Ex-Towergate boss Stephen Duffy’s new North West broker snaps up Ashgrove Insurance

Steve Duffy and Kevin Grove

A new North West independent broker has made its first acquisition this week.

Northern Keep, which was set up by former Towergate Agency Management managing director Stephen Duffy last month and has recently become fully FSA authorised, completed the deal for Ashgrove Insurance yesterday.

Ashgrove is based in Ashton and has a gross written premium of £1.5m. Under the terms of the deal it will retain its name.

Duffy (pictured left with Ashgrove owner Kevin Grove) will formally establish a holding company also named Northern Keep next week.

He revealed that he was also in discussions to acquire two other brokers, both of which were at the offer stage.

Duffy said that Northern Keep was on target to have a gross written premium of £5m by the end of July.