Broker Network is planning to acquire brokers, according to market sources.
The network is close to completing a deal which means that Towergate will retain 19.9% of Broker Network’s shares.
Towergate, which is selling a majority stake in Broker Network to Highbridge for £46m, has put acquisitions on hold to concentrate on restructuring and integration.
Under the terms of the deal there will be no Towergate involvement in the day-to-day management of the business.
Insurance Times understands the deal will free Broker Network up to make acquisitions.
Ataraxia Broking chief executive Stuart Randall said: “Succession issue is one of demographics. The baby boom generation is in the zone of wanting to retire or consider retirement options.”
A Broker Network spokesperson said: “As a matter of course, Broker Network does not comment on rumour or speculation within the market.”