£100m for Towergate

Towergate has launched its financial advisory business, raising more than £100m to pursue its plans to acquire regional independent financial advisers. Funding for the deal has largely been provided by Royal Bank of Scotland, Lloyds TSB Corporate Markets and Towergate management.

Lloyd’s reforms

The proposals for the reform of the Lloyd’s Act were laid before parliament this week by Kitty Ussher, economic secretary to the Treasury. The proposals would open the market up to non-specialist brokers and allow chairman Lord Levene to serve an unprecedented third term.

Junction goes for More

Junction, the affinity partnerships arm of BGL Group, has signed a five-year partnership with More Th>n, the direct arm of RSA. Junction said it would implement a “lead hand-off” model for the insurer, which provides consumers with a broad range of quotes.