Folgate and Towergate are expected to complete a swap of subsidiary companies in the next few days.

Five businesses will be transferred to virtual insurer Folgate from sister company and underwriting group Towergate, while one will be swapped in return.

Those transferring are brokers Towergate Stafford Knight, Romford-based Towergate Sharp, Canterbury Insurance Practice, Byas Mosley in Fareham, Hampshire and Towergate Commercial Underwriting .

Towergate will receive the professional risks division of Smithson Mason in return.