The party is over (well almost)
The acquisition by Marsh of Jelf could see an end to 15 years of the consolidators’ dominance, says Tony Cornell
It was in 1997 that Peter Cullum formed Towergate and started realising his vision of consolidating the independent broking sector and forming a virtual insurer combining the use of insurers’ capital and his businesses’ marketing and underwriting skills.
He targeted mainly scheme brokers which were strong in their sector and mainly handled the smaller end of the commercial market. By packaging this business and offering insurers an attractive return on capital, he was able to build up a
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