Insurance Age

Towergate's NPIB acquisition set for 2012 conclusion

People in a contract negotiation
    • Andrew Pearce

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The potential acquisition of Norwich & Peterborough Insurance Brokers (NPIB) by Towergate is set to be completed during the last quarter of 2012, Insurance Age understands.

Pending the satisfactory outcome of due diligence and any legal work, the Yorkshire Building Society (YBS) board - which is responsible for NPIB - is expected to approve the sale in October, ahead of completing the deal.

A Towergate spokesperson refused to comment on the timescale. Yesterday, the broker confirmed it had entered into a period of exclusivity with NPIB following the signing of heads of agreement.

Ahead of any potential acquisition, Insurance Age understands NPIB is arranging

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