Private equity piles into broking
The amounts being spent and raised by insurers and brokers on acquisitions hit mind boggling proportions this week after Chris Giles, chief executive of Giles Insurance Brokers, revealed he has been given access to around £500m to grow his business.
Giles’ backers Gresham private equity and Norwich Union sold up to private equity house Charterhouse Capital Partners for £185m including debt. Gresham bought into Giles in July 2006 and raised its stake in September last year to over 40% at the same time Norwich Union acquired a 7.5% stake. Chris Giles will retain 20% of the shares with his management and staff retaining a further 15% between them. Giles has been a long time admirer of Towergate and has plans to expand his £200m gross written
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