Merger confirms towering ambition of insurance broker
Towergate will merge with four other insurance businesses to boost its size as Britain’s largest independent broker.
The move comes after a turbulent period for Towergate that included a dramatic refinancing and cleaning up of its business over the past two years.
HPS, formerly known as Highbridge Principal Strategies, and Madison Dearborn Partners, the American private equity groups, will merge the businesses they own into one company. The new group will include Autonet, Britain’s largest specialist broker for van drivers, Chase Templeton, a medical insurance broker, and Ryan Direct, which provides underwriting, claims management and policy administration services. The internationally focused Price Forbes will also be a member.
The enlarged group will employ 5,000 people and will generate annual revenues of about £500 million. It