Frank Crystal & Co, a New York-based insurance brokerage, has bought Gables Financial Group for an undisclosed cash sum, according to the Miami Herald.

GFG specialises in corporate employee benefits, pension and retirement planning. Frank Crystal is currently the second largest privately-held retail insurance brokerage in the US.

GFG's founder, Ramón Mas Canosa, has joined Frank Crystal as executive managing director and president of the firm's Florida operations.

Mr Mas Canosa said the two firms “have the same modus operandi. Both are client-driven.”

John C Smith, Frank Crystal's executive vice president, said the acquisition reinforces the company's commitment to the Miami business market, which allows the broker to better serve its Latin American clients. Frank Crystal has had offices in south Florida for 25 years.