The new Towergate group structure has been completed following an £800m bond offering

New Towergate group structure

KIRS Group, the UK broking entity created by merging Towergate and Nevada, is to rebrand following the completion of its acquisitions of Direct Group and Chase Templeton.

It follows the completion of an £800m bond offering.

The offering comprised £400m and $520m (£403m), senior secured notes from investors in the UK and US.

The group also plans to shortly announce its new group name and identity as it brings the businesses together.

KIRS chief executive David Ross said: “We now stand together as an independent group, with long-standing customer and carrier relationships built on foundations of expertise and experience.

“As we move beyond the formation process, we are focused on refining the common threads that bind these companies together. We will build on plans to maximise the value of the enlarged Group, through pursuing growth, diversification and synergy opportunities.”

The group, which has been created by HPS Investment Partners (HPS) and Madison Dearborn (MDP), brings together Autonet, Chase Templeton, Direct Group, Price Forbes and Towergate.

The new combined group will employ 5,000 people.