Suffolk-based independent broker and underwriting agency Yutree Insurance has completed a management buyout and directors Laura Hancock (pictured) and Kevin Hancock will take the firm forward following the feal. The firm said it believed remaining truly independent was a better option than selling to consolidators or private equity. Plans are in the pipeline for a new office in Norwich.

Laura Hancock, managing director at Yutree, said: “The business reached a crossroads. With two founding shareholders stepping away, we faced a clear choice - sell the company, or take full control of its future. Kevin and I knew that this wasn’t the time to walk away.

“Yutree has great momentum, an exceptional team, and a strong reputation in the market. We’re proud to have chosen the challenging, but far more rewarding path: investing in our independence and building something for the long term.”

Kevin Hancock, chief executive and Yutree, added: “We are proud to be part of a growing movement of brokers choosing independence, service and long-term value over short-term exits.”