chief executive, said: “Axiom’s employees have an extensive knowledge of the workings of insurance markets in general and the Lloyd’s market in particular, and by acquiring their services, we fulfil a long-standing aspiration to increase our capabilities and extend our work within the important London market.”

In the six months ended 30 June 2008, CTC reported a two per cent fall in revenues to £39.9 million, with pre-tax profits down five per cent to £6.4 million.