BPS Insure has gone into administration, with Towergate Underwriting Group acquiring its mixed commercial and personal portfolios.
Towergate secured the right to renew the £20m gross written premium portfolio from the administrators in a deal authorised by the Financial Services Authority (FSA).
Peter Cullum, Towergate executive chairman, said: "We are saddened that such a large brokerage has gone into administration but we are pleased we have been able to secure this book which fits so well
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