Walden Path Group, the parent of insurance services provider Insevo, has acquired Sydney-based Littlewoods Services.

Insevo will relocate to Littlewoods’ offices in Australia Square, with both businesses to continue operating independently.

Littlewoods established the ReCentre business in 1997 to provide services for offshore reinsurers and insurers, and later expanded to include primary insurance companies that have a presence in Australia following legislative changes.

The business dates back to 1957, when Neville Littlewood started an accounting practice and began to undertake audits for reinsurance branches established in the 1960s and early 1970s.

Walden Park Group Head Nik Lytas worked at Littlewoods before leaving in 2016 to establish Insevo, which provides services to the managing general agent and insurtech areas.

Littlewoods Principal Director Ross Littlewood says Mr Lytas has offered an effective succession plan for “the staff, clients and myself”.

“The business remains in good hands and I look forward to continuing my association in my role as consultant,” he said.