Towergate underwriting division bought by Cullum venture for £9.25m
Consolidator sells property underwriting division to new player.
Towergate Insurance has sold its Towergate Underwriting Commercial Property division to Global Risk Partners for £9.25m.
Global Risk Partners is a new London Market-focused consolidation business, established by David Margrett, previously president of Willis Global and chairman and CEO of Willis Limited.
Peter Cullum, non-executive deputy chairman and founder of Towergate, will be a non-executive director and investor in the company.
The sale will see Ian Dopson and a team of eight staff
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