31 October 2013
Towergate Underwriting Commercial Property sold to Global Risk Partners
Towergate Insurance today announces the sale of Towergate Underwriting Commercial Property to Global Risk Partners for a total consideration of £9.25 million.
The Towergate Group strategy is to be the UK’s largest distributor and underwriter of specialist personal and SME insurance. Towergate Underwriting Commercial Property is a provider of insurance for large sized European and UK commercial property owners, and as such operates outside Towergate’s core areas of focus.
Global Risk Partners is a new London Market focused consolidation business, established by David Margrett who was previously President of Willis Global and Chairman and CEO of Willis Limited. Global Risk Partners will be backed by private equity firm, Penta Capital LLP and Peter Cullum, non executive deputy chairman of Towergate, will be a Non Executive Director and investor in Global Risk Partners.
The sale will see Ian Dopson and a team of eight staff transfer to Global Risk Partners.
Commenting on the sale, Mark Hodges Towergate Group CEO, said:
“Disposals are a rare thing for Towergate, acquiring and integrating businesses remains central to our growth strategy. Towergate Underwriting Commercial Property operates in an area that is outside of our core strategy. We are supportive to see it move to new ownership and we have signed an agreement to work together with Global Risk Partners. I’d like to thank the team for their significant contribution to Towergate during their time here and look forward to further cooperation in the future.”
David Margrett said: "The team provide brokers with a unique service led proposition and I am delighted they are joining Global Risk Partners. QBE will continue as our key underwriting partner and the team will trade as European Property Underwriting. It is a great opportunity to develop this business further"
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