The Ardonagh Group has agreed to sell its commercial managing general agent (MGA) businesses to Arch UK Holdings for up to £31m.
The broker detailed that the full value of the deal would depend on the performance of the businesses.
The transaction includes Arista, Fusion, Towergate Personal Accident and Travel and Towergate Commercial MGA and will complete in January 2019. Towergate bought Arista in April 2014.
Together the businesses employ 250 staff across nine associated offices.
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