Francis Townsend falls into administration after racking up large losses
Aston Scott Group has plucked part of the client book from Francis Townsend and Hayward (Insurance Brokers) Limited which was lingering in administration following a series of hefty losses, Insurance Times can reveal.
Aston Scott has also transferred a number of staff from Kent-based Francis Townsend and Hayward (Insurance Brokers) Limited.
Francis Townsend and Hayward (Insurance Brokers) Limited was officially placed into administration last month after it racked up losses of £337,360 in the year ending April 2011 and £275,512 the year before that.
Aston Scott currently has a brokerage of around £14.5m following a series of steady acquisitions over the last decade.
The company brokers commercial and specialist products through offices in Padstow, Bramley, West Malling, Sheerness, Cambridge, Cheam and Glasgow.
Chief executive and shareholder Andrew Scott stressed there was still some very good business held by Francis Townsend and he believed it would boost gross written premium in the coming year.
Francis Townsend and Hayward (Insurance Brokers) Limited is not to be confused with Francis Townsend and Hayward (Financial Services) Limited which is a completely separate and fully solvent company operating in Croydon.
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