Towergate sells majority of Broker Network to Highbridge for £46m
Network says move will ensure independence.
Towergate has revealed a deal in its annual results for 2015 to sell Broker Network to Highbridge for £46m.
David Ross, CEO of Towergate confirmed: "We have agreed to sell a majority interest in Broker Network to Highbridge Principal Strategies for a consideration of up to £46m."
The agreement involves the disposal of the entire issued share capital of Broker Network and Countrywide Insurance Management, both wholly owned subsidiaries of the group.
Also involved are the assets of Broker Network
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact info@insuranceage.co.uk.
You are currently unable to print this content. Please contact info@insuranceage.co.uk to find out more.
You are currently unable to copy this content. Please contact info@insuranceage.co.uk to find out more.
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. Printing this content is for the sole use of the Authorised User (named subscriber), as outlined in our terms and conditions - https://www.infopro-insight.com/terms-conditions/insight-subscriptions/
If you would like to purchase additional rights please email info@insuranceage.co.uk
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. Copying this content is for the sole use of the Authorised User (named subscriber), as outlined in our terms and conditions - https://www.infopro-insight.com/terms-conditions/insight-subscriptions/
If you would like to purchase additional rights please email info@insuranceage.co.uk
More on Broker
US fronter Hadron set to onboard first UK MGA in Q2
Altamont-backed hybrid insurer Hadron is aiming to change the reputation of fronters to businesses that priortise sensible and measured underwriting rather than just scale.
Biba Conference 2024 countdown: CFC’s Pat Brice
As we continue our Biba Conference series, Pat Brice, distribution director at CFC, promises socks on its stand, and reflects on the post-pandemic buzz of the event, encouraging first-timers to step back and absorb their surroundings.
Sutton reveals 25% growth in Acrisure sale year
Sutton Group grew turnover by 25% to £21.1m in the year it was snapped up by Acrisure.
Broker Paratus & Partners launches to focus on energy price risks
Paratus has launched its insurance broking division Paratus & Partners which offers energy price risk broking expertise.
Ex-RSA leader Mandy Hunt joins Clear as MGA MD
Clear Group has appointed Mandy Hunt as managing director of its managing general agent business.
Jensten to invest £1m in fledgling brokers through Coversure
Jensten Group will invest up to £1m to help 15 people to start their own brokers this year, with investments made through Coversure.
Shire Insurance returns to Ecclesiastical for vet schemes
Veterinary sector specialist broker Shire Insurance has teamed up again with Ecclesiastical on all schemes business after a two-year hiatus.
JMG strikes its biggest deal of 2024 with BQI swoop
JMG Group has bought BQI Insurance and sister company BQI Protection.
Most read
- In Depth: Managing cyber risk in an ever-changing security landscape
- RSA confirms trading structure ahead of NIG integration
- In Depth: Cyber risk and AI – friend or foe?