Towergate completes acquisition of Broker Network
Towergate, the UK’s largest independently owned insurance
intermediary, today announces that it has 90% acceptance of the
offer made and consequently has completed the acquisition of Broker
Network Holdings. Towergate now plans to de-list Broker Network
Holdings from AIM and acquire the remaining minority
shareholding.
Executive Chairman of Towergate, Peter Cullum said, "I am
delighted that Broker Network has today joined the Towergate
family.
This deal is attractive for all concerned and will see
Broker Network working with an intermediary focused company, which
will help them to continue investment in growth and infrastructure
to enhance the quality of their underwriting, distribution and
business support services. I’m also delighted to confirm Grant
Ellis as the Chairman of the new Network Division of Towergate
which demonstrates our commitment to offering the leading UK
network proposition.
As our third largest acquisition to date, this is a
significant deal for us and significantly reaffirms our ambition to
build a network proposition that will give enhanced benefits to
both brokers and their clients."
Media Contacts
Russell O'Connor
Group Communications Manager
Towergate
Tel: 01622 656782
Mobile: 07760 282586
Email: Russell.o'connor@towergate.co.uk